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Surprisingly, many companies approach marketing with a goal to sell some stuff to somebody.
The more targeted the marketing, the more likely the company can efficiently use their marketing resources. As we addressed in our last post in this series, businesses should invest time in analyzing their existing customer base to uncover buyer behavior and characteristics. Small and medium-sized businesses (SMBs):  Many companies spend vast resources to hook the big fish when they might have found it far more profitable and attainable to catch a lot of small to medium-sized fish. One of the best, and free, resources to obtain market segment information is the US Census Bureau.  The Economic Census profiles American businesses every 5 years, from the national to the local level and provides a vast amount of data ranging from industry to geographic to business owner surveys. You must have JavaScript enabled in your browser to utilize the functionality of this website. All these concepts involve the segments that your company is going to target.The common phrase of “target market” has been heard by many of us and it represents a very important business concept. But how many of us actually succeed in identifying the correct group of people to whom we should sell our products? In order to establish your target market, and for target market selection, you need to go beyond the thinking patterns of your customers, their buying habits and their needs.Target market selection is a part of marketing strategy and involves deep analysis and discussions up to the corporate level.

Only after the analysis of the industry, will you find a group of people who might be interested in your products. Thus, the result of industrial analysis will be the identification of a primary market segment.
After collecting sufficient information from the industry analysis (which also involves market, competitors and broad potential customers), a customer profile should be identified. This customer profile will involve an in depth description including geographical, demographical, psychographic and behavioral insights about your target customers.The best way to collect the data is to actually speak with the potential customers in non-selling situation. In this way, you can be sure about how genuine the data is.The target market selection goes hand in hand with customization. By mapping the exactly worries, concerns and needs of your customers, you will be able to shape your offer according to them. Your main question should be “Do I solve their problems?” and aligning all your marketing, sales and resources functions in order to provide your customers with a solution for their problem.The customization based on target market selection represents the fastest path to development and growth of your company. The ideal target market has to fit with your firm’s objectives and mission, and it has to be accessible.
Your target market should be one which is attracted to your product and your product also needs to be differentiated as per the target market.

Thus, the target market and the product have a dynamic relation between them.Never forget about the size of your desired target market, your operating cost, as well as, the opportunity of growth. For example the middle class population of any developing country, is constantly growing and hence demanding more and more products and services. With a growing market, comes the risk of over expansion and managing operating costs as well as seizing opportunities.By focusing on target market selection process, it doesn’t mean that you are cutting down your growth aspirations. On the contrary, it will enhance your growth opportunities based on the industry you are operating in. Usually, it is easier for smaller firms which are competing against the big giants in the market, to focus on a niche market.
In this way, they are able to reveal and cover some needs that the competitors are not able to do.When working with the industry giants, the best way to develop a target market is to find exactly what your customers needs. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page.

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