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Your Target Market

Ask @ David Ananth is a special column made available to iTimes.my readers where questions and opinion sharing will be answered by one of the prominent Business Growth Consultant, Mr David Ananth. He will answer questions asked by the readers through ask@DavidAnanth.com. Readers can also share articles and contents in this column based on various topics. The best piece will be published.

Referring to question on 29/09/2014 – Naveen, Seri Kembangan

You need to identify exactly whom you are trying to reach. To begin determining the right strategic alliance, you must define your target market. It’s not enough to say your target market is all small businesses. You have to polish on specific categories.

Let’s go specific: Who are the people most likely to be interested in your product or service? These are the kind of characteristic to identify:

Age: How old are they? Sex: are they male or female? The reality is your business probably appeals more to the male psyche, or female psyche.

Income: How much do they make? If your customers are quality driven, it may be time to reassess those half-price ads. If you discover that they want the cheapest thing they can find, you’d better start at the offers you’re making.

Where do they live: Are they local, or do they come from miles around to deal with you? This will dictate how you communicate with them. If your customers are local and it’s unlikely they’d travel more than 10 miles to deal with you, you should search for a strategic ally that is based close to where you are. People generally do not drive all the way across town to get their hair cut, at least not on regular basis.

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