Defining Your Market
Before you can begin to thoroughly understand your market, you need to determine who it is. It’s entirely up to you! You may choose to serve a local market, a regional market, a national market, or an international market. You may choose to serve teenagers, young families, women between the ages of 25 and 55, or men over 60. You may choose to serve low-income, middle-class, upper-class, or extremely wealthy individuals—or any combination of the above, and more.
Effectively defining your market is important for two reasons:
1. It helps you focus your communication efforts to reach just those individuals who are most likely to generate sales.
2. It gives you a focus for market research efforts.
Let’s take a look at how you ...