Determining who your target market is not only an important marketing idea, but also part of planning for success. All the small business owners and real estate agents I’ve talked to have a pretty good description of who they sell to – most often. Of course, if you are new to the business, you have to make an educated guess as to who your target market is.
Here is the definition of ‘target market’ from the Entrepreneur Encyclopedia:
Your target customers are those who are most likely to buy from you. Resist the temptation to be too general in the hopes of getting a larger slice of the market. That’s like firing 10 bullets in random directions instead of aiming just one dead center of the mark–expensive and dangerous.
Try to describe them with as much detail as you can, based on your knowledge of your product or service. Rope family and friends into visualization exercises to get different perspectives-the more, the better. For instance, ask your family and friends to describe who they think may be your ideal client.
Here are some questions to get you started:
*Are your target customers male or female?
*How old are they?
*Where do they live? Is geography a limiting factor for any reason?
*What do they do for a living?
*How much money do they make? This is most significant if you’re selling relatively expensive or luxury items (like real estate). Most people can afford a candy bar. You can’t say the same of a house.
*What other aspects of their lives matter? If you’re launching a roof-tiling service, your target customers probably own their homes.
Let’s talk about potential markets for real estate agents. An important marketing idea is to think back over the sales you completed in the last year. Who did you sell to the most:
1. First Time Homebuyers, young professionals, 25-35 age group with a child or two in a certain geographical area.
2. Boomers, down sizing and getting ready to retire, 55-65 age group, empty nest0rs in a certain geographical area.
3. Investors looking for rental properties- 45-55 age group with well established careers, may live out of area.
4. Clients that would buy Fine Homes & Estates 35-65 age group, professionals with money looking to spend upwards to a million dollars on a home, in a certain geographical area.
5. Commercial or Ag & Ranch?
You can get some more information at Alexa.com
Alexa.com is a free resource for traffic statistics to your website. And, it can give you some valuable information regarding your competition, which makes it an excellent marketing tool – for not only real estate agents, but also all small business owners. The idea is to see what keywords are driving traffic to your competitor’s website, as well as get a peak at who their target market is.
Go to alexa.com and type in your domain name. In the next screen click on Get Details, then in the next screen click on Audience just above the graph. In these graphs you can get a pretty good idea of who you are actually reaching…by age, gender, education, location – even whether or not they have children.
Scroll down and add your competition’s domain names to the Advanced Demographics. You can get a clear picture of who you are actually reaching here, and who your competition is reaching. Click through the buttons at the top.
Now, go back up above the graphic and click on Search Analytics and you can see what keywords people are using to get to your site.
NOTE: Take a look at Top Queries from Seach Traffic, then scroll down and take a look at High Empact Search Queries for [your website, or your competitors].
When you are done with this visit to alexa.com you should have an idea who your target market is, or should be.
It is an important marketing idea whether you are in real estate, or a small business owner, to write out a clear description of your Target Market or ideal client. Keep it short and simple: ‘My ideal client would be a First time Home Buyer, between the ages of 25-35, with some college and an established career, and the live in the Modesto, CA area’.
Thanks for taking the time to read this article on Determining your Target Market. I would love to hear your comments, please add them below. BONUS! Would you like to learn more about how to grow your business with simple marketing ideas? Get instant access to a free Marketing Ideas video (a $47 value) by going to Free Training.