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  Types of market target approaches  
 

Identifying the target market is not an easy task.  It is indeed one of the vital elements which inform you about the market you want to target and how it can bring the maximum benefits to you and your consumers and prospects. In other words, it will become easy for you to look after your customer’s needs and wants in a much improved way only if they all are grouped according to their tastes and desires.  There are different types of market that can be targeted. They are discussed below.

Target Market

This type of market consists of your key customers that have the identical needs and wants. Although you have not fully described their needs, you still are in a better position as you are aware of who is your target market. It can be on a larger scale or smaller scale. However, more than the size is their needs which will play a decisive role in the end.

 Secondary Market

This is the market that is linked to your target market; however it is not the segment that earns you the majority of the revenue. For instance, a company who makes roof, their primary target market consists of commercial buyers who replace roof. In addition, the same company also has the secondary market that contains residential segments that repairs roof. Although the majority of the income is extracted from the primary segment, nevertheless the secondary market does make a handy contribution to the roof company.

Niche Market

This kind of market consist your would-be or potential customers that have a different need not satisfied by any company. It is not an easy task to identify your niche market. However, when it is discovered, it is certain that you will earn a lot of revenue from this market. For instance, a graphic designer whose main job is to design artwork for the billboard hoardings would benefit a great deal if he finds a niche of designing an EBook covers.

By incorporating the date of your customers, it will be easy for you to further define the following markets.

Main Target Market

Incorporating the customer information in your main target market will give you the confirmation of the identical needs and wants of the customers in this group.

Secondary Market

There will always be a secondary market for your product even if you have not identified or defined properly. However, if it has been identified, it is always better not to pursue the target market and secondary market at the same time.  It results in the expansion of your marketing activities into the wide areas that may become difficult to monitor and may also result into heavy losses for your product and eventually the company’s image may go into jeopardy as well.

Niche Market

As discussed with the secondary market, never focus too heavily on the niche market in the early days of the product launch. However, keep your business updated on the developing niche markets that may prove profitable at a later stage.


















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 Split Testing Profits

Split testing is a method for comparing two different versions of a landing page to determine which version performs better. Split testing should NEVER be a one-time experiment. It's important to keep running new split tests, so you can continue [...]

Category:

Internet Marketing

Internet Marketing Profits

Premium Quality Business In A Box You Can Sell As Your Own And Keep 100% Of The Profits! [...]

Category:

Internet Marketing