Who is your target market?
It is vital in Internet Marketing to have a target market that will allow you to market the products you are promoting much easier. There is no point promoting a product that people don’t want, you need to promote a product to people that are actually in the market for that product. If you don’t have a target market then you are just wasting money by promoting a product to people that just aren’t going to buy. To find a target marketing you need to identify a need within a niche and then find out if it will be profitable. Let’s take a look at how to find your target market.
Finding a Need
The stronger the need for something is the more profitable a product will be in that niche. If people are looking for a solution then they have a strong need for that solution and they are likely to spend money on finding that solution.
For example, if you had two products: How to get your ex back or How to apply makeup – which product do you think would sell better? The ‘how to get your ex back’ product has a high ‘need’ as when people break up the need to get back together is quite high. The ‘how to apply makeup’ product might sell to a certain degree, but the need for that product isn’t as strong.
When looking for a ‘need’ the stronger the need for a solution, the more sales your product will get, so try to find a niche where people have a strong need.
Finding a Pre-Existing Market
You can try to sell a product in a completely new market, but it is taking a big gamble. For example, if you come up with this great product about teaching your dog to walk on two legs, do you think there would be much demand for this product? It is possible you could come up with a new market and it could be really successful if the demand is there for it, but often there is no demand.
So it is a good idea to find a pre-existing market where you know there is demand and where products already sell well and then find an untapped area within that market.
What Makes a Good Target market?
A good target market would be one in which you could sell multiple products to customers. If you are selling a one-off product then you can make money with this but the income you make is limited. If you can sell repeatedly to customers then your income potential is much higher.
Your target market wants to be a market where people are ready to buy. If you are targeting the ‘how to apply makeup’ market the chances are that people are looking for free information and not ready to buy a product. However, if you are targeting the ‘how to get your ex-back’ market, people are desperate for this information and are ready to buy.
Your target will want some competitors as if there are no competitors then there is a good chance that there is no demand for that market and people have tried this market and failed. If there are competitors in the market then you know that this is a market that does convert and people are making money from this market.
These three points will find a good market and if you can find a need, find a pre-existing market then you are off to a good start. Doing your market research carefully before you begin your online business will give you a much greater chance of success.
If you’re interested in setting up your business but don’t know where to start, contact us and book a free 60-mins consultation on business planning.