Define your primary target market is the key to understanding your business can provide the commentary more value to customers and potential customers. You will be much better to your customers if you can group by the needs and desires.
The best way to define your target market is single primary. Then, depending on your business, you may need to define one or two secondary and / or market niches.
Definition of markets and Cr�©neaux
You’ll find a wide selection of books on marketing to define its niche. This can cause confusion that the term “target market”, “niche market” and “niche” are sometimes used interchangeably. For the purposes of this module, I define these terms in order to avoid confusion.
Target market: your target market is only part of its major customers that have a set of desires and needs. Even if you do not fully meet the needs identified, has a very good idea of your target market. Its primary target market can be large or small. Size is not important, but its ability to define customer needs in the market is crucial.
Secondary Market: A secondary market is a market that is related to your target market, but this is not their main source of income. A good example of this would be half that is the leading marketplace for commercial roof replacement. This company in May as a secondary market for residential roof repairs. However, because their main income comes from the growth of commercial buildings, residential work that is seen as secondary. May be less profitable than commercial work, but it is profitable enough to be considered a secondary market.
Niche market: a niche is a group of potential customers who have identified a need that nobody else offers. The discovery of a niche market can be difficult. But once you do, can be very profitable. For example, a cleaning service can discover the possibility of a niche in the cleaning of the stores. You can choose a designer, is a niche market to create ebook covers. A niche market tends to be defined and a necessity in a small target market.
Niche: A niche is simply the product or service that specialize in the delivery of your target and niche markets. Instead you can offer your target market and all Cr�©neaux defined or secondary markets.
The best way to begin to define its primary, secondary and potential niche market is to see their former clients. Create a spreadsheet of the last customers by creating column headers. You can start with the customer name, company name, industry, services and products purchased, and the total amount spent during a given period.
If you are a company that sells mainly to other companies, then the spreadsheet can also contain columns from parents to industry, the number of employees, income, type of activity and, possibly, the “geographical location.
Look for common patterns
By moving the data, looking for common patterns of client that allows you to begin to define the creation of data in your target market, as well as secondary markets or Cr�©neaux.
Maybe you find a group of customers who tend to buy low-cost products such momentum. Perhaps there is a place where the buying process is a long journey all purchases must go through an approval committee.
Looking for models like this can start a group of clients from different attributes. There is no right or wrong way to do it. Work only to discover trends in types of customers that buy from you.
Out of competition
Another good way to help define their primary and secondary target market is to check the website and brochures of your competitors to see what groups of customers in May to be the target. It can also help define the niche market segments that can benefit from the offer of his company.
Posez-vous les questions suivantes pour vous avez vraiment determine whether a potential target to define the market.
1. Does this client group has a problem on Monday that product or service can solve?
2. Am I able to differentiate products and services in competition with the aim of providing a unique value to this group?
3. It is this group is willing to pay the full price of the goods and / or services?
Define your target markets
Remember, a defined niche in the strict sense is a right for customers. Do not overcomplicate the process. It is simply a form of partition of the sub-world markets are defined.
As for their customer data, you want to write and define the following three areas:
1. Main objective market – You probably already have a good idea of your target market or primary. Use customer data to strengthen and better define this group of customers. Remember that the size of its main market is not important. The important thing is that all customers identified in this group should have the same desires and needs.
2. Secondary markets – As you look at your past customers, you can find your own group in certain areas. For example, a coverage that is targeted at commercial buildings which are in May of a secondary market for residential roof repairs. Do not force this, however. It is good to have a focus on the target market, without defining the secondary markets. If you try to attack their primary market and secondary markets at the same time, it will expand its efforts in May in an area too broad.
3. Cr�©neaux markets – can be difficult to define. A niche is a small segment of customers who need a more present. As in the secondary market, not to force the creation of a niche, if nothing is in place in dealing with their customers. However, always looking for niche opportunities. As you learn more about their customers, you can find some very large Cr�©neaux.
Once you have defined your market, look more closely and make sure they are in harmony with your company. If you can determine that a segment profit potential is low, then it is best left to the market as a whole. It is better to focus on two or three market sectors that have good potential to benefit 5-6 to the bad or mediocre potential.
As your business grows and add products and services to its portfolio, it is likely that other secondary and identify market niches. Provided they are oriented around a common set of customers with similar needs, add to its comprehensive list of target markets.
Here is an example of a review may determine the ceiling of its target and niche markets.
Main target market: Industrial & Commercial Buildings
Secondary Public: Residential Repair, Real Estate Managers
Niche markets: hospitals, primary schools
Cr�©neaux Define your market helps you understand the wishes and needs of different customers. And being forced to develop solutions to these needs is key to growing your small business.