Behaviors Lifestyle preferences Every industry, business and product is different, so these lists are by no means the end-all-be-all — more of a starting point to evaluate market segment size and opportunity. Narrowly defining your target customer is more of an art than a science. As you get started, try to be as specific as possible. In reality, identifying a specific target audience helps ensure that you make decisions that are dictated by your customers, which sets you up for long-term success.
Divide the market into workable market segments -- age, income, product type, geography, buying patterns, customer needs, or other classifications.
Define your terms, and define your market. Segmentation can make a huge difference in understanding your market. For example, when a local computer store business defines its customer segments as "high-end home office" and "high-technology small business," its segmentation says a lot about its customers.
The segmentation helps the company plan focus on the different types of potential customers. When I was consulting for Apple Computer in the mids, we divided the markets into workable categories, including home, education, small business, large business, and all others.
Some other groups in Apple also focused on government as a specific market segment. As you define target business plan segment, you point toward an understanding of the market. In the s, I knew a company that was selling candy bars through retail channels.
They segmented the market in a way that defined a range of products as "oral satisfacters" their term, not mine. That included candy, cookies, soft drinks, and bagged chips. That understanding of competition improved the marketing and sales programs.
Consider the different tone, content, and media for ads that sell products to kids, compared with those that sell the same product to parents. Car companies change their advertising substantially from one type of program to another.
Stand-up comedian Richard Klein used to joke about the beer company ads that changed the style of the music to match the audience. He complained that he kept getting the country music version, but he liked the blues version better.
The company that did those ads used the styles of music to address different target customer groups. In developing segmentation, consider what factors make a difference in the purchasing, media, and value patterns of your target groups.
Does age matter in choice of restaurants, or are style and food preference more important? Is income level a key factor? I suspect that some restaurants will sell more meals to college graduates than others.
Is this because of education, age, or income levels? That depends on your business. In your initial assessment you may have already developed your first basic market analysis worksheet for analyzing potential customers.
It will help you define your market and understand your key market segments. As you complete your market analysis, look at your segmentation critically and strategically. Is this the best segmentation?
Be sure to revise and polish your numbers.
Dec 10, More from Inc.Use this marketing plan example to generate sales for your small business. This document is a sample marketing plan template that will help you create your own strategy quickly.
It contains text, charts and graphs to help you model your own plan. mortgage banker business plan All applicants are required to provide a general business plan indicating how they plan to conduct business and a description of the policies and procedures that the mortgage banker and its mortgage agents will follow to make and service loans.
Sep 10, · This is the first time Target invited media to its fall meeting. And i n interviews with USA TODAY this week, Target's executive leadership members were .
Target Corporation Marketing Plan. which encompass the Target Red and Target Visa card business. Target Corporation, originally called the Dayton Corporation, was formed in by George Dayton.
The company recorded revenues of $59, million during the fiscal year ending January Smart small business owners know the importance of a business plan, which outlines your company's course for success. One critical portion of that plan is your marketing strategy. To define a target market for your business plan, you should research the potential buying audience for your product.
This could range from millions of people if you are starting an online business, to a few thousand individuals if you are opening a .