Choosing a Target Market - What You Need to Know
by Jason Deter | July 05, 2013
Knowing your target market is important if you want to effectively sell online and grow your business. When you market your services or products to the right buyers you'll make more real sales at an even higher rate. In this article we will explore some of the things that you need to consider when you are deciding which market to target so that you can get the best results possible.
Analyze Your Products and Services: Before you dive headfirst into figuring out your target market one of the first things you need to do is look very carefully at what you are selling or offering. If you've got a team then take some time out to do some of your own brainstorming with your colleagues so that you get a better idea of where your product stands and where it should be standing. You can begin by writing down all of the ways in which your product is helpful and how many of your buyers' needs will (and how well they will) be met. This will not only help you identify your target market, but at the same time it gives you a clear idea as to what separates you from the competition. Lots of business owners and entrepreneurs neglect this step and they wind up leaving all sorts of money on the table in terms of finding the best market.
Simple to Locate: Is your target market convenient to decipher or will it require loads of time to do it? A target market that either is too hard to locate or connect with once it is found will require a lot of money and time to reach it. You should find out if your target market is a member of associations or forums. These factors help you determine how widely spread out and what kind of efforts you would need to put in approach it. To start with, try to find out where your target market likes to go. This is so that you can get a handle on how hard or easy it is to locate them. Plenty of times a market cannot be discovered right off the bat. This might be because no one knows about it yet. Your target market should be easily reachable.
The Importance of Keywords: Perhaps the best single way to identify your target market is through proper keyword research. Doing effective keyword research will give you a clear idea as to what your target market is looking for and whether it is a viable option to go for. By doing keyword research, you're able to find out the real needs of your market in a very detailed way. Knowing what your prospects are thinking and searching for helps you plan your campaigns and design your products more effectively. There are tons of tools to help you do keyword research, but it's better you start with the free options such as the Google AdWords Keyword Tool, which happens to be the best option in the market. The two main benefits of keyword research are that is tells you all about your target market and that it helps you with the search engines, as you'll be able to insert your targeted keywords into what you write so it ranks more highly.
In conclusion, from the above article we can clearly understand that finding a good target market that is not only sustainable but also profitable is all about focusing on building a strong foundation right from the start.
About Jason Deter
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About Chia-Li Chien
Chia-Li Chien, CFP®, CRPC, PMP; Chia-Li “like JOLLY,” Succession Strategist of Value Growth Institute, dedicated to helping private business owners increase their company equity value. She is the award-winning author of the books Show Me The Money and Work toward Reward and a faculty of the American Management Association. Her blog and newsletter was named a Top Small Business Resource by the New York Times You’re the Boss blog. Contact her at firstname.lastname@example.org or (704) 268-9378 .