High Tech, Low Tech, Any Tech: Know Your Target Market

I was listening to a radio interview recently with an iPad application developer who recently won a contest for best
iPad “app”. The interviewer asked what tips he had for those developing apps for the iPad. His response was “know your target market”. Wise advise no matter how “leading edge” your business will be.

Knowing your target market requires thought about your potential client's preferences on features, colour, packaging, how they will use it, what price they are willing to pay, and how much they are willing to consume.

Knowing something about what makes your target market “tick” is also important. This requires knowing their values, interests, attitudes, hobbies, personality, and lifestyle choices. These are psychographic qualities of your target market. Using these psychographics, groups have been created to help you focus your marketing activities.

Young Digerati is an example of a target group which consists of tech-savvy singles and couples living in fashionable neighbourhoods in a handful of Canadian big cities. This group is affluent, highly educated, and ethnically diverse. They typically live in communities filled with high-rise apartments, expensive condos, home offices, fitness clubs, clothing boutiques, casual restaurants, microbrewerys, juice bars, and of course coffee bars.

By having a better understanding of who your target market is, you will have a better chance of success in your business. If you have any questions on this or any other small business topics, email me at eversfield.mark@smallbusinessbc.ca.

Mark.
  

About The Author: 

Mark Eversfield

 

Mark teaches the Small Business BC's Market Research seminars in addition to writing the monthly Small Business Pulse and providing market research consultancy to our clients. Mark has gained his experience through previous roles at MarCon Research, BC Stats and Western Diversification.

Follow Mark on Twitter @SBBCinsights

All Posts

• Small Business Pulse August 2010
• Small Business Pulse April 2010
• BC's 2011 Hot Businesses
• No Free Lunch, Or Start-Up Grants
• New Technology That Can Help Your Office Go Mobile
• High Tech, Low Tech, Any Tech: Know Your Target Market
• Business Directories: Not Just a List of Phone Numbers
• Do I Have to be Canadian to Start a Business in BC?
• Will Your Business Qualify for Innovation Funding?
• Small Business Pulse May 2011
• Small Business Pulse September 2011
• Small Business Pulse: BC Bankruptcies Down 15% Compared to 2010
• Small Business Pulse: Small Business Market Strengthens

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