5 Ways to Identify Target Market for Small Business
The main goal of small entrepreneurs in determining their target market is to make product sales more focused and more effective, so that the company does not need to carry out useless activities outside of business goals. So indirectly identifying the target market can also save costs. Here are several ways to identify target markets such as:
1. Determine the type of consumer that suits the product
Each type of product offered on the market certainly has a different target consumer, so business people must determine the type of customer based on age, gender, whether the product is for all ages and genders.
2. Grouping consumers
The second stage, business people need to identify and group consumers into several segments or sections such as education, employment, consumer behavior, etc.
3. Evaluate Consumer Needs
The purpose of consumers buying products is to fulfill needs, be they daily needs, urgent/primary or tertiary needs, etc., so business people must know what needs consumers are looking for.
If we run a catering business or food stall, consumers buy products to meet daily or basic needs. Food business people also need to know what menus are frequently ordered, so that business people will get loyal customers.
4. Conduct Competitor Analysis
There will certainly be many businesses out there operating in similar fields, so business people need to differentiate themselves from competitors' products.
5. Conduct research on consumer behavior patterns
Consumer behavior patterns will be related to consumer habits when buying products, whether they come in person/offline or only by telephone.
The main goal of small entrepreneurs in determining their target market is to make product sales more focused and more effective, so that the company does not need to carry out useless activities outside of business goals. So indirectly identifying the target market can also save costs. Here are several ways to identify target markets such as:
1. Determine the type of consumer that suits the product
Each type of product offered on the market certainly has a different target consumer, so business people must determine the type of customer based on age, gender, whether the product is for all ages and genders.
2. Grouping consumers
The second stage, business people need to identify and group consumers into several segments or sections such as education, employment, consumer behavior, etc.
3. Evaluate Consumer Needs
The purpose of consumers buying products is to fulfill needs, be they daily needs, urgent/primary or tertiary needs, etc., so business people must know what needs consumers are looking for.
If we run a catering business or food stall, consumers buy products to meet daily or basic needs. Food business people also need to know what menus are frequently ordered, so that business people will get loyal customers.
4. Conduct Competitor Analysis
There will certainly be many businesses out there operating in similar fields, so business people need to differentiate themselves from competitors' products.
5. Conduct research on consumer behavior patterns
Consumer behavior patterns will be related to consumer habits when buying products, whether they come in person/offline or only by telephone.
