One of the most difficult tasks for a new business idea is identifying your target market and how to reach them.
Are they male, female, teenagers, young families, young single people, couples without children, empty nesters, boomers, seniors, renters, home owners, do they have a mortgage, what is their social status, do they drive or use public transportation, do they use social media, read the paper, listen to radio or TV, and so on……..
Likely your product or service will touch several of these criteria, making the task even more complicated. The question then becomes, “what marketing method(s) will reach the majority of my target market. Because of differing learning styles you should always use visual and auditory marketing to be most effective.
The more you can identify your target market the less experimentation you will have to do in order to reach them and you will likely save some money as well. If you are a sole proprietor, your time is important so getting it right quickly can be advantageous.
Another consideration is where your target market is getting the product or service now. Who are the competitors and how are they marketing? How are you unique or different? What is your unique selling proposition?
There will always be competitors so keeping your marketing fresh and different will set you apart from them and keep your market share. Communication is the key to knowing your customers. Once you have them, engage them to keep current with their needs and wants. If you don’t, you may lose them to the competition and never know why!
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