Tactics to Define Your Target Market

• A target/niche market is composed of individuals and/or businesses that have similar interests and needs, which can be readily identified and that can be easily targeted and reached.
• Deciding on the target/niche market is the first step of setting up your business. You need to know who’s going to buy what you are going to sell.
• When deciding on a target/niche market you want to choose a group that has a need for what you are selling and has challenges that you can solve. You want to choose a group whose personality and characteristics will mesh with yours.
• You want to know everything you can about your target/niche market of your choice include their age, gender, race, family size, education level, occupation, geographic location. You also want to things like where to eat out, what to do they read and where to do they buy it, what movies do they watch, are they liberal or conservative.
• Once you’ve identified a target/niche market that has a need for what you are selling the next step is assessing the size of the market and the demand for your product/services.
• You want to be that you clearly understand the needs of the target/niche market of your choice and you also want to know what other options they have available. Yes you need to know who your competitors are to understand and communicate with your target market.
• When learning about the target/niche market of your choice you want to learn about their income and spending habits. You want to make sure that they can afford what you are selling and are in the habit of buying what you are selling the way you are selling it. If you selling from a kiosk in a mall you want your target market to be used to buying from kiosks; if you only take credit cards you want your target market to have a credit card and not be afraid to use it how you want them to use it.

Implementing these tactics and those taught in the Smart Target Market Tactics Workbook will help you choose the right target market to build a profitable business.