Mecardo Meta (What is it, Characteristics and Examples)

The Target market It is a very important concept when promoting or marketing a product. It is about defining which sector of the population is the ideal, making use of various marketing strategies and a deeper investigation of the market.

It is to this sector that an organization will direct its marketing efforts, since it is impossible to capture the attention of all customers within the market, since, being a very large number of people, there is a risk of dispersion.

Keep reading and learn more about what the target market is about, its importance and what criteria are used to define it.

Target market characteristics

The target market concept It may seem simple, but in reality it is a complex and fundamental element for any company. It is related to the target audience, but with a greater breadth in the marketing approach. For this to be profitable, it is necessary that it has certain characteristics, such as:

• Target compatibility with the image and objectives of the company.
• Cost effectiveness: which implies a high number of sales without the need for a very large investment.
• Breadth and scope: To achieve profitability, the market needs to have enough potential customers. The limitation cannot be excessive as it would reduce the possibilities of growth.
• Link with company resources: resources include human talent, knowledge and technological equipment. It is necessary to take advantage of all the existing resources when defining the target market.
• Competitor analysis: the target market takes advantage of the weaknesses of the competition, pointing to opportunities, and offering the public alternatives that motivate them and that are not currently in the market.

Also, there are variables that are used when segmenting the market, such as age, socioeconomic conditions, and gender.

Criteria used to define the target market

When defining the target market, the following criteria are taken into account:

• Consumption habits.
• Age.
• Location.
• Gender.
• Socioeconomic level.
• Training level.
• Physical condition.
• Consumer needs.
• Problems or ailments.

All this will achieve a real connection with the public, the more these criteria are taken into account, the better the target market can be defined, and the final results will be better.

How to define the target market?

Next, we will see 3 steps that are essential to define the target market. They are simple steps and in which we must take into account the aforementioned criteria:

Market exploration

Must know which market we are going to exploit, since there are many alternatives, for example; digital products, mass consumption, automotive, education, among many others.

After having defined the market, we can collect the information about the public. Already the previous study will help to know the recurring consumers, and the link they have with your business idea and with the resources you have.

Information gathering process

The information gathering it is essential when defining the target market. The most used technique for this are the polls, both personal and satisfaction.

• The personal surveys They focus on obtaining as much information as possible from the consumer, with easy-to-answer questions, but with key points to understand the market. Example What do you take into account when buying the product? How often do you usually buy it? What is your ideal price?

Being able to define these aspects, we can adapt the product as closely as possible to the consumer's needs.

• The satisfaction surveys help to know how receptive customers are to different business ideas. So we can anticipate and make a good business plan. We must put observation into practice, go to establishments that offer these services, pay attention to the questions you frequent, etc.

Market test How viable is the product?

After all of the above, if we want to know how viable will the venture be, the service, or the product in question, we must confirm it. There are different ways to do it and it will depend on the service.

For example, software companies to perform the market test, offer a free trial pass with basic functions, which allow users to test the program. This way they can know if it is well received, and what faults they should correct.

With this analysis, they will know if the target market was well defined, or if they should adjust this segmentation again.

Examples of the target market

Let's look at some examples that help to understand the target market concept more easily.

• One doll will be aimed at girls under the age of 12. Since a 20-year-old male or 30-year-old adult female will not be interested in the product.
• A toy car factory will target children up to 14 years of age.
• For its part, a new line of football boots will have a wider audience with an age for sporting exercise, between 4 and 50 years old.

It is necessary to study behavior, and take into account other factors such as occupation, habits, hobbies, etc. Once this is defined, the target will be known and the appropriate marketing campaigns that allow positioning in the market can be chosen.

Target market importance

Up to this point, we have talked about the definition, characteristics and criteria to define the target market. With all this we can realize the importance of the concept within marketing.

Basically, if the target market is not taken into account in the business plan, the project may end up being unstable or more likely to fail. Thinking that the business idea is suitable for all audiences is a common mistake.

If we stop to think, even top-of-the-line companies with must-have products define their target market. This is how they select aspects such as prices, location and other elements.

Thanks to the target market, we will be able to know how profitable our business idea is and the tools that we must use to make the venture a success.