When deciding on the target market you wish to do business with, there are many factors to consider! If you’re just starting your business, it may be more difficult to decide on a target market as you likely don’t have a large customer base yet. Not to worry, because we’ve made a list of things to consider when choosing your target market below!
- Determine what customer base is available to you
If you already have a business that is up and running, then you will likely be aware of what customer base is available! This may be a specific demographic like individuals from a specific location or it could be a specific age group! Take note of which customers you do business with on a regular basis and base your target market on this.
- Determine if you want to sell local or international
The location in which you conduct business will have a huge impact on your target market for obvious reasons. It’s important that you decide in advance if you want to conduct business locally or internationally. A local business could mean a single storefront and an international business could be an online business! Deciding if your business will be local or international will also greatly impact your target market.
- Determine what age group you are looking to target
Age is a major demographic that every business owner should consider when choosing their target market. Look at your current customer base and determine which age group purchases your products or services most and which age group you would like to sell your products and services to most!
- Location matters
Even if you’re a local business with one storefront, location is still an important factor to consider when choosing your target market! The area your business is located in may yield a specific demographic like university students, individuals aged 18-25, or young parents! Whatever it is, take note of this and use it to determine your target market.