Do you ever have that feeling that you missed out on something? That you might have been the only person on the planet that didn’t get the memo? Or possibly, that something you really wanted to do just happened and you didn’t notice?
You’ve probably shifted target markets.
We recently went out for dinner with a group of friends and it was a great time. But, between our visits to this restaurant, my wife’s favourite dish was no longer on the menu. And, one of our friend’s favourite drink was no longer on the menu.
To right the ship, it happened to be part of dine-out Vancouver, which was a pleasant surprise. Getting a great deal on the meal.
So what was going on? Why were we feeling out of place and out of touch?
Defining a target market: understand your best customers
I live in a unique city. Vancouver’s real estate market is different from many others around the world, yet defining a target market for any property can follow a familiar process to other products and services. Why is this important? You do not want to be missing opportunities because your resources are being pointed in the wrong direction.
Target Market Definition:
First, for those coming to this page looking for a “definition of target market“, here it is, straight from the encyclopedia at entrepreneur.com:
“A specific group of consumers at which a company aims its products and services”
Now, with that out of the way, lets move on for those who want to “define their own target market” as this article is intended.
Your Product and its Appeal to your Customers
The art of matching people with products is becoming easier as the volume of data available helps profiling and define target markets. Truly take the time to research the information and use it to build one or more target market profiles. Experience can be an asset, but you can’t be an expert in everything, everywhere. Find the data that will help paint a picture of your ideal customer. Unfortunately, more people spend time knowing the details of their favourite TV characters before knowing their ideal clients. Don’t make that mistake.
There are so many free resources you can use. Just by starting with Statistics Canada, you can find lots of information for free. Take a look at all the info above the fold on their homepage today!
The numerous market research firms can offer additional information, mostly for a fee. Depending on the depth needed for your target market profile, this might be a good option too.
Overall, your target market is important for all sales, regardless of the product you have. Take the time to figure out your product’s features, benefits and grabbers before trying to see who your best customer would be.