My target market is broad--men and women--of a variety of ages. Is it better to have a more narrow target market?
I don't know what your product/service is but trying to convey it's "value" to a woman of 50 and a man of 25 using the same "language" is a formula for failure.
Pick a "group" that you resonate with and create your messaging for them. Once you have engaged with them, you can reach out to another group using their appropriate language- and so on.
If you would like to discuss your specific situation -feel free to contact me directly.
Yes it is, having a definite niche will help you monitor and understand your audience and how best to engage them.
Selected through experience and research.
Yes. Every business needs a narrow and defined target market. I explained to my friend who is starting out in the real estate sales business that she needs to establish a niche, and I would give the same advice to you. If you try to target everyone, you will end up reaching no one. So finding a target audience that you can relate to - based on personal experience or research - is critical to the success of every business, including your firm, Chi Chi.
Early on narrow is best, as you grow and can offer more goods/services you can expand. The easiest way to start to define your target market is to find a customer, then look for more with the same challenges / needs. As you grow, use a build / test / refine approach to narrow down the unique traights of each user and how you can best serve them.
It's very important in my opinion.
Target the most narrow market you can, build trust with your customer database, and convert them into your ambassadors to gradually broaden your target and expand your market as you move forward.
Building trust with your first early-adopters is crucial
Split your Customers into Segments. Who You believe will be your Early Adopters, Early Majority, Late Majority and Laggards. Initially Focus on the Early Adopters as they will help you Generate the traction you need to go on. How do you know your Early Majority? (think of the people who stand for days around the Apple shop in NY, to get their hands on a newly launched product), they will be the people who HAVE the PROBLEM you product/service will fix, ARE AWARE of the Problem and ARE ACTIVELY looking to get it fixed.
This is the simplest way to do it.
Best of Luck
Target market is really important for your business because if you don’t know your target market your business won’t make any sale.Target market is specific people who you want to target so they can buy your product or service.There are two types of target market one primary target market and this primary target market is your narrow target market where you will focus on people who will buy your stuff and these are your important customers who if you target well will come back to buy.For example if you open a book store on campus your primary target will be students studying there and you will have to focus on your marketing skill and promoting that how to bring them in.second is secondary market in where you have not important customers like again your book store students are your primary target and if local people come once a week to buy your book those are your secondary target so this is called primary and secondary target and you should focus on your primary target market how to attract them and narrow down by your search who they are.Good luck.
Hi Chi Chi.
There is a lot more scope to this than just a few paragraphs but I will try and be as short as possible.
The main purpose of identifying a target market is to understand them and how your product or service solves their problem or need. Having too broad target results in you not communicating with any specific needs/wants in a way that those potential clients understand (wasting money and effort). If a too narrow target market is chosen, then it may result in the segment not being big enough to be profitable. The strategy of having a well-defined target market that has efforts that are measurable allows you to get the maximum return on your marketing efforts while being able to hone your marketing and sales strategy and resources to improve results. Obviously, there are others that fall outside your target that will find value in your offering and this a bonus to your efforts. Hope this helps.
Yes to an extend you can always narrow it depended on the way sales go .i..its not because you can give stuffs for all ages that you keep supplying for all
If you product is applicable to that group - it's fine to call that your broad target market. However, when you craft a marketing message, I'd break in down into different segments. For example, I'd probably use a different message for men of the age of 25 than for women of the age of 50. Same goes for the channel you use to reach them.