Brand Rant: Target Market
Let me start by defining what a target market actually is—the audience in which your product/service is marketed to, usually consisting of age, gender, demographics, lifestyle, and/or socio-economic grouping.
It seems an easy task but I’ve found over the years that it’s very much easier said than done. The reason for this being that when one chooses a target market, it’s not just a shot in the dark. You’re target market corresponds directly with your brand. Who are you trying to hook? It’s much easier to fish if you know who you’re fishing for. You want to bait your hook with something that’s appetizing to your target market. Your fishing pool is determined by your brand.
For example, if you are an upscale, men’s active wear/gear store then you aren’t going to cast your line into a pool of geriatric men with no money. You want to cast that line into a pool bubbling over with active, adventure seeking young to middle-aged men with mid to high incomes.
You really don’t want your pool to be too large which is the mistake that most entrepreneurs make. Of course you want to reach everyone, but that’s just really unrealistic and only waters down your efforts. If you’re busy trying to appeal to everyone then you can’t become an expert. In order to become an expert, you have to reel in your line, define a niche, and focus your efforts within that niche. That doesn’t mean that other fish won’t be swimming in your pool but your focus is on catching your niche fish.
Define it, own it, be the best. Carry forth entrepreneurs…carry forth and conquer.