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5 Ways to Determine Effective Target Markets for SME or MSME Businesses

Life For Techno - 5 Ways to Determine Effective Target Markets for SME or MSME Businesses, below are some effective ways that you can do to determine the target market for your SME business. Once you have a product idea that you will offer to consumers.

Next, determine who your target customers are. Determination of the target market can be determined based on several segments as follows:

a. Geography

This segmentation is a grouping of target markets based on location or region. Segmentation whose purpose is to find out the relationship of the target market.

5 Ways to Determine Effective Target Markets for SME or MSME Businesses

With the hope that each region has different needs so that it can be matched to the characteristics of your product or brand.

For example, selling fertilizers in plantation areas. This segmentation includes neighborhood, postal code, area code, city, province and region.

b. Demographic

Demographics are key in determining the target market, the most basic and most important thing in making a target market. The goal is to find out whether the product or brand being marketed fits the classification.

For example, if the product to be marketed is in the form of cosmetics to delay premature aging, you will not market it to teenage girls aged 12-17 years but to women aged 30 years and over.

c. Psychology

You divide your target market by economy class, personality or lifestyle preference. How to determine market segmentation is divided based on education level, income level.

Type of work and so on. Lifestyle classification involves values, beliefs, interests, and so on. Psychographic segmentation based on their lifestyle or socio-economic class.

How To Determine The Target Market By Knowing The Needs Of The Target Market

After you determine who your customers are, the next step is to look for information on the needs of the consumers you are targeting. You can do this by doing a product test. That way, you can find out what the market needs for the products you offer.

Try to take part in the bazaar to do product tests and as a medium to introduce products. Maximize this moment to find as much information as possible about your target market's needs.

How to Determine the Target Market With Target Market Evaluation

The third way is to re-evaluate the needs and interests of your target market for the products you offer. SMEs in Indonesia need to do this, to find out consumer interest.

Do not let, when you have started a business but the determination of your target market is wrong. As a result, the business that you build dies in the middle of the road.

Define Marketing Strategy

What if after analyzing the target market, only after that we determine how to market the product. Because each determines the target market has a different way.

For example, your target market is teenagers aged 17-20, so the target marketing must be through social media. Because, those aged 17-20 are very close to social media such as Instagram.

Market Response Evaluation

The last way is to evaluate the market response, whether the strategy you apply is effective or not. If it is not effective, you can change the product marketing strategy.

Market response evaluation aims to maintain and increase sales of the products you offer. Perform periodic evaluations, for example once a month to be more effective.

Those are some strategies in determining the target market for SMEs that you can do. In addition to determining the target market, you need to make financial reports in a business.

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