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Homing in for your business’ target market

It is a must for entrepreneurs to know their customers. Their operational and marketing efforts should be customized for the target market.
By International Institute of Digital Marketing |
Homing in for your business’ target market

“In marketing, if you have no target, it's not like the motivational speech of ‘Shoot for the moon if you miss, you'll land among the stars,’” writes Michael KaIeikni of Entrepreneur US. “It just doesn't work that way in business. You'll be shooting into the black expanses of space--where no one exists.”

He recommends that the entrepreneur should know exactly who his customers are. It's called demographics.

“It's part of the research that you need to do before going into business. It may not go well if you have no idea who you are going to be talking to about your service or product.”

Technographics and psychographics

It can be a little bit more tedious in digital marketing. International Institute of Digital Marketing (IIDM) advises the entrepreneur to get to know his target audience’s technographics and psychographics on top of the demographics.

Psychographics is the study of personality, values, opinions, attitudes, interests, and lifestyles. Technographics, a marketing segmentation born in the late ‘80s from  the rise of home videos and personal computers, has now evolved into a definition of how the consumers use technology—Internet, desktop, smartphones—in their daily lives.

Identifying target market

Nolo.com cites a variety of reasons why the entrepreneur should define his target market, on top of which is tailor-fitting his business idea, products, and services to better meet his customers’ needs and desires.

Once he set a very clear picture of his target market, he can craft his marketing messages appropriately—using the right tone, language, and attitude to appeal to the best prospects.

Edward Lowe Foundation, which offers resource materials for entrepreneurs, recommends three simple steps in identifying target market:  identify why a customer would want to buy their product or service; segment the overall market; and research the market further.

IIDM says it’s a never ending step. In online publication or e-commerce, for instance, it is recommended to constantly measure and monitor the target market’s online behavior during each session in the business website. Then, adjust the content or e-commerce strategy accordingly.

Learn your winning strategy with IIDM’s Certified Digital Marketer Program. Visit www.imadigitalmarketer.com or call 927 0096 / 0928 506 5382 for more details.

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