subject: Understanding Your Target Market - Complete Guide [print this page] If you do a search on Dictionary.com, psychographics means "the use of demographics that helps you determine the attitudes and tastes of a particular part of a population".
Basically, it means that you need to analize your niche market, so you can serve it better by customizing and improving your products and offers.
Just answer the following questions:
Question: Who do you think will buy what you have to offer?
Don't say 'Women'. It is too generic and it's not your target market.It depends on a lot of other factors like lifestyle, values and interests.
Don't just say "Golf players". This identifies a group of people who engage in a sport activity but it is not your target audience.
Among golf player there are a lot of differences. Are you targeting the average golf player who just plays this sport as a hobby or are you targeting the competitive golf player go goes to competitions regularly.
You need to be extremely specific.
Question: Why do you think she or he will be interested in your product or offer?
Don't say 'she will buy my product because she is a mont' because you can't create a product that all moms will be interested in.
Be very specific.
Question: In what stage of life is she?
Young & Married
Young & Single
Middle Motherhood
Young Motherhood
Empty Nest
Late Motherhood
Older & Married
Older & Single
These stages of life are very important when you try to identify your target audience. You need to take these factors into consideration to know exactly how you will communicate with your potential customers.
What will motivate a young married woman will not motivate a young and single woman.
One example, if you want to reach young singles then you will use modern graphics wich are somehow popular among the daily trends.
Another example, to reach married older people, you will use traditions graphics and design which inspires stability and will be prefered more among this segment of population.
Question: How much money do you think she or he has to spend on your products or offers?
Average
Frugal
Wealthy
Upper Middle Class
The financial budgets of your target market are one of the most important parts when choosing how to communicate with them.
The average strapped customer will be interested in offers and products which are cheap and offer a great value for the money.
Wealthy customers will be more interested in expensive products as well if they think they are quality products and they are worth buying.
Some individuals will only be interested in products that clearly demonstrate that they're cheaper than everything else. They're so driven by their tight budget or their personal commitment to frugality that they'll choose one product over another on price point alone.
On the other hand, there are customers who prefer to buy the most expensive product or service on principle because they want to be able to say that they bought the priciest and the most exclusive provider or maybe they believe the priciest one will deliver the best quality.
Can you see now how impossible it would be to create a message that will reach all the target markets?
Well, that's it for now. Now you should understand exactly how to determine what's your target audience.
