Targeting For Business (And Personal) Success
September 6, 2012 Leave a comment
Recently, I have had several discussions with people about how to make their business (or themselves) successful in today’s market and economy. It seems like people have forgotten a basic concept that we were all taught back in school about business…know your target market.
The concept of a target market is not a new concept at all. In fact, I feel like it is one of the oldest business concepts out there. The American Market Association defines target market as “the particular segment of a total population on which the retailer focuses its merchandising expertise to satisfy that submarket in order to accomplish its profit objectives.” However, the target market is beyond the retail industry. It is for ALL businesses. By being able to specifically understand who your target market is, you can focus your promotional marketing efforts more effectively and efficiently.
In business, typically, your target market is the group of people or companies that spend the most amount of money with your organization. Understanding their demographics and psychographics will help lay the foundation of effective promotional campaigns and new product development.
Personally, the same is true. If you are looking for work or a new job, by knowing, in detail, who you are wanting to work for, you can promote yourself more effectively and efficiently. By knowing the companies you are targeting, you can network with the individuals within those companies to get an inside advantage at the jobs that may be posted in your area of expertise.
Now in the job search, opportunities will pop up that are not a “target company”. That does not mean that you will not ignore these opportunities. Right?
I think the image speaks volumes in regards to your target…it moves. Take a look at McDonald’s. Historically, their target market were the parents of young children (specifically going after the kids with Ronald McDonald). But do you know who it is now? Think of the commercials that are on the TV. Give up? It is 18-25 year old men. When was the last time you saw Ronald McDonald on a TV commercial? It’s been a while. Now does McDonald’s still serve Happy Meals? Sure. But they know their best customers (the ones that spend the most money) are this new segment. That is why they advertise to them more.
Reflect on who your target market is. Can you identify them? Do you know what they look like and how do they act? Let me know your thoughts.
–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at firstname.lastname@example.org.