South Carolina Target Market Worksheet
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How to fill out Target Market Worksheet?
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FAQ
Here are some tactics to help you identify your target market:Analyze 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.
A potential market is the part of the market you can capture in the future. These are customers you don't have now, but can work to attract. Learn how to identify these potential new customers and actions to attract them.
Market potential is the entire size of the market for a product at a specific time. It represents the upper limits of the market for a product. Market potential is usually measured either by sales value or sales volume. For example, the market potential for ten speed bicycles may be worth $5,000,000 in sales each year.
How to Define Your Target MarketLook at your current customer base.Check out your competition.Analyze your product/service.Choose specific demographics to target.Consider the psychographics of your target.Evaluate your decision.Additional resources.
A company's potential customer is usually referred to as a prospect . It is a person who has the potential to be interested in the services and products that are offered by the company but has not yet purchased.
The customers who fall into this group of people most likely to benefit from and buy what you're selling is the potential target market.
Write a target market statement Your statement should include: Demographic information about your target market, such as gender and age. Geographic location of your target market. Key interests of your target market.
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.
Identify the geographic region where your market is located. Identify specific boundaries within which you will do business. Demographic. Potential customers are identified by criteria such as age, race, religion, gender, income level, family size, occupation, education level and marital status.
Geographic, demographic, psychographic and behavioral are the four levels of segmentation that can help define your business's primary target audience.
