If you’re marketing to everyone, you are marketing to no one. A target market enables your efforts to more focused. Make sure your target market meets these four characteristics.

There are thousands of potential target markets and various ways to look at market-needs-based, size, geography, demographics (industry), etc. No company regardless of size has unlimited resources. Therefore its imperative to take a targeted approach. The smaller you are, the more focused you may need to be when it comes to marketing. How do you know which market to pursue?  Pick a target market you can successfully and profitably serve.

Good target markets have the following 4 characteristics

1. Defined. The group is well defined and there are unique aspects. There is a finite list of members, and the list is obtainable.
2. Accessible. You have the ability to access the market. Access may be a result of existing markets or relationships.
3. Fit. Your offer and capabilities are ideally suited to what the target market and its buyers.
4. Predisposed. The target market needs what you are offering and they are predisposed to acquiring it.

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We recommend developing criteria for each of these factors along with ranking and rating aspects so you have a repeatable method for evaluating each potential market. Not sure how to do that?  We can help.

Become an expert on the target market

Once you have identified your target market, it is time to learn about this group to the point at which you become an expert. Increase your knowledge of the group and become a valued resource. How?

1. Conduct research. You don’t have to do expensive time consuming research. Attend a conference and connect with people. Interview these people. Take them out to lunch, tell them of your plan and ask them to help you learn about their circumstances. What journals or magazines do they read? What professional associations do they belong to? Then subscribe to those publications and join those organizations.
2. Increase your visibility. The first steps for many customers and buyers is education and investigation. They begin their journey learning about the problem, solution options, and potential providers. They must be able to find information about your company, your solutions and your capabilities during these initial steps.  
3. Establish your credibility. Prospects need to know your company and believe that your solution and company is the right choice. Customer referrals and testimonials, third party endorsements aid in in establishing your credibility.

Learn more about customer segmentation.

FAQ:

• Defined: The group is specific, with unique aspects and a finite, obtainable list of members.
• Accessible: You can reach the market, often through existing relationships or channels.
• Fit: Your offerings and capabilities align closely with the market’s needs.
• Predisposed: The market has a need for your solution and is inclined to purchase it.

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