How to Determine the Target Market for Businessmen

The target market is a group of buyers or consumers who are the targets of the company’s approach to buy their products or services. In other words, the target market are‌ prospective buyers‌ who‌ must‌ get‌ information‌ and promotions related‌ to the product or service to be purchased‌. The goal is to make consumers buy a product or service. Here’s how to determine the target market for businessmen:

1. Start With Assumptions

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Assumptions are a basis of thinking. If you currently have a business with a marketed product or service, try to assume what kind of potential target market for the product or service. For example, a graphic design service business with high quality but affordable prices. The graphic design service business can be easily reached by potential customers or clients through the web site, Instagram or marketplace. So, assume the target is all men or women aged 20 years and over who like graphic design and who need graphic design while still prioritizing comfort.

2. Observe Market Competition

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Market competition is the competition of sellers who are equally trying to gain profits, market share and total sales. Businessmen must be smart to look at the competition. This is to win the hearts of customers to buy products or services. Pay attention to what products or services are being marketed, how services are offered, how promotion strategies are implemented and see reviews from customers and the reasons why many people like the product or service. So with this, business people can learn what competition is like in the market and find gaps where they can enter and compete in it.

3. Conduct a Field Survey

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A field survey is a very important initial stage in planning activity. By conducting a survey directly in the field, business people will find out how the tastes of the people who will enter their target market. This is done by making adjustments and proving whether the assumptions previously made about the intended target market are correct or not.

4. Use Analytics Tools

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Analytics Tools are data processing tools used to collect and process various customer data. By using data processing tools (analytics tools), business people can find out the target market. For example, using Google Trends to find out what the most searched for on the search engine.

5. Create a Buyer Persona

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A buyer persona is a fictitious person who is intentionally created with certain characteristics as a target consumer or consumer representation. Can be determined through gender, age, occupation, hobbies, domicile or other more specific things. Buyer persona also helps identify products or services that suit potential buyers and their marketing strategies.

6. Explain the Advantages

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Excellence is the advantage of a product or service such as packaging and price. Showing the superiority of the product is no less important than other things. If consumers ask for products or services that prioritize features, then businesses must focus on explaining the sophistication of these features.

7. Do Branding

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Branding is an image so that a product or service can attract and stick in the minds of consumers. Many people tend to buy products or use services from well-known and trusted brands. Therefore, businessmen need to do branding to create product or service perceptions for customers. This is very important to do as a way to determine the target market and get maximum market potential as long as it is consistent in maintaining the brand by prioritizing the quality and excellence of the product or service.

8. Evaluate Market Response

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Try to evaluate market response. If it is not effective, it means that the target market is not right and needs to determine other marketing strategies.

 

That’s how to determine the target market for businessmen. I hope this article helps.


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