1. How To Identify A Target Market And Prepare A Customer Profile

2. What You Should Know Before Getting Started
Define who your primary customer will be. The market should be measurable, sufficiently large and reachable.
For Example, a printer's target of mid-sized firms with mid-size projects is not a measurable definition. However, a target market of firms within a radius of 20 miles, with annual revenues of $10 to $25 million and a need for four-color printing runs of approximately 5,000 pieces is a clear definition.

3. Define the Type Of Market
Consumer
Business
Re-seller market (eg wholesalers)

4. Here are three steps to follow when identifying your market:
Identify Why A Customer Would Want To Buy Your Product/Service
Segment Your Overall Market
Research Your Market

5. Step 1 - Identify Why A Customer Would Want To Buy Your Product/service
Conduct a FEATURES & BENEFITS Analysis
FEATURE: a toothpaste has a stain-removing formula, that's a feature.
BENEFIT: The benefit to the customer, however, is whiter teeth. While features are valuable and can certainly enhance your product, benefits motivate people to buy.
An Example is anti-lock brakes; they are features on a car, but the benefit to the consumer is safety.

6. PREPARE A FEATURES & BENEFITS TABLE
In one column, list the features of your product/service. In the other, list the benefits each feature yields to the buyer.
FEATURES
BENEFITS

7. Step Two: Segment Your Overall Market
GEOGRAPHIC
DEMOGRAPHIC
PYCHOGRAPHIC
BEHAVIOURAL

8. Take a moment to decide which segmentation criteria will be most helpful to you in segmenting your target market:
geographic_____ Yes_____No
demographic_____Yes_____No
psychographic____Yes_____No
behavioristic_____Yes_____ NO

9. Next, identify what is important to your customers and rank
High Medium Low Not At All
Price
Quality
Brand Name
Variety of services
Salespeople
Customer Service
Special Offers
Promotional Campaign
Packaging
Convenience of Use
Convenience of Purchase
Location
Guarantees
Store/Office Decor
Payment Terms
Other