Identifying the target market is not an easy task. It is indeed one of the vital elements which inform you about the market you want to target and how it can bring the maximum benefits to you and your consumers and prospects. In other words, it will become easy for you to look after your graphic design customer’s needs and wants in a much improved way only if they all are grouped according to their tastes and desires. There are different types of market that can be targeted. They are discussed below.
This type of market consists of your key customers that have the identical needs and wants. Although you have not fully described their needs, you still are in a better position as you are aware of who is your target market. It can be on a larger scale or smaller scale. However, more than the size is their needs which will play a decisive role in the end.
This is the market that is linked to your target market; however it is not the segment that earns you the majority of the revenue. For instance, a company who makes roof, their primary target market consists of commercial buyers who replace roof. In addition, the same company also has the secondary market that contains residential segments that repairs roof. Although the majority of the income is extracted from the primary segment, nevertheless the secondary market does make a handy contribution to the roof company.
This kind of market consist your would-be or potential customers that have a different need not satisfied by any company. It is not an easy task to identify your niche market. However, when it is discovered, it is certain that you will earn a lot of revenue from this market. For instance, a graphic designer whose main job is to design artwork for the billboard hoardings would benefit a great deal if he finds a niche of designing an EBook covers.
By incorporating the date of your customers, it will be easy for you to further define the following markets.
Main Target Market
Incorporating the customer information in your main target market will give you the confirmation of the identical needs and wants of the customers in this group.
There will always be a secondary market for your product even if you have not identified or defined properly. However, if it has been identified, it is always better not to pursue the target market and secondary market at the same time. It results in the expansion of your marketing activities into the wide areas that may become difficult to monitor and may also result into heavy losses for your product and eventually the company’s image may go into jeopardy as well.
As discussed with the secondary market, never focus too heavily on the niche market in the early days of the product launch. However, keep your business updated on the developing niche markets that may prove profitable at a later stage.