Day 5: Who is Your Market? Do You Really Know?

When you are marketing online, strategy is pertinent to your success. Many small business owners and entrepreneurs are great visionaries with concepts the may be just as wonderful. They get the idea and then they run with it. No research or forethought; they just run. Often times they are missing the planning strategy and that often gets them in over their heads.

Trying to come online with your business without an idea of your market will only hurt your online marketing efforts.

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.

What is a Market

A market is any group of actual or potential buyers of a product or service. There are three major types of markets.

  1. The consumer market. This market is the individuals and households who buy goods for their own use or benefit. Drug and grocery items are the most common types of consumer products.
  2. The industrial market. Individuals, groups or organizations that purchase your product or service for direct use in producing products or for use in their day-to-day operations.
  3. The reseller market. These are the middlemen, such as wholesalers and retailers, who buy finished goods and resell them for a profit.

How to Determine Your Target Market

When you are starting a small or home business, understanding online marketing concepts, like getting a handle on the potential market for what your small business will offer is very important. Here are a few things to consider:

  • Who is going to buy your product or service?
  • Will you market to businesses, to consumers, or to both?
  • What traits do you think your “typical” customer or client will have? Consider creating a demographic sketch of your “typical” customer or client. Age. Marital status. Number of kids. Income range. All of these should be considered.
  • Is the need for your product or service not currently being met or is it already saturated?
  • Is there something about what you have to offer that is better than the competition?
  • How will you differentiate yourself from your competition?

The goal here is to get your market in a tight niche so that your online marketing efforts are laser focused. You can’t hit every target; but you can aim for the right target.

Once you can answer these questions, you can determine how to focus your online marketing efforts. The more you know about the people in your target market, the better. You can spend more of your online marketing efforts focused on a smaller audience more likely to purchase your product or service, rather than a larger group who has no need for what you have to offer.

Tomorrow we will deal with your marketing mindset. Are you ready to be stretched some more?

PS. Missed days 1-4. Just click here to catch up.

LaTara

LaTara is the Chief Blogger and trainer at Get Online Basics, providing the work at home entrepreneur and small business owner with practical and viable solutions for building their online presence. Start your training to better online marketing with the Get Online Basics Training Center. Just click the website link and you will be redirected.

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2 Responses to Day 5: Who is Your Market? Do You Really Know?
  1. LaTara Ham-Ying
    September 7, 2010 | 5:24 pm

    RT: @GetOnlineBasics Day 5: Who is Your Market? Do You Really Know? http://ht.ly/18UiyM

  2. Your Marketing Message
    September 12, 2010 | 6:49 pm

    [...] your market – We talked about this on Day 5 of this series, but I want to take it up a level. You need to know your market on an intimate [...]

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