This guide has been designed to assist you in defining your target market. It describes how to research your market so that you can divide it down into key customer groups and then select the groups that you want to target. The guide also explains why this is important when identifying ways to break in to a new market so that you stand out from the crowd and attract potential new customers to buy from you.
The guide contains a series of practical steps and exercises to help you understand your market and then how to utilise this information. Understanding your target market will help you make better business decisions and help you to remain focused on meeting the needs of your customers. It will also help you to make the most of your marketing efforts by understanding your target customer group(s) in depth. Information on your target market will be required for both your Business Plan and Sales and Marketing Plan. You can refer to the accompanying guides on Business Planning and Developing a Sales and Marketing Plan to assist you in the planning and writing of these documents.
Intended Readers: This guide is primarily aimed to assist:
• Individuals who are beginning to understand their market for the first time and who are thinking about starting their first business venture.
• Individuals who have recently started their first business and are now trying to better understand their target market to assist them in defining how they can fulfil their customer needs and understand their market better for sales and marketing purposes.
The information provided in this guide has been prepared for individuals who are approaching this topic for the first time. The guide aims to provide an initial ‘First Step’ in conducting market research to identify your market in more detail when planning and running your business. It is recommended that you read around the topic area when using this guide to further broaden your understanding of how to identify and understand your target market. You should also consider speaking to a professional business advisor who can answer any specific questions you may have.
