Knowing as much as possible about your potential customers is vital to any target marketing strategy. But the market segment that you’ve been targeting may not be the right segment for your business. You have to search out the most attractive target market if you want your business to succeed. Today, GbBIS shows you how to evaluate the attractiveness of your target market.
Use these tips to determine whether or not the market you’re targeting is the right one for your business.
Size of the Segment
Say your customers are mostly single women under 50 years old. You need to know how many people matching that demographic profile live in your market area. An attractive target market contains a large enough number of potential customers to sustain the business. If the size of your market segment is too small, then you’ll want to reevaluate your target market.
Growth Rate of the Segment
Using past and present Census data, determine if your particular market segment is growing or shrinking. Use demographic projection data to evaluate future predictions of population growth as well. Obviously, a growing market segment is more attractive than a shrinking one.
Competition in the Segment
Take that same market segment that we looked at: single women under 50 years old. You need to find out how many other businesses in your area are targeting that same demographic. An attractive target market will have little competition. The fewer companies fighting over your market segment, the more successful your business will be.
Using these tips, you can effectively evaluate your target market and find out if it is the right market segment for your business. GbBIS can help you do this. For over 25 years, we’ve been providing businesses with the most accurate maps, web applications, reports, and mapping databases to help them improve their target marketing. We can provide you with demographic maps to target potential customers, Census data to analyze populations, and business reports to identify the competition in your area.
Contact GbBIS today and discover how we can help you evaluate your target market
Visit Us on the Web at gbbis.com
Call Us at 1-877-447-6277
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