Four Essential Characteristics Your Target Market Should Have

It's important to remember that the CORE of marketing is your target market—the people. If you're concentrating your efforts on your product or service only, you'll miss the mark. The term target market is used because that market is the "bull's eye" at which you aim all your marketing efforts and marketing budget.

So, don't forget that a target market is people—People with common characteristics that set them apart as a group. The more statistics you have about your target market, the more precisely you can develop your marketing strategy; therefore you will be able to execute consistently and profitably over time instead of quick hits here and there.

Your existing and potential customers should have four essential characteristics:

1. They have a particular need. People have all kinds of needs including basic survival needs (e.g., food, shelter, health), rational needs (e.g., dependability, durability, economy), and emotional needs (e.g., love, sex appeal, status, security, acceptance, and power). Do you truly understand the needs of your target market? Keep in mind that everyone may need your service but not everyone will want to fulfill their needs with your solution. When you define the need, also target those who you can persuade to fulfill their needs with you.

Don't get me wrong, it's great to do pro bono work and give back to your community. Just make sure that you've targeted a market that can provide you the profits in order to sustain your business. Make sense?

3. They have decision-making power. Spend your time wisely. Find the person who has the actual authority to say "yes" or "no" to buying your solution. Enough said.

If you primarily sell online or have services, just make sure your target understands how they can access your solution by telling them exactly where to go and what to expect.

In order to determine the characteristics above you must do your research and document your findings. Your documentation based on your research form the foundation of finalizing the best target market for your business.

As I've mentioned before, this is business 101 but sometimes we forget that the basics are the glue that will hold your business together and help you STAY in business.