2.3 Target Market Profile

To define your target market effectively you’ll need to do some research. Gathering statistics and other market research data helps you to understand your potential customers and their needs and make better marketing decisions.

Work out if your market is large enough and accessible. Then segment the market into groups of buyers with similar preferences and buying habits. For example, the athletic shoe industry is broken up into several segmented groups – first by gender, then by the activity or sport.

Once you’ve identified your market segments, you can define your ideal customer for each segment.

To define your target customers, ask yourself the following questions:

◉ Who are your customers?

◉ Are your target customers male or female?

◉ How old are they?

◉ Where do they live?

◉ What is their marital status? 

◉ Do they have children? How old are their children?

◉ What is their education level?

◉ What do they do for a living? 

◉ What is their average income?

◉ Customer interests and buying habits

◉ What motivates a customer to make a purchase?

◉ What are your customers’ common interests?

◉ Who makes the buying decisions?

◉ How often do they purchase a product?

◉ Do they shop online or prefer to see their product before they buy?

◉ How long does it take them to make a buying decision?

◉ What form of media does your target rely on for information?

◉ How far do they travel to make a purchase?

◉ What other products do they buy?