Ohhh buoy! Let’s talk about a target market, defining a target market and probably more importantly why you care about a target market?
Well you see it goes a little something like this. A target market is the group of people most likely to buy your product or service. Once the target market has been defined then you focus all of your marketing and branding efforts to that specific group. A target market is absolutely not ‘those that neither drink coffee ’or‘people that like sandwiches’ nor is it ‘the residents of a particular town.’ The reason for that is that you simply cannot afford to market to all coffee drinkers or all of the residents of a particular town. That is just way too many people to market to.
Most often a target market is defined by:
• Income level
• Education level
• Marital or family status
• Ethnic background
And while these are important demographic factors sales are done by satisfying a need state. Now what’s that?
A need state is the drive that determines ones brand choice of purchase. Sounds complicated doesn’t it? Well it’s actually a fancy word for something that it is pretty simple. Examples of needs states are; hunger, to save money, to keep up with the Jones, beauty- a need state satisfies something. And often it is a specific measurable deeply important component of life. So what, need state does your business satisfy?