Every business needs a clearly defined target market. In today’s post we will share what a target market is and how you can discover your own target market for your photography business.
What is a target market?
In simple terms, a target market is the main group of people you serve in your business. There are two different kinds of target markets: primary and secondary.
Primary Target Market:
A primary target market is the largest group of people who will benefit the greatest from your products/services and whom all share common segmentation traits.
Secondary Target Market:
A secondary target market is a group of customers that will benefit from your products/services but are different from your primary target market in terms of key segmentation traits.
Why you need a target market
You can’t be everything to everyone. No seriously, you can’t. No matter how wonderful your services or products are, it is unlikely that you can appeal to everyone’s needs.
Operating a business without a target market is like standing on the corner of the street yelling at everyone to buy from you.
This approach is ineffective and frustrating for all.
By identifying the specific group of people who will benefit from your services, you can tailor your approach to meet their needs.
You can’t be the best at everything, but you can be the best at some things. Establishing a target market will help you narrow your focus and work smarter not harder.
Do target markets limit your sales?
Identifying your ideal client is NOT about limiting who you can sell to; it’s all about identifying the people who need your services the most. You may have multiple groups of people that will benefit from your product and/or service.
How do you identify a target market?
Businesses use a term called “market segmentation” to “segment” or separate out all the customers into specific groups of people. Each group of customers share common characteristics.
Using market segmentation, you can organize your customers into different groups based on key traits. Segmenting a market enables you to understand your clients’ needs and wants on a deeper level. There are four major ways you can segment these customers: demographics, geographics, psychographics, and buying behaviors.
If you want to grow your business then you need to identify your own target market. Discover your own target market and more in our best-selling Brand Bootcamp course. Want to give it a try for free? Signup to get lesson one for free!