As much as all business owners would like to believe that everyone is their target customer, it is simply not true. Your business is marketing products and services to a specific audience, and it is important to determine who these people are.
On the other hand, you may feel that you have a strong sense of who your target customers are; still it is important to back this idea up with market research and statistical evidence.
When you know your target customer, you can produce quality products and services better tailored to their needs. But remember, it’s more than just ‘identifying’ your customers; you should understand their characteristics and habits as well.
For example, if you own a children’s toy store it is important to understand who is receiving your products and who is purchasing them. You may identify that your target customers are female and male children between the ages of 5-10, and those purchasing the products are adult family and friends. As a business owner, you should know the current trends in children’s toys (ex. Popular TV characters and traditional toys) and the kinds of products parents are looking to purchase (ex. Educational toys). It is important that you meet both these needs in a predefined budget.
Your target market should also be reflected in your company branding. Will the decor, graphic design of your website and product packaging attract your target customers?
Consider these questions when identifying your target customer:
-What are the characteristics of your ideal customer?
-What is their income level?
-How many are there in your target area?
If you are having trouble understanding your customers or identifying your target market, the following resources will assist you through these roadblocks: