Marketing involves finding and defining target markets for your products and services. Your marketing must be able to match the product to specific groups of people that are willing and able to buy the product and to know the differences of each of these target markets.
Rather than assuming that you will go through the process of defining your market once and be done with it, you must treat market identification as an ongoing process.
Target market information allows you to increase revenues, decrease cost of marketing, refine your sales processes, determine more clearly who a prospect is and is not, discover market changes, and find more new customers.
The better you can define your customers and their interests, distinguishing characteristics, and other distinctive factors about them, the more effective your marketing dollars will become. Once you know who your market is you can better set up a system for your marketing.
You may actually have several different markets. For example, you may have one product line that is more generic and less costly than another. The people who would buy the first product line may be very different than those that buy a second, third or fourth, more costly product line.
Kathleen Gage
The Street Smarts Marketer