Identifying your target market is a crucial step in creating a successful product. Often people producing a product will say that their product is for everyone, but that is a mistake! Many different consumer bases may purchase your product, but you will have a few core target markets that make up the bulk of your purchases. So–how do you figure out who your target market is?
First, you must understand the need your product fills. What are the core benefits your product has? Create a simple definition of your product and its benefits.
Once you have a good idea of your product, research potential target markets. There is a lot of free and available for purchase market research online. Analyze each group’s values, priorities, and the other types of products they purchase. Who are influencers to these groups? Do they value Organic or Kosher certification? How is your product differentiated from the other products they purchase? Although you can research your target market infinitely, spend some time getting a better idea of the groups you want to focus on.
Once you figure out your target market you can use that information to shape your product in a way that highlights the benefits those groups see as priorities. You can use marketing in the areas that most likely to reach those consumer groups. A better understanding of your target market can transform your product from a good idea to a huge success.