Transforming Your Business

Identifying Your Target Market

Target Market

• A target market is a specific group of customers that you have identified as your main market.

• Typically this group is defined by demographics and psychographics.

Marketing Strategies

Mass Marketing

• Mass marketing is a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

Differentiated Marketing

• A differentiated marketing strategy is one where the company provides separate offerings to each different market segment that it targets.

Concentrated Marketing

• Concentrated marketing is a strategy which targets very defined and specific segments of the consumer population. It is particularly effective for small companies with limited resources.

Demographics

• Age• Gender• Race• Location

•Income•Education•Marital Status•Occupation

Psychographics Attitudes

Values

PersonalityLifestyle

Interests

Profile Your Existing Clients• Demographics• Psychographics

Profile Your Products & Services• What demographics are your products or

services designed for?• What lifestyles are your products or services

designed for?

• Demographics• Psychographics

Profile Your Community

Profile The Target Market of Your Competition • Demographics• Psychographics

• Our target market for our [product or service] is [women / men / individuals / companies] who are [demographics] and who need/want to [psychographics].

Defining Your Target Market

• Are there enough people within my target market to support my business?

• Can they afford my products or service?

• How many competitors serve my target market?

• How will I reach my target market?

• What drives my target market to make purchasing decisions?

Questions To Ask

Transforming Your BusinessMarch 2013Engagement Marketing

To register: http://thetransformationaljourney.com/march-2013/

Date: March 13, 2013Time: 11:30 a.m.-1:00 p.m. Mountain Time

• During this tele-session you will discover how you can use engagement marketing strategies as a way to develop your client relationships, establish new connections with prospective new customers and ultimately increase sales.

Join Us Next Time