2 Identify Your Target Customers Target customers are different than your

2 identify your target customers target customers are

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2. Identify Your Target Customers Target customers are different than your target market, and you should really know both. Your target market refers to the area (geographic or otherwise) that you will serve, while your target customers are the people who are most likely to purchase your product. In the world of
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marketing, determining who these people are normally comes down to a combination of demographics and psychographics. Demographic information is fairly easy to find. This includes age, gender, household income, marital status, home ownership and more. Your best, free resource for demographic information is the U.S. Census Bureau. The Small Business Administration’s website also offers links to a handful of online resources for demographic information. Psychographic information is a little harder to come by without a membership to an analytics organization such as Nielsen @Plan or Kantar Media. Psychographic data measures audience behavior (i.e. why a customer might buy something). This could include any number of factors including a person’s lifestyle (e.g. healthy, active), social class, activities and hobbies, values, attitudes and personality. 3. Identify the Competitors That Target Your Customers The most important competitors you’ll face are the ones who are directly targeting your ideal consumer. Conduct an honest assessment of your competitors and what they have to offer that you don’t. Also take some time to analyze how they might react to your business. Are they prone to discounting, aggressive advertising or special offers? You can be assured they will use a combination of all of the above once you flip over your open sign.
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  • Winter '18
  • jablonski
  • Marketing, Small business Administration, U.S. Census Bureau, Mother Dairy

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