Illinois Target Market Worksheet
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FAQ
What is a target market? A target market is a group of potential customers that you identify to sell products or services to. Each group can be divided into smaller segments. Segments are typically grouped by age, location, income and lifestyle.
How to identify your target marketAnalyze your offerings. Ask yourself what problems your products and services solve, and, in turn, to whom they appeal.Conduct market research.Create customer profiles and market segments.Assess the competition.
For example, a children's toy may have boys ages 911 as the target market and the boys' parents as the target audience. It may also be defined as the consumer segment most likely to be influenced by an advertising campaign. The target market is also distinct from the buyer persona.
These include gender, age, income level, race, education, religion, marital status, and geographic location. Consumers with the same demographics tend to value the same products and services, which is why narrowing down the segments is one of the most important factors to determine target markets.
What is demographic segmentation? Definition: Demographic segmentation groups customers and potential customers together by focusing on certain traits such as age, gender, income, occupation & family status.
Demographic segmentation: age, gender, education, marital status, race, religion, etc. Psychographic segmentation: values, beliefs, interests, personality, lifestyle, etc. Behavioral segmentation: purchasing or spending habits, user status, brand interactions, etc.
A target market is a group of customers with shared demographics who have been identified as the most likely buyers of a company's product or service. Identifying the target market is important for any company in the development and implementation of a successful marketing plan.
For example, a children's toy may have boys ages 911 as the target market and the boys' parents as the target audience. It may also be defined as the consumer segment most likely to be influenced by an advertising campaign. The target market is also distinct from the buyer persona.
How to identify your target marketAnalyze your offerings. Ask yourself what problems your products and services solve, and, in turn, to whom they appeal.Conduct market research.Create customer profiles and market segments.Assess the competition.
Demographics are simply a particular section of a population. You can segment your target market using demographics such as age, location, gender, marital or family status, occupation, income level, education level, etc.
