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Types of Target Market

Additional Resources
Additional Resources

Then refine your target market by identifying who has bought your product or service already. This includes target demographics, audience type, and any other attributes about your target customer segment. If your product or service is brand new, a good alternative might be looking at your competitors to get additional insights. The toughest part of this process is you must avoid making assumptions.

Analyze Your Product/Service
Analyze Your Product/Service

Then refine your target market by identifying who has bought your product or service already. This includes target demographics, audience type, and any other attributes about your target customer segment. If your product or service is brand new, a good alternative might be looking at your competitors to get additional insights.

Behavioral Segmentation – (Occasions, Degree of Loyalty)
Behavioral Segmentation – (Occasions, Degree of Loyalty)

Behavioral segmentation divides a population based on their behavior, the way the population respond to, use or know of a product. Behavioral market segmentation assumes there are several factors which a consumer takes into consideration before taking a decision.

Check out Your Competition
Check out Your Competition

Your target market is absolutely dynamic. For instance, down the road you may want to expand and sell internationally. Or you might think you are catering specifically to men, when in actuality you are selling to wives and girlfriends who are shopping for their fellas.

Choose Specific Demographics to Target
Choose Specific Demographics to Target

Rather, target marketing allows you to focus your marketing dollars and brand message on a specific market that is more likely to buy from you than other markets. This is a much more affordable, efficient, and effective way to reach potential clients and generate business.

source: inc.com
Consider the Psychographics of Your Target
Consider the Psychographics of Your Target

Dig deeper: Why demographics are crucial to your business. Consider the psychographics of your target. Psychographics are the more personal characteristics of a person, including: Personality; Attitudes; Values; Interests/hobbies; Lifestyles; Behavior; Determine how your product or service will fit into your target's lifestyle.

source: inc.com
image: curatti.com
Demographic/Socioeconomic Segmentation
Demographic/Socioeconomic Segmentation

Psychographic segmentation is segmenting a market based on personality, motives and lifestyles. When the amusement park team identifies their target market's psychographic traits, they will look at consumers with personalities who enjoy fun, like spending time with their family, enjoy leisure time and are outgoing in nature. The television ad for the park will consist of people laughing, screaming on exciting rides and enjoying a day of freedom.

source: study.com
Evaluate Your Decision
Evaluate Your Decision

Rather, target marketing allows you to focus your marketing dollars and brand message on a specific market that is more likely to buy from you than other markets. This is a much more affordable, efficient, and effective way to reach potential clients and generate business.

source: inc.com
Geographic – Addresses, Location, Climate, Region
Geographic – Addresses, Location, Climate, Region

What is a Geographic Market? ... there target market and they will not put a store in ... see how they are handling the change in climate, location, ...

source: wisegeek.com
Look at Your Current Customer Base
Look at Your Current Customer Base

Look at your current customer base. Who are your current customers, and why do they buy from you? Look for common characteristics and interests. Which ones bring in the most business? It is very likely that other people like them could also benefit from your product/service. Dig deeper: Upselling: dig deeper into your customer base. Check out your competition.

source: inc.com
Positioning
Positioning

Target Market Analysis The best start for any positioning analysis is gaining a thorough knowledge of a product or service's target market. This is the group of people or businesses that will best benefit from the use of the product or service.

Psychographic – Attitudes, Values, Religion, and Lifestyles
Psychographic – Attitudes, Values, Religion, and Lifestyles

3) Values attitudes and lifestyle. Another concept which is a subset of the lifestyle segment is values attitudes and lifestyles. Each of us carries a cultural value inherent since birth because of where we were raised. Our bringing up also contributes to our lifestyle. As a result, each customer has separate values, attitudes and lifestyle.

Target Marketing Basics
Target Marketing Basics

Online marketing success depends on segmenting to find your target market (or markets) and targeting your marketing strategy (message, products, service options) to appeal to this target audience, just like it does in an offline environment.

source: sailthru.com
Targeting
Targeting

What is a 'Target Market' A target market is the market a company wants to sell its products and services to, and it includes a targeted set of customers for whom it directs its marketing efforts. Identifying the target market is an essential step in the development of a marketing plan.