If your business has a web presence, you were probably told by an over eager sales guy or an excited staff member that the Internet will provide you with the opportunity to offer products and services to a huge audience. It’s true that there are billions of people who use the Internet on a daily basis. This tremendous online audience gives you many options regarding the marketing of your brand, products, services, and company message.
But even though there are billions of people who can be reached on the Internet, successful businesses on the Internet understand that the number of people on the Internet is impressive, but success on the Internet is not about trying to reach the everyone on the Internet. The key to success on the Internet is defining, determining, and reaching your target market.
A target market is the market that is interested in your products, services, or overall message because what is offered has an appeal to the market based on one or more personal interest. In addition, a target market is where businesses can find people who tend to not only have an interest in what is offered, but the people in the target market actually use the products or services offered on a regular basis. The people in a target market have shown an interest in the past for the products or services offered, and the people are highly likely to make a purchase regarding the products or services.
Many businesses that offer products or services online make the mistake of defining the wrong target market for the products or services. This can be a fatal mistake because targeting the correct market is where the vast majority of sales leads, sales, referrals, and interest come from regarding most businesses. Most businesses make a mistake defining their target market is because the decision is made on assumptions rather than actual market research and study.
While products and services can be offered to a variety of markets, the target market should be the market that already has an interest in what is offered along with having a personal connection and deep desire to either purchase, learn more about, or use the products or services that are offered.
In simple terms: an online golf product business may be able to market to a variety of markets; however, the target market would be the people who either play golf or have an interest in learning how to play golf. Even though, people who watch golf on television maybe a market to consider, the people who have a personal interest in playing or learning how to play golf are much more likely to purchase golf products from an online golf store.
Research is vital to determining the target market for any online business because research helps to identify the target market. Some of the primary questions that you must consider during market research include:
- Define the type of people who might be interested in the products or services offered.
- Define the type of people who use the products or services offered.
- Define the type of people who have actually purchased the products or services offered.
- Define the type of people who can afford the products or services offered.
- Define the various interests of the people who might purchase the products or services offered.
For any online business, defining the target market is crucial for online success. The target market should never be assumed. Sincere detailed research should be done to correctly identify and define the target market.