Identifying your target market is essential for any business, as it allows you to better focus your marketing efforts and reach the right customers. When joining a networking group, it is especially important to be able to clearly and succinctly communicate who your perfect customer or client is, as this will make it easier for your referral partners to provide quality referrals for you.
For businesses that serve consumers, important demographic information to consider includes:
gender, family structure, household income, location, and education level.
For example, a childcare business might target families with young children who live in a specific geographic area and have a household income above a certain threshold.
For businesses that serve other businesses, important factors to consider include
location, number of employees, years in business, specialty or type of business, size of company, number of departments, industry, and whether the company is public or private.
For example, a web design company might target small businesses in a specific geographic area that have been in business for less than 5 years and operate in industries such as hospitality or retail.
By knowing exactly who your target market is, you will be better equipped to develop effective marketing strategies and make the most of your networking group. Remember, the clearer and more specific you are about who you serve, the easier it will be for others to refer you to the right people.