You may think that having a successful business is based around how much marketing or advertising you do or how well you handle customer service, or multiple other reasons. Would you be surprised to learn that having a profitable business can simply come down to determining what your target market wants and what their needs are?
What is a Target Market? Your target market is the group of people that you should be marketing your products and services to. Not everyone will want to buy your product as no product is right for everyone. So if you think that everyone is a candidate for your product, you are mistaken.
To be successful, you will need to determine what your target market wants and needs, and then you will want to provide it for them. If you happen to be in your target market, you are off to a good start. You can start thinking about the things you want.
Now, if you are not directly a part of your target market, you can start off by putting yourself in their shoes. What do you think they would want? Picture yourself living a day in their life and imagine what types of products or services could make their lives easier.
Think of things like:
* Disposable Income
* Age Group
* Usability – how and why the product would be used
* Is the product for males and females? Children?
* Family dynamics
And so on… These types of questions will help you break down exactly who would be best fitted to your product and be open to using it.
Another great tactic is to study the competition. Look at other products that are aimed at your target market and compare your products or services. What features and benefits can you offer that will give you an edge over the competition?
You can also simply ask your target market what they want. You can create a form on your website that asks some basic questions about their needs and what they would like to see in the type of product or service you offer. Start asking your visitors or the people on your mailing list to fill out the questionnaire.
These tips will help you find out exactly what your target market wants and needs. Once you have that data, you can focus which product or service will work best to fill their needs. These is especially helpful if your direct sales product line is large.
Now start your marketing efforts to your new target market and see what a difference it will make in your sales.