Before, currying on your niche, you need a basic understanding on what a target market refers to since this would be the very basic of deciding on a niche market. A target market consists of customers who are willing to buy from you and having the ability to access you. When a marketer decides on target markets, he or she should consider the following four bases that remain the prime stones of building on it.
Democratic base: Here you would classify your target customers or segments based on democratic variables such as age, income, sex, occupation and so on. So your business is targeted to a specific set of customers who belong to a similar democratic category. Let’s assume you are producing a product that costs around 500 dollars and now you decide only limiting your promotional activities to those who earn above 1000 dollars per month. This is how you will decide on your target market based on democratic base.
Geographic base: Here you would target a set of people who belong to a specific geographic area. This may be a region, province, or even a nation. Nevertheless, this might be not that an effective way of targeting.
Behavioral base: This is a very sensational way of targeting and a behavioral base target market would consist a set of people belong to have similar behavioral characteristics. This includes knowledge about the product, consumer behavior, purchasing patterns and usage rate etc. However, the marketer needs investing on excellent research to study and to find the appropriate segment here.
Psychographic base: This is also another way of targeting the segments based on their psychographic requirements. This includes status and class classifications. For example, you may have to decide on whether to select an upper class segment or middle class segment for your business. However, it may drawback in the point where you need to study the variable aspects such income on finding out the psychographic segment.
So, got it? Hope you are now having a better understanding and enjoyed this piece. If so, let me know your feedback and read other articles in our blog.
Sen
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