Ask The Expert

How do I correctly forecast my target market or audience?

A member of our Advisory Board and Minister of State for Industry, Trade and Investment, who is also a leading expert in microcredits and small-scale businesses, Mrs. Aisha Abubakar, answers this week’s question:

Defining a target audience is a business best practice; it is done at the early stage of business conception. Knowing whom and when to market your product or service can result in much higher rates of return, and it involves implementing systems rather than relying on indiscriminate marketing. If you are not sure where to begin, the steps below can help you identify your target in stages:

  1. Identify your target market
  2. Assess your target market’s spending habits
  3. Identify your customers’ preferences
  4. Consumption trends, past and future
  5. Project your target market
  6. Your current customer base
  7. Who do they buy from?
  8. Common characteristics and interest
  9. Who are your competitors, who are the current customers?

Analyse your product or service and the benefits it provides. Once you have your benefits listed, a list of people who have a need that your benefit fulfills becomes clear.