How to Find and Sell to Your Target Market

When I teach small business classes on marketing strategy, I often ask participants the question, “Who are your customers? Who will buy your product?” I am often surprised that otherwise savvy small business people either have no idea who will buy from them, or they assume that ‘everyone’ will, Property Management Video instead of homing in on the target market.

Assumptions like this can lead to wrong decisions, wrong pricing, wrong marketing strategy – and ultimately, business failure.

Learn how to create an effective marketing strategy.

The most successful small businesses understand that only a limited number of people will buy their product or service. The task then becomes determining, as closely as possible, exactly who those people are, and ‘targeting’ the business’s marketing efforts and dollars toward them.

You, too, can build a better, stronger business, by identifying and serving a particular customer group – your target market.

Becoming a Specialist Is Key
One of the first things you need to do is to refine your product or service so that you are not trying to be ‘all things to all people.’ Become a specialist!

For example, in my business, an ecotourism company, we made some specific decisions early in our market planning. As a charter boat business, we knew that there were plenty of fishing charter operators in the area, and ‘party boats’ as well. So we decided that we would offer sightseeing or special event charters and that we would not allow alcohol on board, or fishing rods.

Yes, this decision eliminated a percentage of the market – but it also gave us a ‘niche’ that we could capitalize on, and expanded our market in a way that other charter operators could not take advantage of.