I can understand the plight of some business owners, after spending a lot of money on developing their products and services all they want is for everyone to have that product. They want to reach the whole world as soon as the product is launched. Who wouldn’t want money back for their effort? It is not that simple you can’t just expect your product to reach the whole city besides not everyone may need your product. Your target market are those people that want your product, these are the people that you can easily see your product to. So in narrowing your target market, you should first analyze the audience. Find out the people that may want your product and make them need it. Focus on these core people instead of wasting a lot of money on people that may not want the product.
In narrowing down your target market, you have to take into consideration the socio-demographic factor attached to them. These factors include age, sex, religion, marital status, income, location and other things. Conduct proper research on the people that fall into each category to know whether your product will be suitable for them. Identify a need in the target market, for example if you are in the tobacco industry your target market will be adults this find what tobacco product they need.
One way experts advise business owners to narrow down their target market is by making observations and conducting focus group discussions. These are methods of research but with different strategies. You could monitor the people that buy your product and identify the group they fall under. Some companies also conduct focus group discussions to get people’s opinions on their products. In this type of research, a moderator is in charge of the discussion with at least eight members of the public to talk about specific things about your product. Some companies employ the use of questionnaires to further investigate how people respond to their products. All these methods help to narrow down your target market; you get to know the age bracket, sex or educational background of people that need your product.
Since you have got information from the research conducted, you can tabulate and analyze the results. Comparing findings will help you distinguish which set of people have high proclivity for your product. You can then use the information gotten from the results to reevaluate your marketing strategy. Questions like: ‘are we to add more products?’ or ‘are we to improve on the quality of your product?’ will be answered via these results. Also, your company will know what type of advertising technique to employ if most of your customers use social media then it will be pointless to primarily advertise on Television and radio. With all these in mind, tailor your product to suit the needs of your target market. Identify the loopholes of other competitive brands and design a better product, think of new sizes, features and designs that will appeal to the people. Once you have firmly established your product in your target market, you can then begin to think of expanding your reach. Dominate your city before you dominate the nation.