Determining Your Audience

When you work with Global Resources LLC on a business analysis, you can expect to have your target market reviewed.  In the competitive marketplace today, having a well-defined target market is now more important than ever. In fact, targeting a niche market allows small businesses to effectively compete with larger companies.

Pursuing a specific market does not mean that you are excluding people who do not fit your criteria. Rather, target marketing allows you to focus your marketing on a precise audience that is more likely to buy from you compared to other markets. This is a much more affordable, efficient and effective way to reach potential clients and generate business.

Defining your target market is the hard part. Once you know who you are targeting, it is much easier to determine where and how to market your company. Here are some tips to help you define your target market:

1. Look at your current customer base - Look for common characteristics and interests amongst your customers and determine why they buy from you. Which audience brings in the most business? 
2. Evaluate your competition – Look at who your competitors are targeting. Who are their current customers? Don't go after the same market exclusively, but rather, try to find a niche market that they are overlooking which you can exploit to your benefit.
3. Choose specific demographics to target - Figure out who has a need for your product and who is most likely to buy it. Include the following factors in your process:

          •Age 

          •Location

          •Gender

          •Income level

          •Education level

          •Marital or family status

          •Occupation

          •Ethnic background

1. Look at the psychographics of your audience - Psychographics are the more personal characteristics of a person and can help pinpoint their wants and needs.  Specifically, you should determine how your product or service will fit into your target's lifestyle. This includes: 

          •Personality

          •Attitudes

          •Values

          •Interests/hobbies

          •Lifestyles

          •Behavior

To learn more and / or to schedule your complimentary appointment with the business experts at Global Resources, call us at 855-338-0266.