One of the best ways to succeed in business today is to research your target market. With businesses today centering on minimizing operational costs to ramp up profits, understanding your target market can help you along those lines. However, it’s not uncommon to see people use niche market and target market interchangeably. The truth is they are not the same.
You will be wasting your time, effort and money trying to sell products online to a specific group of people before you take quality time to establish the niche or industry you’ll be operating in. On the other hand, it would be difficult to make it in any niche if you don’t direct your sights to a particular target market.
Target Market defined
Your target market represents the WHO part of your promotion strategies. Ideally, you’re directing your marketing efforts and resources to a specific group of individuals that you think will derive much benefit from your offerings. This group of people is also in need of your product offerings.
Case in point: you’ve researched and settled on men over 20 years who want to buy headphones as your target market. This is not a substantial target market. Your business would have higher prospects of success if you targeted all men in the entire population. You will have greater possibilities of success if you would also define your niche.
Niche market defined
Now that we’ve seen that your target market represents the WHO part of your marketing strategies, your niche market represents the WHAT part. What solution are you providing to your niche target? Reflecting back on the headphones example, if your target market is men over 20 years, it’s probable that multiple targets markets exist within the headphone industry. So if your target market is men over 20 years who want to buy headphones, your niche market would be men over 20 who want to upgrade from Bosch to Dr. Dre headphones.
It’s always a good idea to identify your target market first before starting any business. The target market is the group of people you will be directing your marketing strategies to. The next step is to start the business and offer unique products and services that will address the target market’s problems. Curate a robust brand around that niche. That’s what will separate you from competitors.
If you’re planning to start a business, you need to get to grips with your niche market and target market to avoid blanket marketing strategies. They are time-wasting and costly.
The 2nd edition of our Electrical Product Distribution Market Report – Online Focus has been published. The report analyses the size, scope and structure of the supply chain of electrical products industry, with a focus on the online sector https://t.co/m0azCxnPWr pic.twitter.com/PdO3RBL9os
— AMA Research Ltd (@AMAResearch) 13 de noviembre de 2017