What is an online target market?
Traditionally, defining a target audience involves determining their age, gender, geographic locations, and their needs. The data you need to know depends on the product and whether you have a B2B or B2C business. This approach, however, is not very helpful. Online, the location matters much less (if at all).
What is the first step in target marketing?
The first step in the S-T-P process is market segmentation. In this phase of the planning process, the business identifies the market potential or the total available market (TAM). This is the total number of existing customers plus potential customers, and may also include important influencers.
What is an example of a target market?
For example, a children’s toy may have boys ages 9–11 as the target market and the boys’ parents as the target audience. It may also be defined as the consumer segment most likely to be influenced by an advertising campaign. The target market is also distinct from the buyer persona.
What are the four targeting strategies?
There are typically 4 different types of market targeting strategy:
- Mass marketing (undifferentiated marketing)
- Segmented marketing (differentiated marketing)
- Concentrated marketing (niche marketing)
- Micromarketing.
What are the 4 types of target market?
Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types. Here are several more methods you may want to look into.
How will knowing your potential market help you?
Potential markets allow you to: Ensure the future of your business by identifying new customers. Think proactively about ways for your business to grow and change. Show the potential of your business to investors or collaborators.
How do you identify a target market for a small business?
How to Define Your Target Market
- Look at your current customer base.
- Check out your competition.
- Analyze your product/service.
- Choose specific demographics to target.
- Consider the psychographics of your target.
- Evaluate your decision.
- Additional resources.
What are examples of target markets?
A target customer is an individual that’s most likely to buy your product. And it’s a subset of the broader target market. For example, if your target market is female athletes between the ages of 13 to 25, a target customer could be female athletes in the specific age range of 13 to 16.