Determine Your Target Market

Who are you selling to? While entrepreneurial optimism might lead you to believe the entire world is your market, success depends on a focused and detailed definition of your core audience. Demographic profiling is just the start; identifying your target market should also include delving into psycho-graphic characteristics such as belief systems and lifestyle choices. 

In addition to providing starter lists of demographic and psychographic attributes that enable you to build a customer persona, this course includes tips for developing your own business-specific market characteristics, with advice specifically for B2B businesses and companies operating across international borders and cultures.

You’ll also access methods for ensuring that the target market you pinpoint is consistent with other elements of your go-to-market strategy, from acquisition marketing channels to pricing and promotions. The opportunity to apply tactics step by step in a workshop exercise empowers you to develop a target market definition unique to your business and in alignment with your startup goals.

Introduction

Which people are most likely to appreciate and buy your products or services? What is their age range, geography, and favorite hobbies? Your target market is that group of customers, fitting a certain profile, who are the ideal purchasers of your product or service. In this overview of demographics and psycho-graphics, you’ll learn how to clarify and refine the target market for your product or service. This Microcast includes a look at target markets of brands such as Supercuts, Rolex, and Lexus.

Target Market Framework

Who, exactly, are your customers? Here's an in-depth investigation of how to define and calculate your ideal target market. This Microcast walks through a four-step process for defining standard and custom attributes of your customer and validating those attributes to arrive at a well-crafted target market definition for your business. Attributes, demographics, and psycho-graphics are explored in depth, including a look at the target markets of real businesses.

We will walk you through each of the demographic attributes used to define your target market. We go into some detail so you can easily apply any of these attributes to your business.

We continue with this long list of demographic attributes to make it easy for you to define your target market. We go into some detail so you can easily apply any of these attributes to your business.

Now it is time to walk you through a great list of psychographic attributes that you can use to define your target market.  After learning these, you can apply them to your business.

Continue to refine your target market definition by developing a set of custom attributes that enables you to refine your target market even further.

An important step in developing an effective target market is validating your definition. Does your target market actually make sense given your other business strategies, like pricing or product? If your target market needs to be adjusted given your other business strategies, now is the time to do it. All your strategies must be in sync in order for your business to work.  

Workshop

Time to put pen to paper — or fingers to keyboard. Take a look inside the worksheet that prepares you to create a clear target market description for your business plan. The key to success is taking the time necessary to deeply understand your business and be prepared to run it — use this workshop and worksheet to do just that.

Course Guide

I recommend that you download this handy course guide to aid your journey through the course as well as great reference materials for the future.

1. I'm not graduate from economic bachelor and English is not my mother tongue. But this course and how Mr. Ken explained the content is really easy to understand for beginner like me. Thanks to Mr. Ken for answered all of my question with a fast and easy understandable answer! ~ Diantini S
2. Perfect timing and the insights till now are those that I was exactly looking for.... Excited to learn more ~ Yogen P
3. Such an amazing course. You'll be able to understand and create your own business plan and you'll get a lot of valuable advices ~ A Cerimagic
4. Lot’s of info in this course. Ken really takes you from A to Z . Just what I needed for my business to take off. Thanks ~ Hugo M
5. I'm new to the business world and have been looking for courses with practical guidance. This course definitely provides that and so much more ~ S Slawinski
6. So far so good! A lot of challenges I'm facing in my work place Ken has highlighted the root course, which I was not expecting. He is clear, very engaging and breaks down the jargon. He is straight talking, right down to business attitude. I've just completed the first chapter and he's restoring a little faith in me so quite excited to keep learning (I know, I sound like a nerd) ~ Harrie T
7. This course is the right match for me as I know some about business but believe in always improving. I also want to make sure I have a solid foundation for my business so I'm positioned right for the new year, and growth ~ E Jollymore

1. What is the “everyone trap” and why is it dangerous
2. How does defining my target market impact the rest of my business plan
3. What do investors look for in a target market