Primary target market is the main cluster of customers (the people who truly need the product and will buy it) that a company wants to go for. Primary target market basically comprises the potential customers who are targeted by the companies.
Many companies have failed to determine their primary target market by reason of their inefficient marketing strategies. In today’s competitive world, every company has to set their target audiences through customer survey, and then only theirprimary target market will be fixed for a longer period irrespective of market conditions.
The Primary Target Market of any company basically consists of potential customers whom are targeted by that company. The database for the primary target market of a company represents the functional list of promising customers, that is, the target audiences having the potential of spending.
Many companies fail to set their primary target market due to their inefficient market strategy. Most of the big companies determine their primary target market through customer survey.
That is, they actively communicate with their target audiences and try to understand their needs. In one word, they try to adapt themselves with the market needs that are changing every now and then.
A strategic customer survey enables the companies to know better about the customer expectations and dissatisfactions. This is also referred as target marketing.
Today, with the help of information technologies, the companies can run an efficient data base management system through which they can keep track of their customers’ record. The list of the potential customers can be indexed and classified in many ways, for example, by size, credit status, geographic location, pricing preferences, specific product interests etc.
The companies will only be able to set their primary target market by managing their customer databases strategically. It is the way through which the companies can interact with their past and present customers.
Process of finding Primary Target Market
The process of finding and studying primary target market for a venture doesn’t have to be complex or expensive, but it is extremely important. In a nutshell, it requires finding out everything about the customers who are intended to be pursued. Once all the information is gathered, there is a much better chance of capturing those customers for business.
Begin your research by checking the demographics of the region that you plan to target. You’ll want to know the population’s makeup in terms of age, gender, income level, occupation, education, and family circumstances: married with children, singles, or retired. To find that information, you’ll need to spend some time online. Do a Google search to find the most recent edition of the Country and City Data Book, published by the U.S. Department of Commerce. This research will give you the most recent census data on the area you wish to target.
Geographic and Lifestyle Factors
Give some thought to where and how your target customers live. Are they urbanites who walk everywhere (foot traffic will bring them into a store) or suburban soccer moms who spend most of their time in the car (do you need to provide a lot of parking space)? What is the weather like? Are people more likely to spend a lot of time outdoors, or are indoor activities more popular? Are these people conservative with their money, or are they spenders? The answers will help determine what you can sell to them, how you should sell it, and at what price.
Consider all of the reasons why people might purchase your product or service. For example, if you’re opening a health club, what are the priorities of your clients. Do they want to take exercise classes, work out with a trainer, or play racquet sports with friends? Will you need to be open early in the morning to accommodate commuters who need to leave for work? Are there a lot of stay-at-home or work-from-home parents who need child care services in order to attend classes? Find out by talking to people in the local fitness industry and by quizzing friends or acquaintances who go to health clubs. Then you can design and market your club accordingly.
Thinking about opening a coffee shop? Stake out the area where you think you’d like to start the business. Notice the traffic, car and foot, at various times throughout the day to see how many people might frequent your shop. Do people dash in and out of shops, or would they linger? This might help you determine whether you should also sell small pastry items or full meals as well as coffee.
Once you’ve considered the key demographic factors, you can begin to assemble a customer profile, a more focused statement that describes your target market in detail. Consult that profile when you make decisions about issues such as what products and services to offer or advertise, how much to charge for various products, and expansion plans.