You may wish the whole world was your target market, but narrow it down to those most willing to buy to make money. Paul Tearle/Stockbyte/Getty Images Many entrepreneurs and business owners start a company because they feel there’s a need for their product. The people who need what they offer are their target market, with marketing segments consisting of smaller groups of people within the overall target market. Some products may have no target market or market segment at all, which is not good news when it comes to making sales or growing your company. Importance of a Target Market All products need to appeal to a specific target market, or it’s unlikely you will sell the item. On the other hand, companies that feel the entire world is their target market waste lots of money, because they don’t know the exact types of media their target market pays attention to or to whom they should advertise in the first place. Businesses that understand the importance of identifying their target markets realize that knowing their customers’ backgrounds is an important tool for convincing more people to buy.

Finding Markets Before you invest money and time into your company, find out if there is a market for your product. If you’ve invented and created a prototype of an unusual product, you need to test the market to see if people are willing to buy it. Ask your family, friends, acquaintances and suppliers of the materials used in your product to find out if they would buy it. Explain the problem or challenge the product resolves to help people better understand how they can use the item. Keep track of the responses you get to start identifying the traits, also known as demographics, of people who are interested in buying as this helps you find the best markets for your product. Using Demographics Demographics include traits such as age, family or marital status, location, level of income and level of education. If you sell to businesses, identify the titles of the decision makers, their backgrounds, the type of business they’re in and the budget they need to buy your products. Find out what marketing mediums they use to get information about products, such as the Internet, social networking sites, local publications, trade magazines, radio or television.

Then, you’re ready to choose mediums where your target market is most likely to see your message. Improving the Odds If you value customer loyalty and want more customers, use market segmentation. Segmenting involves breaking down your target market into different groups based on their needs and wants. To find segments, look at common demographics among potential customers such as location, social status, the number of children they have, their personality and the benefits they want in the products you sell. best vacuum cleaner 2013 ukThis allows you to create specific marketing messages that appeal to each segment. cost for cleaning ac ductsFor instance, selling vacuum cleaners to young apartment renters and senior citizens would involve different messages. cleaning wood floors vinegar

Ads geared for new renters would focus on cost while messages for older adults might mention the ease of carrying the lightweight machine from room to room. : How to Determine Your Target MarketForbes: The Importance of Really Knowing Your Target Audiences Photo Credits Paul Tearle/Stockbyte/Getty Images Suggest an Article Correction on November 23, 2016 at 8:51 AM Are you a Black Friday shopper looking to find some deals on Nov. 25? premium air duct cleaning company reviewHere is a guide to deals at Target, Macy's, Best Buy, Walmart and other major retailers throughout Thanksgiving weekend.car leather seat cleaner india Kohl's: Some of the deals featured in the Kohl's Black Friday ad are 50% off toys from Fisher-Price, Playskool and Little Tikes. couch cleaning service chicago

The store will also sell the Kohl's Exclusive Edition Fitbit Alta for $99.99 and 1/4-ct T.W. diamond rings for $69.99. Kohl's releases ad, first major ad scan of the year JCPenney: The JCPenney Black Friday ad includes savings on Nike clothing and sneakers at 25% off. The store will have sales on appliences, like Samsung's 26 cu. ft. 3-door refrigerator for $994 and Cooks Power Blender, Coffee Maker or Non-Stick Griddle for $19.99. JCPenney releases ad, deals start on Thanksgiving Day Costco: The membership-only warehouse Costco will feature Black Friday deals like $40 off of UE Boom Bluetooth Portable Speakers, $300 off a Nikon D3400 2-Lens DSLR Kit and $250 off of Microsoft Surface Pro 4 Bundle. Costco releases ad, features discounts on technology products Bed Bath & Beyond: Deals featured in the Bed Bath & Beyond Black Friday ad include savings for up to $200 on select Dyson vacuum cleaners and $30 off select Keurig coffee makers. Bed Bath & Beyond releases two-page ad, teases more savings online

Sears: Sears is offering Serra Coral queen sized mattresses for $139, a NordicTrack Elite 10.9 elliptical for $599.99 and a Kenmore french door bottom-freezer refrigerator for $999.99. Sears 48-page ad features deals on appliances, clothing and more Kmart: Deals featured on the front page of the Kmart Black Friday ad include $1 DVDs and Blu-rays, $3 Jaclyn Smith boxed costume jewelry and $4 Proctor Silex toasters. Kmart ad offers easy holiday buys for under $20 Target: The Target Black Friday ad includes deals on video game bundles like the Xbox One S 500GB Battlefield 1 special edition bundle and Minecraft bundles for $249. The store is also selling Powerbeats headphones for $89.99 and various TVs ranging in price from $85 to $697.99. Target releases ad, all TVs on sale in stores and online BJ's: Deals featured in the BJ's Black Friday ad include Nutri Ninja Pro for $49.99, the Hampton Point Rocker Recliner for $199.99 and Swagtron T1 Hoverboards for $299.99.