You've probably heard the term "Target Market" before. It can sound sorta scary and complicated, but it's actually pretty simple. Target Market is how you describe and group your ideal customers. Customers can be broken down in many different ways, but the more common and important categories for a service-based business are going to be household income, age, and location.
Why is it important to understand and know your target market? Marketing and advertising is a big part of it — if you know where your customers' eyeballs are, you can more easily get in front of them. For example, if your target market is younger and new homeowners, you might advertise on Facebook and not worry about advertising in a local newspaper or business directory.
Target market can also play a large part in how you price your jobs. If your audience is older home owners with an income of more than 100k a year, you're not doing yourself any favors if you're pricing your work and positioning your business as being a value/cheap/economy offering (assuming you have the skills to do high end work).
Marketing is a broad topic, but to put it simply, marketing is the steps you take as a business owner to get your customers interested in your business and the...Continue reading...