What Is The Size Of Your Target Market?

Marketing effectively means knowing your target market full well

. And learning about your target market means you also need to know the size of the market that you plan to provide your services to.

When doing your marketing plan, the size of your target market is one important consideration. For you to determine the most effective marketing strategy such as your poster printing that would produce the most favorable response, you need to think about how many and how much you have to serve. It will also help you determine how much of your budget you have to dish out for your target marketing.

So heres the process for you to estimate your market size.

Know your target market. Of course, it goes without saying that you need to know your target market before you can estimate the size. What type of customer would you want to serve? What group are you searching for? What segment in the population do you want to reach out to with your poster printing for example? By knowing the exact group youre targeting, it becomes easier to target the size of your market. It also goes a long way in helping you decrease if not diminish wasting your time and energy, as well as your limited marketing budget.

Know the needs of your target market. Again, it is easy to learn how your target market ticks if you know their needs. What are their needs and wants? How do they create the demand for any product or service? You need to know what will make your target market have a need for your offer. What you provide in your marketing message should be parallel to what youre target market is looking for.

Know the information you need to know. What information and details do you need to make an estimate of the size of your target market? This would mean the demographics of the market youre targeting. Whats the age distribution within the geographic area you want to serve? How many households does the area have? How much is the average family income? Are there home market values? What about the educational attainment? Enrollment rates? Do you have any competition? If there are, then how many? What does your target market buy? What service do they avail of? How much do they pay for such service?

Know the sources of information, collect the data, and then analyze. Where do you get the information? There are a lot of surveys already done offline and online that you need not exert too much effort to get the information you need. However, if you are looking for more specialized details, you might need to do your own surveys and research appropriate for your needs. After knowing how you can get them, you can then dig up the data that meets your needs.

And of course, after culling all the information, its time for you to interpret and analyze what you got. What does your information tell you? What does all of those data mean?

Finally, estimate your market size. Now that you have all the data you need and youve already analyzed them, you need to come up with an estimate of the size of your target market, which you then apply to your marketing plan.

By knowing your target market size, you are more likely to have a business plan that can project almost exact information to help you get the outcome you want.

by: Kaitlyn Miller

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