Identifying Your Target Market
What kind of clients do you want? This sounds like a silly question at first; obviously you want great clients. But this question is very important, as you will soon see. You need to know what kind of clients are you looking for before you spend your hard-earned marketing dollars.
You need to define your target market if you want to succeed. A target market is characterized by age, sex, geography, and economic classification. Before you can set out to launch your marketing campaign, you need to identify the market your business can best serve.
For example, if you are running a high-end restaurant, you should focus on affluent people who can afford your prices, who don’t mind spending some extra dollars to get the best food, service, and ambiance that you can deliver. These people would probably be comprised of middle-aged individuals, couples with adult children, successful professionals, entrepreneurs, etc.
Or perhaps you'd prefer to cater to families. In this case, your audience will be younger couples with kids with lower spending power who are looking for a kid-friendly restaurant where they can still enjoy good food (versus fast food chains).
Market segmentation is the process of dividing a market (or client types) into defined groups with similar needs or comparable behavior and attitudes. This would increase the probability of an appropriate response to a marketing initiative such as an advertisement campaign.
The shortest route to failure would be trying to be a jack-of-all-trades spending your dollars trying to market to different unrelated people.
People without children (or couples having a “date night” without the kids) might be looking for a high class, romantic or chic restaurant; they won’t be very happy having screaming children seating next to them. On the other hand, families with kids would feel very uncomfortable in a formal ambiance with soft music and elegantly dressed people.Continued on the next page