Ep46: Understanding Your Target Market Ft Didi Uwemakpan
The bedrock of a product, service or a business starts with a solid understanding of your target market. Your product is designed specially for this group of people. Their needs form the bedrock of the solution your product/service addresses.
A product cannot be for everybody. It can be for a group of people with similar interests, goals, features, demographics etc. These group of people are your target market.
Target marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments. These key segments consist of the customers whose needs and desires most closely match your product or service offerings.
Your target market is a group of customers within the serviceable available market. They have to be serviceable and available.
This does not in any way mean people outside this target market will not use your products. However, it is important to concentrate your marketing efforts on a particular group of people for the best results, appeal and impact. We as humans are more likely to use a product tailored to fit our lifestyle, personality and needs as opposed to something general.
An example is sachet water. To appeal to different people, water is packaged differently, although water is a basic need for survival. Water packaged in sachets may appeal to low to middle income earners. Sachet water is not premium, Kim Kardashian is more likely to drink bottled water instead of sachet water. In getting your targeting right, you need to understand your target market in relation to your business.
Together with Didi Uwemakpan, we discuss and explore how we can effectively utilize the information to improve our business.
Listen to our conversation below:
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In case you missed it, last week we talked about Business Lessons from Game Thrones. Click to catch up on the interesting discussion. You will definitely love it, if you are a Game of Thrones lover and an entrepreneur.
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