Target Market Worksheet
Every kind of business has their own target market that they cater to. Fast food restaurants normally cater to all people young and old who are looking for affordable meals cooked and prepared simply to satisfy their hunger. Fine dining restaurants are catered to Class A and Class B people who are willing to spend in order to have the luxury of eating like a king and queen every day. Businesses that sell cosmetics normally cater to women both young and old who have the desire to make themselves pretty and younger looking. You may also see alphabet worksheet examples in pdf.
Worksheet Target Market Example
Sample Target Market Analysis
A business selling sports equipment would likely cater to sports fanatics and exercise freaks. It is important to understand that it is not just purely luck that these businesses are earning much more than expected or not, but they actually studied their customers and what their current and future needs are. Here are some questions that you can try to ask yourselves in hopes that you will be able to understand target market better and what you can do to help improve the state of your business. You may also see making marketing plans that will work to give you a better idea on what kind of marketing strategies you would need to take to help better the business.
How to Identify your Target Market
1. Think about niche markets
Merriam-Webster defines a niche as denoting or relating to products, services, or interests that appeal to a small, specialized section of the population. In other words, the word you are looking for is personalized. With everyone having different needs and wants in their life, do you really think it’s possible to cater to all of their requests?
The answer is YES. Maybe back then, the answer would have been ‘no’ since technology has not been really been made advance yet. But with society constantly improving their way of life, can you really say that they would still stick to their Stone Age practices? If there is such a thing as a self-driving car, why cannot there be a personalized home assistant that does whatever tasks that need to be done by simply using voice command?
McDonald’s rose from just an ordinary drive-through restaurant to one of the biggest names in the food franchise business because Ray Kroc realized that McDonald’s had so much more potential than just remaining local. You may also check the benefits of marketing segmentation to better understand how the market works.
Therefore, with the previous knowledge gained, start to segment your market. Do you want to work:
- with particular types of people – high-net-worth individuals, men, women, golfers, and so on?
- in certain geographical locations – Peterborough, The North West, and so on?
- around tight market sectors – manufacturers or accountants, and so on?
2. Look at your current customer base
Try to paint this picture out for me. Starbucks is considered to be one of the biggest names in the coffee business. And they pop out just like clockwork. It’s present in almost every country, almost every state and almost every province and almost every town. That’s how popular the coffee brand is. But unlike fast food restaurants, people like to take their time in the place just enjoying a frappe or a cup of hot coffee with their friends and loved ones. You may also like grammar worksheets.
Instead of service crew attendants, you have baristas who make your orders and eventually serve that to you when they call out your name. Become a regular customer long enough in that particular branch and you will be able to understand them better. There are customers who are sometimes very particular about the coffee they would want to have.
For instance, some want it soy, some of them want no sugar, some of them would like it decaf. In every business, the customer is the heart and soul of your existence. Without them, the business would cease to exist. Here are some of the questions that you can ask yourself and attest as to whether the responses are enough or not: You may also see what is a marketing plan and what is its purpose.
- Who are your current customers?
- Why do they buy from you?
- Which ones bring in the most business?
3. Check out your competition
Remember, you are not the only provider of that particular consumable or service. In terms of coffee, there is Starbucks or The Coffee Bean and Tea Leaf. For fast food restaurants, the number of is simply endless: McDonald’s, Taco Bell, KFC, Popeye’s.
Remember that you are part of the great game now, and the great game is scary. For one, you never really know what is going to happen. You will never really know whether you are going to make it in the future or not. It’s everyone for themselves. Remember, there is no room for mercy in business. Ray Kroc, the founder of McDonald’s emphasizes that if a business was sinking, he would gladly put a hose in its mouth and watch it sink and never resurface.
Analyze on what the other side is selling and check as to whether you can manage to sell a similar product like that or even make it better. Do not try to imitate a business strategy as it always vary from business to business. But try to find an alternative that might be best suited for your needs. You may try to check out market analysis examples for more information.
Sample Quiz and Worksheet- Identifying Target Markets
How to Identify your Target Market (continuation)
4. Analyze your product/service
Even if you are not into marketing, it is crucial to know and analyze as to the products you are selling. Once you got that part done, list down the benefits that you think it can provide to people. What do you think it can provide the people and how do you think it can help them? But perhaps the most important question that the business should ask itself is who else has not heard of my business and how am I able to reach those people? From that alone, you can be able to come up with a marketing plan as to how you can better reach not only your old customers, but reach to new ones as well. You may also check out science worksheets examples for students.
5. Choose specific demographics to target
Figure out not only who has a need for your product or service, but also who is most likely to buy it. Think about the following factors:
- Age
- Location
- Gender
- Income level
- Education level
- Marital or family status
- Occupation
- Ethnic background
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6. Consider the psychographics of your target
Psychographics are the more personal characteristics of a person, including:
- Personality
- Attitudes
- Values
- Interests/hobbies
- Lifestyles
- Behavior
Determine how your product or service will fit into your target’s lifestyle. How and when will your target use the product? What features are most appealing to your target? What media does your target turn to for information? Does your target read the newspaper, search online, or attend particular events? You may also like self-assessment worksheet examples in pdf.
7. Evaluate your decision
Once you’ve decided on a target market, be sure to consider these questions:
- Are there enough people who fit my criteria?
- Will my target really benefit from my product/service? Will they see a need for it?
- Do I understand what drives my target to make decisions?
- Can they afford my product/service?
- Can I reach them with my message? Are they easily accessible?
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Editable Sample Target Market Worksheet
Don’t break down your target too far! Remember, you can have more than one niche market. Consider if your marketing message should be different for each niche. If you can reach both niches effectively with the same message, then maybe you have broken down your market too far. Also, if you find there are only 50 people that fit all of your criteria, maybe you should reevaluate your target. The trick is to find that perfect balance. You may also like biography worksheet examples.
You may be asking, “How do I find all this information?” Try searching online for research others have done on your target. Search for magazine articles and blogs that talk about or to your target market. Search for blogs and forums where people in your target market communicate their opinions. Look for survey results, or consider conducting a survey of your own. Ask your current customers for feedback. You may also check out newspaper worksheet examples in pdf.
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