Marketing 101 - identifying your target market

Do you feel like you're balancing the impossible: trying to attract new customers while still keeping your core happy? Well, managing a business is just that. You juggle multiple balls with the only hands you have. But, on the other hand, if you did your homework and identified your target market, then your hands should be enough. Did you do your homework? Are you focused on the right customers?

In the next few posts YOU and I will spend some time reworking your current target market strategy. We'll start with measurable demographic data and finish with geographic positioning. If you find this information useful, be sure to post a comment. Remember, this is knowledge we gain together.

Now, let’s take a quick look. Think of this as a 101 on identifying a target market.

Your first step is identifying your demographic segment. These are measurable statistics. You could find this information by going to FreeDemographics.com. Similar sites or your local census official might be able to provide you with this data, as well. The information you'll want to gather is measurable. In other words, you shouldn't look for arbitrary figures. Below are some key categories to focus on first:

• Age
• If you're a family dining establishment then no other regional statistic is as important as the age of the local population. Your concern here is on the number of children and young parents in your area, right? Will your concept cater to a young audience with families, or not? Is your local area full of retirees? If so, then you might want to reconsider your concept.
• Income
• Can your target market support your restaurant prices? Let's face it, if your entrees are high priced and your target market is young families with moderate incomes, then you'll have to pinpoint another target market. On the other hand if you're trying to engage this type of market then income is a key consideration - moderately-priced entrees with a strong kid's meal selection is probably a good bet!
• Occupation
• Is your target market, or regional area full of office administrators or construction workers? Occupation is one of the key target market considerations for your restaurant. An office administrator might have to grab and go. A construction worker might enjoy a cold one at your bar before eating a hearty dinner on a Friday night. It all depends on your target market.

All in all, the demographic of your target market can't be overlooked. The look, taste and smell of the consumers you want to attract are critically important. It is paramount to retrieving new customers virally. Think of it this way: if your target market is young families then your restaurant will be full of children. This would drive a single person away in two shakes of a lamb’s tail. On a more positive note, the young family wouldn't be troubled recommending your concept to another young family if you a have kid-friendly environment. What is your target market? Interested in learning more? Keep tuned to our blog...