Here is the definition of ?target market? from the Entrepreneur Encyclopedia:
Your target customers are those who are most likely to buy from you. Resist the temptation to be too general in the hopes of getting a larger slice of the market. That?s like firing 10 bullets in random directions instead of aiming just one dead center of the mark?expensive and dangerous.
Try to describe them with as much detail as you can, based on your knowledge of your product or service. Rope family and friends into visualization exercises to get different perspectives-the more, the better. For instance, ask your family and friends to describe who they think may be your ideal client.
Here are some questions to get you started:
Are your target customers male or female?
How old are they?
Where do they live? Is geography a limiting factor for any reason?
What do they do for a living?
How much money do they make? This is most significant if you?re selling relatively expensive or luxury items (like real estate). Most people can afford a candy bar. You can?t say the same of a house.
What other aspects of their lives matter? If you?re launching a roof-tiling service, your target customers probably own their homes.
Let?s talk about potential markets for real estate agents. I want you to think back over the sales you completed in the last year. Who did you sell to the most:
1. First Time Homebuyers, young professionals, 25-35 age group with a child or two in a certain geographical area.
2. Boomers, down sizing and getting ready to retire, 55-65 age group, empty nest0rs in a certain geographical area.
3. Investors looking for rental properties- 45-55 age group with well established careers, may live out of area.
4. Clients that would buy Fine Homes & Estates 35-65 age group, professionals with money looking to spend upwards to a million dollars on a home, in a certain geographical area.
5. Commercial or Ag & Ranch?
You can get some more information at Alexa.com
Go to alexa.com and type in your domain name. In the next screen click on Get Details, then in the next screen click on Audience just above the graph.
Scroll down and add your competition?s domain names to the Advanced Demographics. You can get a clear picture of who you are actually reaching here, and who your competition is reaching. Click through the buttons at the top.
Now, go back up above the graphic and click on Search Analytics and you can see what keywords people are using to get to your site. For example?let?s look at c21mm.com:
When you are done with this visit to alexa.com you should have an idea who your target market is.
It is important to write out a clear description of your Target Market or ideal client. Keep it short and simple: My ideal client would be a First time Home Buyer, between the ages of 25-35, with some college and an established career, and the live in the Modesto, CA are.
Set up a Contact Record?
Did you know it takes between 8 and 22 contacts to convert a prospect into a client or referral source? So, I am going to recommend that you keep track of your prospects in some sort of a file.
You could opt for a 3?5 card file in alphabetical order, or you might like to have a binder with a page for each of your hot prospects. Or you could open up a spreadsheet at Excel or Google Docs.
When you determine that someone fits the description of your target market, set up a file for that person. Be sure to get at least their name and email address, enter that information and the first date of contact, whatever that might be. Say that person was referred to you by friend or family member, make sure to include the name of the referrer with date.
When you invite a prospect on facebook to become your friend, jot that down with the date. When you Comment, Like, or Share, jot that down with the date. When you see that person face-to-face or talk to them on the phone, jot that down with the date.
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