What is Target Market And How You Can Find Yours?

 

What is Target Market?

Not every product is for everyone. Since each person has different needs, heaps and budget, so every business has to decide on what kind of audience is suitable for its product? What kind of people it'll offer its product? That’s exactly what a target market is.

"Target Market means those customers or audience whose age, gender, Interests or lifestyle matches with your product or services, and they are the most suitable audience for your products/services."

For Instance:

Picture Yourself selling Beauty Products, so your target audience will likely be:

• Women aged 20 to 40 and teenagers.
• Conscious about their look and appearance.
• Interested in Beauty Products
• Have enough Income to afford the premium products.

Why is Target Market important in the business sector?

If a business tries to make a product for everyone, then its product won’t be special to anyone. But if that business develops a product for a specific group of people, then:

• The message will seem more relevant
• The Marketing budget won't go to waste
• The sales will increase resulting in high revenue
• The customer's problem will likely be more understandable, and solutions will be provided more wisely.

How to find your Target Market?

➤ Understand Your Product/Service:

Ask yourself: What problem does my product solve? What kind of people are facing this issue mostly?

Understanding your product criteria will help you better analyze your target market.

For Example: If you're selling running shoes, your target market might be fitness or sports lovers.

➤ Analyze Your Existing Customers:

If you’re already running a business, then observe what kind of people are buying your products? Analyze their:

1. Age
2. Gender
3. Location
4. Interests

Observing your existing customers will help you decide what kind of audience you want to target next and how can you reach more customers?

➤ Do Market Research:

Market Research is very crucial in this agenda. Analyze your competitors, what kind of content they are posting? What kind of customers do they have? What is their feedback?

Analyzing your competitor customer base will help you understand:

• What market segment is their product for?
• You want to target that same market or want to fill a new gap in the market?

➤ Set the Right Demographics:

After analyzation and deciding on your target market, create a profile of your Target customers, go beyond what you already know and define:

1. Income Level
2. Lifestyle
3. Goals and buying behavior

➤ Make the Buyer Persona:

Buyer Persona is an imaginary profile which describes your ideal customer. This persona is made by observing the behavior, need and data of real people. Buyer Persona makes marketing and content plan easy.

Example Persona: David, 27 Years Old, lives in xyz, a tech lover and freelancer, interested in new gadgets and order from xyz.

➤ Test, Experiment and Adjust:

Not everything works on the first try. you have to test, experiment and adjust.

Test Different platforms:

• Are the Facebook ads more effective than Instagram reels?
• Or maybe YouTube Shorts and TikTok videos give you better engagement? Try different platforms to discover where your audience responds best.

Try Different audience segments: 

• For whom your product is suitable? Mothers? Students? Professionals? 
• Run a campaign on every group to understand more about your audience.

Test Different Messages:

• Use different tones in your messages and see which works best.
• Try variations in your headlines, captions, or call-to-actions to see what grabs more attention.

After careful observation, adjust the strategies that aren't working well for your business, such as turning off ads that didn’t perform effectively, or focus more on those elements, that are capturing the attention of your audience.

Finding a target market is first and crucial step of every business. If a business knows that who the product is for? then it can reach them easily. It can solve their problems and, in this way, can increase its sales and growth.