Small Business | Forum « Target Market

Target Market (16 posts)

Topic tags: target market

Ann M Augustine said
1 year, 3 months ago:
Hi,
I am interested to get some insight from others about finding your target market. I think this is one of the biggest challenges for people to stay in business. Among friends at breakfast the other day, we talked about “what you do” and “who is your target market” can be a real balancing act! Anyone have a good story?
@annmaugustine | # | Top
Mark Oetjens said
1 year, 3 months ago:
@annmaugustine I’m interested in how to find my target audience/market as well. I just started using Google Alerts this morning. I’m also in several FB groups and LinkedIn clubs (but I admit I’m not very active in them.). Is there any other way?
@markoetjens | # | Top
Sharyn Sheldon said
1 year, 3 months ago:
Are you trying to find where your target market is? Or are you trying to identify the target market for your products or services? There’s a big difference, so let us know which, as well as where you are in the process now. Identifying your target market would be one of the very first steps in creating a business plan. Finding where they are is part of that too, but hopefully you’ve already defined who they are.
@srsheldon | # | Top
Ann at greenoak said
1 year, 3 months ago:
im brick and mortar so maybe different….but i look at my customers and see the kind i really would like more of and could realisticaly get more of.. and thats my target market…
i ask who really needs me….who can afford me…. who would i really appeal to? what does she read? what is she in the market for? and i keep that woman in mind in most of my decisions..
@annfurnivall | # | Top
D Scott Walker said
1 year, 3 months ago:
I agree with @srsheldon. Clarifying that will help a lot. Also, and at the risk of sounding stuffy, you might find it helpful to take a quick run through a good marketing text. I’d recommend anything by Philip Kotler. You can probably find something on Amazon for just a few dollars.
@dscottwalker | # | Top
Mark Oetjens said
1 year, 3 months ago:
@srsheldon @dscottwalker I’m a SciFi author and publisher, so my target audience is fairly easy to define: People who read SciFi. My problem is finding where they are and engaging them consistently.
@markoetjens | # | Top
Abigail Gorton said
1 year, 3 months ago:
When I went through defining my target market, it was really helpful to understand that while I may happilly accept clients from outside the target, when I am actually looking for clients, I look within the target. So my target is within 2 counties, but I actually have clients from around the world (gotta blame that social media for something!). My target market is businesses of 2 – 20 people but I have sole proprietors, hobbyists and large corporations. Etc. I define myself as attractive to the target market and if I happen to attract others as well…? Oh Well! It also helps me when I receive an initial contact to ask the question as to whether they fall within the target or not. And if they don’t, is there a compelling reason to take them on?
@abigailgorton | # | Top
Ann M Augustine said
1 year, 3 months ago:
Thanks @srsheldon @dscottwalker Philip Kotler, is an excellent resource – I studied his work in my MBA program. I think the challenge is really around “service” business, like mine as technology and green biz writer/marketer. Working with people that know you and your work is good, but it’s new prospects, especially in today’s business environment, that is challenging.
@markoetjens “where to market to them and engage with consistently” is a common sentiment. Methods in social media need to be narrowly focused. For example, develop a targeted list of prospects, see if they are on Twitter, then follow. Is this a good method?
@annmaugustine | # | Top
Ann M Augustine said
1 year, 3 months ago:
Thanks,
@abigailgorton I understand what happens when you go outside the target market – you tend to take a “detour” – you are still getting “new business in” – unless of course it is not desirable work for you.
@annfurnivall I like what you say about keeping “that woman in mind” when you make buying decisions. How do you handle competition?
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Ann at greenoak said
1 year, 3 months ago:
ann, how about picking one of your interests, golf or gardening a nd studying   the   businesses in that field   and then presenting your services  in a way that shows you know some of their words, issues, good points…. just that would put you ahead of    lots of other marketers…
take me as a customer…if a marketer presented me with   stock photos and used some  so out of touch words like collectibles i would knew he had no idea about my needs……
how do we do it? so many ways….mainly i try and beat the competition……with more stuff, more interesting stuff and at better prices….. im in retail and need to be a destination   store…which we are…. that means we are so different that people would drive   a couple of hours to get here…. i try and be friendly with competition but i dont let them post their stuff on my business page….heres our site    http://www.greenoakantiques.com
you have to be different…and have something thats wanted and that not many can   offer…i guess i would start with what is your competition offereing..
@annfurnivall | # | Top
Herb Lawrence said
1 year, 3 months ago:
Great comments. For brick and mortar with specific geographic areas, businesses that are selling to household consumer units we have found consumer expenditure studies that break out average expenditure by certain demographic factors then compare to the number of households in their territory to estimate market potential as a starting point We also use BPI as a good way to find geographic areas that are more likely to purchase at higher levels than other areas. Of course this is just a start point but helps our small business clients start thinking about how to segment best possible user groups. These are some good tools that are readily available
@asbtdc_asu | # | Top
Debbie Lynn Butler said
1 year, 3 months ago:
@annmaugustine There is one good thing about having a difficult client: you can quickly define what you want in a relationship. This can help you clarify your idea of the ideal customer. As a content creator, I think it’s helpful to think of one individual–the person you write your blog, articles, Web page content, and e-mail newsletter for–instead of a target group/market.
@debbielynnava | # | Top
Ann M Augustine said
1 year, 3 months ago:
@annfurnivall I began doing exactly what you suggested regarding picking one of my interests and presenting my services, although doing it through social media, e.g., Twitter and Facebook. In the competitive landscape, always looking to differentiate…I am working on it. Thanks!
@debbielynnava I think you’re onto something – thinking of one individual-the person to target. I will work on this, too. Thanks!
Further question about target marketing in social media–is it appropriate to include the individual’s Twitter @name in a post directed at them and the market in general, without having been formally introduced?
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MelissaBruno1 said
1 year, 3 months ago:
Great comments and insights- thanks for a great topic.
My experience has been that my target market has evolved over time, and I know will continue to evolve as I fine tune it even further. I launched my business fairly recently in December 2011. At that time, I thought my target market would be professionals between the ages of 30-65, who owned their own home and were married. Since then (not that’s been a while I’ve discovered that my target market are families; to be more exact multi-generational families who want spend time both together and apart while on vacation. Perhaps that too may change with time.
I thought the questions @annfurnivall raised got me thinking – much appreicated.
Look forward to continuing the conversation!
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Dea Irby said
1 year, 3 months ago:
great topic and conversation, thanks @annmaugustine
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Ann at greenoak said
1 year, 3 months ago:
we had to change targets drastically in our business…. we went from 90% wholesale to 80% retail over the years….good advice is always to DO THE MATH..and see where your money is coming from…. its hard tho, when your favorite parts arent bringing in the money anymore….
i knew my first customers so well it was so easy to target them with just what fit them…then as that industry faded away we had to change…now i have little or no natural instincts about my new customers…who really like us and are keeping us going…so i have to really study up on this new buyer…. theres always a big learning curve!!!
@annfurnivall | # | Top