Narrowing Down Your Target Market

Many small business narrow their target market so they can completely focus on the core customers. Core customers are those who are used to the products by your business and spend the most money on your products. To reach these customers in the adequate way is to know their characteristics. This can be easily done with observing and by marketing research. Narrowing your target market has some advantages to it that includes rendering competitive strategies less effective. This will also make your focus on the areas of your business that needs to improve or to change your promotional effects.

  1. Key characteristics in typical:

This area of research includes the customer’s needs. Think about different features of them like styles or sizes these customers may like. You can improve your customer service department, or offer better pricing options on additional products and the different offerings of your business.

  1. Identify aspects to differentiate your product:

Identify the needs of your core customers. What exactly do they need that is not available in the market. The product might be available in the market but study new pricing options and service offerings. Think of any features that can make your product stand out and can attract your customers to your product immediately.

  1. Interviewer to conduct different focuses:

Find a moderator inside your marketing department. Search for moderators through print or online yellow pages. Check marketing research in different mediums like magazines. Hire someone who is very experienced in product research.

  1. Customer lists:

Instruct your moderator to locate potential customers. Give him/her information on the people who can be potential customers of your product. Find groups from different age groups and income groups. Include a few of those people who can be your customer in the near future, this will help you learn about the product preferences they make while buying one.

  1. Brief at least two to three focus groups:

Make your focus groups with 8 to 12 people in it. Explain the product concept to them in a way that is easily understandable. Ask your participants about what they would like to add in their product for example features and product offerings. Make notes about anything that the participants suggest to you to help you improve your product.

  1. Phone surveys:

Find any compatible marketing research company to conduct actual phone call survey among your potential customers or have your employees conduct the surveys after they are done with their tasks. Ask about how important your product proves to be for them? Ask those customers why would they like to buy your product. Get comprehensive yet useful information from the survey. Also note down the age, income, gender, ethnicity and occupation. Inquire about their interests, values, activities, and opinions as all these factors will help you narrow down your target market significantly. You can develop a better relationship with your customers if you narrow your company’s focus to help you give your best to the core customers.