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Hello!
We're going to learn about what a Target Market is.

Well they say a target market is the group of people that have the potential to purchase goods and services.
This is also done by identifying people's needs and wants and matching it with our business.
Target marketing allows us to focus on specified groups of people which cuts down on costs and effectively conveys our messages on selected platforms.
There are 3 questions that make it easy for us to identify our target market;

• What problem does my business solve?
• Who has this problem?
• Are there different groups or different needs?

After these questions, we need to get specific.

Here's what we need to pay attention to;

• Consumer or business
• Geographic
• Demographic
• Psychographic
• Generation
• Life stage
• Behavioural

Once these are answered. We'll know how and where to do the target marketing.

Next, we need to understand product differentiation.

This is where we learn how to make our product or service stand out using these points;

• Define a unique proposition
• Explain unique benefits
• Speak a specific target group

This gives us our business's USP, also known as Unique Selling Point or Unique Sales Proposition.

This gives our customers the reason to purchase our product or services which is basically the benefit and why they should spend their money on our business.

We need to differentiate our products, These are the types and factors to do that;

1. Price
2. Features
3. Performance
4. Quality
5. Reliability
6. Look & Feel
7. Distribution channels
8. Location
9. Marketing efforts

The advantages to differentiating are brand loyalty and value creation, this helps defend high prices and creates an environment of no substitution which all benefit our business in the long run.

On the other hand, we need to know about traveller typologies.
This segregates travellers according to the person, allowing us to reach our target market better.

Here is a list of traveller typologies we'll come across;

• Novelty
• Exploration
• Affordable escape
• Recharge
• Romance
• Active
• Socialising
• Togetherness
• Indulgence
• Prestige

At the end of this, you will be able to identify and select target markets and apply them to your business plan!

Let's learn!