Tuesday, October 18, 2011

Importance of Knowing Your Target Market

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Businessman’s Target Market

What does most of successful Businessman have in common? Successful businesses become successful because they know their target market. Yes you read it right, it is important to know what exactly what product or services you are offering will help you find your target market. Understanding your target market will not only lessen the non-successful advertising rate but also to make sure that you are reaching your exact market. That is the reason why it is very important that you know your products well. By knowing the how your products or services will benefit your costumers will help you to advertise easily to your market.

Customers and Consumers Target Market

Knowing who your customers are and who our consumers are will also help you sustain your business. Who is the customer? Customers are those who spend the money, give cash or check in exchange for your products. Reaching your customers is very important in order to make some cash flow in your business. Who is the Consumer? Consumer is the one who uses or consumes your products. Knowing a lot about your customers and consumers will help you create an advertisement that will make a want in the consumer and also desire to purchase for the customer. A classic example of customer-consumer relationships are parents and children. The customer is the parents and the consumer is the children. If the child has no desire for the product like he doesn't want the taste of the vitamins than it won't be purchased. It is also the same at the part of the parent that doesn't see any benefit from that vitamins or any toy than they will also not buy it. It means that you must please both consumer and customer in your advertising campaign to make sure to hit that target market.

Starting Your Own Business with a Large Target Market

If you are just starting your own business, it is better to start a business where you can hit the large target market. What I mean is you mustn’t target not just the Class A market or rich market but also target the Class B, C, D, E market or the middle class, average and poor market. You must think of a business that is needed by a lot of people or should I say a necessity. Products like toothpaste, shampoo, soap, coffee, juices etc., are classic examples of products that needed by a lot of individual.

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