As the adage goes, “You can’t be all things to all people”. This is true in life, with the relationships you have with others, just as it’s true in business. There is value in defining who you want purchasing your products or services – your target market.
Here are three benefits to having a target market:
1. It’s easier for you to find them
Defining your target market allows you to be more precise in your marketing and advertising efforts. Your ideal client or customer will dictate what strategies and tactics you use to reach them. In short, honing in on a target makes your decision-making much easier and more focused. You will be making the best use of your time and resources.
2. It’s easier for them to find you
When you’ve defined your target market and are using the proper marketing strategies and channels, you will be in their space, either physical or virtual. They won’t have to search hard to find you because you’ll already be where they are. As well, as your target comes across your business, they immediately know that you are there for them. They will be more likely to use your products or services because they’ll have greater assurance that you understand their desires, needs, or challenges.
3. It’s easier for others to help make referrals
Let’s say you’ve lost an article of clothing and you ask a friend to help you find it. Their first question would likely be: “What does it look like?” If you answer that it’s a piece of clothes, that isn’t going to enable them to help you. For them to help, they’ll need to know what type of clothing, what size, what color, etc. The same principle applies for your business. In order for family, friends, associates, network connections, or even acquaintances to refer potential clients to you, they need to know who they are looking for. Make it easy for them; freely share with them a description of your ideal client. Equipped with this information, your connection will provide you with stronger business leads or customers.
Question: What other advantages are there to having a defined target market? Share your insight here.