A target market is a group of prospective clients deemed to be your desired growth market.Defining your target market involves generating insight as to age, gender, income, employment, special interest, purchasing behaviour, perception and location.
Target Market – Examples
There are three ways to select a target market:
- Undifferentiated – everyone in the market for your products or services is your target market. For example, an architect that considers anyone in the market for an architect to be a prospective client.
- Differentiated – a number of customer groups in the market for your products or services is your target market or, alternatively, you service one group with several products or services. For example, if you are a naturopathic doctor with a special interest in fertility, pregnancy, birth, postpartum care and women’s health, your target market could include all of these groups.
- Concentrated marketing – a very specific segment of those in the market for your products or services is your target market. For example, if you are a dentist specialized in cleaning children’s teeth, your only target market is children.