When your company is ready to launch a new service or product or looking to expand its current offerings the first place to start is to identify the customers who will buy your service or product. By taking this large pool of potential customers and segmenting it by unique characteristics, a target market is defined. The benefit of pinpointing target markets is converting prospects to customers effectively and efficiently, saving precious marketing dollars.
Easier said than done? Not necessarily. Here’s a simplified step by step approach to identify a new target market.
1. Analyze the Market
When taking your service or product to a new market take some time to really look into the prospective market(s) you’re considering.
Things you’ll want to consider:
- Is the market growing or shrinking?
- How many actual buyers exist in