Mandatory To Know! Here's How To Determine Market Targets For Business

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YOGYAKARTA How to determine market targets is an important thing that must be known by business people. The reason is, not all products or services offered by a business are suitable for all market segmentation (market). Therefore, business people must determine market targets in order to be able to draw up effective marketing plans.

Well, in this article, VOI will review how to determine the right target market. However, before that, first know about the understanding of market targets

According to the Investopedia page, the target market is a group of people who are considered to have the potential to become business consumers or have a tendency to use products or services offered by a business.

The process of determining the target market begins by determining market segmentation. This is a process of grouping the community based on their segmentation, such as:

Once you get the data, you can process and determine which segment best suits the characteristics of the business that is being started.

Citing Hootsuite, how to determine the target market can be done by following the following steps.

Before conducting market segmentation data research, you can take advantage of the existing data first to find out who your market targets are.

This data is obtained from various sources, ranging from followers or followers of social media, e-commerce, or blog visitors.

The community groups above are people who have interacted with brands and already have more interest in brands.

The second way to determine the target market is to do research on competitors. This step can help you identify which market targets are more appropriate for businesses you are building.

By doing research on competitors, you may find some important insights, such as:

Competitor research results can be used as additional data to decide whether you will expand, narrow, or change your target market.

How to determine the target market next is to find the advantages of the products you offer.

For example, you sell various kinds of cosmetic products. On the other hand, your competitors also sell the same products as you.

From here, you can look for the advantages of your product compared to competitors' products, namely that your product does not use materials that can cause irritation, so it is safe to use by people who have sensitive skin.

Well, those people with sensitive skin are what you can use as additional target markets.

Well, that group of teenagers with sensitive skin is what you can use as an additional target market.

Buyer persona is a customer representation consisting of demographics, destinations, challenges, and buying behavior.

Persona buyers can be built by determining gender, age, lifestyle, and more. With specific data, your target market will be more easily recognized.

That's the information on how to determine the target market for business. Hopefully this meaning can add insight to the loyal readers of VOI.ID.