When stepping into a new business venture, it is essential that one has a thorough knowledge of their products or services and who will benefit most from it aka who is your audience? This identification is the first step toward locating your business’s target market.
In this day and age, the ‘one shoe fits all’ strategy, when it comes to marketing your business, will completely result in utter failure. Business owners should set perfect examples of target markets for their businesses before launch. This is because not all people will be captivated by the product or service that you are promoting. Instead, it will be more beneficial for your business to find the right group of people who would be interested in your product or services. The easy way to find your target market is to spy on your competitor. By doing so, you can utilize your resources and time at a place where you will get a profit.
Defining a target market
A target market can be defined as a group of people or audiences that you have decided to interact with to promote your business. A target market can range from a small set of people to large organizations, and usually have a shared set of traits or demographics. Different businesses have to be on the lookout for different target markets. An example of the target market is that of a cookie company. A cookie company will most likely target young children and young adults since they are more inclined toward junk food.
Examples of target markets
Many successful businesses throughout the world have one thing in common: they were all fortunate to target the right audience and make a profit from it. There are many businesses that are on the front line in setting great examples of target markets. Some of them are mentioned below:
Apple Inc. is considered to be a smartphone industry giant and has garnered almost 60% of the entire smartphone industry. The prices of Apple smartphones and gadgets can range from $500 to $1000 and above. Judging by the prices, the main target audience of Apple is millennials and teenagers. Young and wealthy individuals are tech-savvy and want to keep themselves updated with the latest technology. Besides this, the university and college students are also their target audience. MacBooks, iPad, and iPhones are designed to quickly store notes and keep them organized. Similarly, the business feature in Apple’s products has also attracted the attention of businesspeople. To sum up, the main target market for Apple is people who are under the age of 35. This group of people is more willing to pay extra for advanced features and intricate designs. Apple work with many digital consulting firms in the United States.
Nike is the most renowned sports apparel company in the world. It is considered to be the most reliable when it comes to sports accessories and shoes. It has spread its wings to different parts of the world and has expanded its target audience as well. The main market for Nike is sports fans and athletes. They are the ones who are in need of acquiring sports accessories. Other than that, the target audience of Nike also has people who occasionally exercise as well as people who want to get fit. Nike makes full use of digital media to reach out to people and increase its target audience. Recently, Nike launched its hijab campaign which was directed at Muslim women. The aim of this campaign is to include Muslim women in the sports world without hijab causing a hindrance. This campaign aided Nike in securing a diverse target market.
Starbucks is a widely popular coffee house with branches all over the world. It is widely popular among young adults and tweens. However, the target audience of Starbucks spans far more than this. The target market of Starbucks includes coffee enthusiasts as well as men and women aged between 24 and 44. These are the people who are on the lookout for a relaxing environment between their work and home where they can wire down with a cup of custom-made coffee. Besides this, coffee enthusiasts are also a fan of Starbucks since it offers a wide range of lattes and coffees made to the preference of the person ordering. Starbucks has also maintained its presence on social media sites to attract more customers to add to its target market.
Amazon is labeled as the largest American e-commerce company catering to the need of millions of people worldwide. It has a large target market which ranges from young to old. Basically, anyone, who has the privilege of internet and credit or debit card, and is interested in online shopping can be included in the target market of Amazon. The dominant target audience for Amazon is women aged between 35– 49.
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New Amazon Strategy
The addition of Zappos (an online shoe and clothing store) to Amazon was a strategic move by Amazon to include more people in its target audience circle. It provided Amazon with the insight required of what young women want from the site. Other than this, Amazon also deals with third-party sellers so that it can reach a global audience as well. Those people who look for convenience while shopping without having to leave the comfort of their homes, rely on Amazon to deliver their goods to them. Amazon also, from time to time, introduces new features and apps, to make online shopping more manageable and convenient for their customers.
In conclusion, as mentioned above examples of target markets by different businesses and companies are a great way to gain inspiration and get an idea of finding the right target audience for your business.
When you consider the SEO services for your target market Pak SEO is considered one of the eminent websites that provide a bevy of services ranging from Search Engine Optimisation to Social Media Marketing. They are adept at each and every task they undertake (as evident by their ‘Success Stories’ section) and have the track record to back their claims. Their true expertise, however, is SEO.
Waqar Hussain is the founder of The Business Goals. He writes about entrepreneurial strategies and is an SEO consultant by profession. He is a B.Com, GDM, and an MBA from the Australian Institute of Business.