The problem that is often faced by some young entrepreneurs is not being able to determine the target market correctly. This can occur when the business is running but the target market has not been determined. In the end, many of the young entrepreneurs stopped in the middle of the road. By determining the target market, you can choose the strategies in the promos/advertisements that will be used, and present messages in a way that they understand. Incorrect marketing a product will only make the product unsold in the market. There are many choices of platforms and media to advertise like ott advertising which is currently in high demand.
Although determining the target market is a difficult part of building a business, but try to find out your target market precisely. The following are some effective ways you can do to determine your business target market.
1. Determine Demographics
The first step is to find out the identity of your target consumer by paying attention to the following points;
a. Age
b. Location
c. Gender
d. Income/salary
e. Education
f. Culture
g. Religion
Because the points above help you in determining the product to be sold and will affect the purchasing power. For example, selling negligee clothing in the area around campus which is mostly college students, if the conclusions drawn from the points above are the wrong Location because in the campus environment which is mostly teenagers up to twenty years, then the culture of teenagers who dislike negligee and culture in lectures that are not appropriate to wear negligee.
2. Determine Psychography
To get information about “Why consumers should buy your products and/or services” is to collect psychographic data. This stage is to dig deeper into your target market’s identity in terms of personality as in the following points;
a. Personality
b. Behavior
c. Interests & hobbies
d. Lifestyle
e. Habit
f. Values in life
You can make general assumptions about people who are your target. For example, the average 25-year-old woman has begun to think of marriage. Or, final year students usually start after permanent work in a company. However, since there is basically no standard psychographic profile, you also need to consider that not all 25-year-old women have thought of marriage.
All the data above aims to make the products and/or services that you develop able to adapt to the needs, desires, and even expectations of your customers. So, the prospective customer will be interested in getting acquainted or even trying your product.
3. Things That Are Trending / Booming / In
Find out what is being hit among customers. From here you can know what kind of goods and services are needed by customers but cannot yet be fulfilled by other producers or sellers who are your competitors. From here you can know the weaknesses of competitors and determine which products are packed complete with strengths that are able to answer the needs of consumers. When marketing, you are confident in your strengths and are ready to “target” these consumers.
4. Evaluation of Decisions
Once you decide on your target market, be sure to consider these questions:
a. Are there enough people who meet your criteria?
b. Are your targets really going to benefit from the product or service that you offer? Do they need it?
c. Do you understand what drives your audience to make purchasing decisions?
d. Are the prices you set affordable for them?
e. Can you communicate with the audience through your messages?
Try to find the results of research that has been done by other parties regarding your target. Look for articles that have discussed your target market, and find the results of their survey. Also, do focus group discussions to get responses from your customers. Setting a target market is the hard part. Once you get it, it will be much easier to determine the media you can use to connect with them. Or what advertisements and promotions will suit them.