Page 8 - THE NOTICEBOARD EDITION 63 OCTOBER 2020

Page 8 October, 2020

How to Identify Your Target Market

Continued from pg 7
target? One final tip: remember
Keeping track of what the competition is "everyone" is not a target market.
doing is a great idea in more ways Even if everyone, or everyone in
than one and it can help you a particular industry should need
identify your target audience too. what you sell, you won't be able
If your competitor's marketing to reach "everyone" on a small
campaign is aimed at a specific business budget. To be
consumer may be a recurring customer segment, there is a good successful, use the tips above to
source of business, but the icing chance he has spotted a marketing identify your target market and
opportunity there and that he is
on the cake (forgive the pun) may then structure your marketing
be local restaurants who buy exploiting this. Keep an eye on materials to focus on those ideal
your closest competitors'
breads and desserts in quantity to customers.
serve to their customers. The marketing campaigns, sales spiels, by Janet Attard
more icing, the fatter the brochures, websites and social
media outreaches to understand
business's bottom line.
4. Study your current customers their target customer base. Your Hello
research may turn up industry
Assessing your current customers Companies, financial
and identifying the common segments or names of specific institutions, insurance
characteristics they share is a customers you should be targeting.
7. Who buys and why? companies etc, who have
great way to learn who else could
be a potential customer for you. Surprisingly, knowing the kind of SME department, clients
customer who needs your service
Ask them what they like about and customers and who
your company, how they use your may not be enough to win sales. For
products, how they heard about example, the elderly widow who interact daily with SMEs
lives by herself may need to have
you (if they are new) and what may use our services to
they prefer about buying from someone do the cleaning for her,
but can't afford the service herself. propagate their
you. The more you know about
your current customers' buying The real customer in this case messages to them.
preferences, the better you'll be would be the widow's 50-year old Dear Entrepreneur,
daughter who chooses and pays for
able to target your marketing to
prospects with similar needs, the service. Similarly, while there Instead of searching for
preferences and characteristics. . are many adults who think they customers for your
5 . R e s e a r c h I n d u s t r y should go to a gym to work out, a products and/or
publications, statistics and lot don't because they are worried
about being embarrassed, or don't services; what if they
special reports
Industry publications, statistical want to spend a lot of money, and find you? THE
information and special reports then not use the service. NOTICEBOARD can
can all provide clues as to the Understanding those issues has
audience you should be targeting been one of the keys to success of help you drive
the popular Planet Fitness
and sometimes how the market interested prospects or
might be changing. Such reports franchise. buyers to your
may describe the typical
customer age, sex, preferences doorsteps.
for items, and other helpful For all enquiries:
information. One way to find 055 6533307 / 020 8131656
such reports is to search the web diltonconsultghana@yahoo.com
for terms like "size of the market info@diltonconsultghana.com
diltonconsultgh@yahoo.com
for [industry or product name]". www.diltonconsultghana.com
6. Who does your competitor

www.diltonconsultghana.com
www.diltonconsultghana.com