Your Target Market Doesn't Exist in a Vacuum

by Kori Rodley Irons | More from this Blogger

I think one of the things that can be challenging when getting used to running a business is being able to think of your target market and your clients and customers as complicated--your market is also other markets. Your target market does not exist as an entity all unto itself.

Putting it simply--the same people who buy tires, also buy laundry soap. The same individuals who save money to send their kids to school, also go on vacations. We are all competing to attract overlapping markets. Understanding how people are apt to make purchasing decisions and how markets interact and overlap with each other can make you better able to make decisions about how to approach your own public relations and marketing. This is the motivation behind all those focus groups and surveys and other polls that attempt to figure out how individuals are spending their money or how they plan to spend their money.

I realize, it can seem overwhelming to consider how complicated the economy and a market can be--especially when you are taking into account that you are just one little, small, home-based business trying to get a little piece of the pie. BUT, understanding the complexities can help you to make adjustments when there are shifts in the economy, or technological advances, or other things that might affect the purchasing decisions of your target market. It can seem easier to think of your customer base as YOURS--existing as a small sector or vacuum making purchases of goods and services from your business. But, these same individuals are also parts of other markets. What else are they spending their money on or likely to spend their money on? Understanding how your market intersects and overlaps with other markets will give you a leg up on building your customer base and your home business.

Also: Think You Know Your Market? Don't Get Too Complacent

Do You Know What Your Customers Want?

Finding Your Target Audience

Learn more about Kori Rodley Irons

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