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You can’t market to your target audience without knowing exactly who that audience is. Contact usIf you have marketing, social media, or design questions, or are interested in working with us, please contact us below. This example of a simple market forecast defines two target market segments and projects the potential customers in each of those segments by years, for five years.
In the market forecast, the example numbers indicate that there are 25,000 home offices included in the market, and that number is growing at an estimated five percent per year. You can use your market forecast numbers to draw a chart of projected market growth, like the one shown here below. The important numbers in this table are the average purchase per customer and the market value. Under normal circumstances, no company will attempt to address all the segments in a market.
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Related: tractor market segmentation, ipad market segmentation, tourism market segmentation, market kitchen st. And, with today’s marketing tools and technologies (and experts), there is no reason you should ever have to.
For example, if you sell a women’s beauty product, you will see much higher ROI if you market to only women who buy beauty products online (yep, you can target like that) than if you advertise randomly to users who would never think of buying your product.

Use the descriptors and constraints you developed in Steps One and Two to target advertising to your audience.  You may, for example decide to advertise (your appropriate content, noted above) to employed males, age 21-35, living in Colorado Springs. Once you intimately know who your target audience is, seek out and engage with those individuals, and the individuals and brands that audience is connected with.  Growing your target audience is about both attracting your audience to you (through content and advertising) and also proactively seeking out those target relationships. There are also 10,000 small businesses in the area, and that number is growing at five percent per year. For example, although the high-end home segment is 2.5 times larger than the small business segment as measured by number of customers, the small business customer spends almost four times as much as the home office customer.
Multiply the number of potential customers in the market by the average purchase per customer.
As you select target segments, think about the inherent market differences, keys to success, competitive advantage, and strengths and weaknesses of your company.
Not all numbers will apply to every business, but factor in the demographics that matter to your business into what your target audience will look like. Now that you have an idea of who your target audience is, knowing where to find them is the next step.
A standard analysis shows the projected number of potential customers divided into segments. The developers of the plan researched the market as well as they could and then estimated populations of target users in their area and the annual growth rates for each. Therefore, the small business market is a more important market in terms of monetary value.

Although they would have liked some external source of information to use for this, there was none available. In this case they took the average number of customers in each segment over the five-year forecast period, and multiplied that by the average purchase per customer, to calculate the market value.
In this case if the total market is worth some estimate, you could estimate sales of all the competitors and see if the two numbers relate to each other. You want to focus on the best market, but the best one is not necessarily the largest one or the one with the highest growth. Outlining their psychological  profile will further define your audience (and message to that audience Рmore on that in a minute).
Notice that the home office customer tends to purchase much less overall than the small business customer.
In an international market, you might check production and import and export figures to see whether your estimates for annual shipments appear to be in the same general range as published figures. You might check with vendors who sold products to this market in some given year to see whether their results check with your forecast. You might look for macro-economic data to confirm the relative size of this market compared to other markets with similar characteristics.

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