What Is a Target Market?



Here are several definitions of a target market:

?People or companies which a business targets with their promotion.

?The ideal audience for your promotional efforts.

?The segment of the population where business focuses merchandising expertise to accomplish its promotional objectives.

?A specific audience or demographic group that a targeted promotional message is designed to attract.

?A portion of the market which contains the people who are most likely to be interested in a product or service you offer.

The simple description is: a target market includes people, businesses or organizations that would be interested in the services and products you offer. Your target market does NOT include everyone. No matter what you offer, not everyone will be interested.

Another simple definition of a target market is: customers who have a need that your product or service can fill. However, just because these people need the product, this doesn't mean they will be motivated to buy that product.

Determine Your Target Market

There are many ways to determine your target market. These are activities you can use to make sure your promotion is targeted at the right people:

?Interview Clients ? Ask what drew these people to your practice. What brings them back? How could you make them happier? Let them know that you value their feedback.

?Keep An Eye on Your Competition ? Watch your competitors. What sort of clients do they get? What advertising are they doing? Are they doing things for the community?

?Other Practitioners ? Talk and network with other therapists. It's effective to talk to people who work in various types of therapy and who will give you a wider range of feedback and promotional options. It's beneficial to network with people in complementary businesses, as this can help you find joint venture prospects.

?Trade Magazines and Therapy Websites and Blogs ? Stay current with trade magazines and trade websites for the complementary therapy businesses.

Find Your Targets

What factors can we use to fine tune details about our ?target market?? Any target market includes people who:

1.Are seeking a solution to fill a need.

2.Are able to make the purchase. Can they afford the item or service?

3.Are they the decision makers for their household or business?

Your best ?target market? candidates answer ?yes? to all these questions. Why would you convince someone to buy your service if they don't have the authority or the money to make a the final decision? This is a good reason to qualify potential clients.

Another thing to consider ? are you set up to serve the people you are targeting? For example - do you want to attract part of the growing Latino population (if in the US) or Polish population (if in the UK)? Do you or staff members speak Spanish or Polish? Can you build an effective marketing campaign which will attract these consumers by identifying their needs and concerns? Are you willing to bring additional people on board to offer sufficient knowledge and support to handle the needs of these individuals?

Think about the barriers

Many therapists target people with joint pain, arthritis and other problems getting around. Before you promote to these people consider your office. Is it easy for people to reach your office if they have difficulties walking, or if they use a cane or a walker? What would potential clients think about you if they need to climb two flights of stairs to reach your office?

This could be an extreme example, but there are many things within your office that can undo promotional benefits if you don't think through your plan completely. What obstacles are in your way when you promote to your target market? What can you do to resolve these problems? Are you willing and able to make the necessary changes? You cannot please everyone, but make sure you are prepared for the people you target in your promotional efforts.

If you answered ?no? to the questions about making the necessary adjustments, then you may need to re-evaluate your target market. Are you willing to target the ?right? customer in the ?right? way? If not, you might need to identify another target market.