The target market types of regulators, potential customers and present customers are defined with examples in this post.

My last post covered financiers, supporters, and influentials. If you missed that post, you can access it below:

Six Target Market Types: 1-3

Six Target Market Types 4-6Target Market Types

Target Market Types
Regulators

Many small businesses are regulated by a government agency. And all business owners have to pay taxes of various kinds. So government officials who often determine how regulations are implemented and how taxes are collected become important target market types for small business owners.

For example, I recently got a penalty notice for a late withholding tax. Neither I nor my accountant can remember making any late payments. So I called and talked to a representative at the Arkansas withholding office, wrote a letter explaining the situation, and had the penalty forgiven because my accountant has maintained a positive relationship with them.

So although regulators don’t generally buy a small business’ products, they can affect profit through penalties. Thus, they are a target market type.

Target Market Types
Potential Customers

Potential customers are what are most often considered target markets by professional marketers. They are the people that the business targets with its marketing messages and activities. So potential customers comprise an important target market type.

It’s important to learn all you can about your potential customers so that your marketing messages, tactics and strategies work effectively with them. One way to learn about potential customers is market segmentation.

I offer an e-book to provide you the best appeals for your potential customers. You can get more information about my e-book at the page linked below:

Discover the best appeals for your target market.

Target Market Types
Present Customers

But present customers are even more important to you business’ success. Because they have bought from your business before, they are likely to buy again. And it costs less to reach present customers than potential customers with your marketing messages. So present customers comprise another important target market type.

Target Market Types
Conclusion

It’s important to know demographic, psychographic and behavioral characteristics of all target market types in order to most effectively reach your business goals.

Each type requires creating a special campaign, with different strategies and tactics that are appropriate and effective with the people in the target market type.

If you need help getting information about your target market, I’ve researched 19 target market profiles. One may be just what you’re looking for.

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Posted 10-13-08:
Six Target Market Types: 4-6

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You should select target market types by what you want to accomplish with the market.

In public relations, if an organization wants to reach and influence a group of people to take some action besides buying a product, they consider the group a target public rather than a target market.

But as a small business owner, you likely consider all such groups to be your target markets. With that in mind, this and my next post will cover target market types. The types differ by what you want to accomplish.

The six target market types covered in these posts include:

This post covers the first three target market types. To read about the remaining three, click the link at the bottom of this post

Target Market Types
Financiers

Your financial institutions and the people who work there don’t usually buy your products or services, but you have to know them and their expectations just as well as you know potential customers.

If you don’t, your chances of getting the funds you need to start and grow your business are decreased. So financiers compose an important target market type for your small business.

Target Market Types
Supporters

Many small business owners need supporters in order to reach their goals.

For example, I recently worked with a small business owner who needs to reach leaders in the African American communities. The leaders are not the people who are most likely to directly benefit from his service, but they can reach many of those who will. Their support is vital to him successfully getting his business going. So they are a target market type for his business.

If your business also needs supporters to be successful, supporters comprise an important target market type for you.

Target Market Types
Influentials

You, as a business owner, may need to reach people who can influence your potential buyers. Although influentials may not ever buy your products or services, they have considerable influence over your potential customers.

For example, high school teachers and counselors don’t pay for their students’ college tuition but they do influence their students’ college choices.

You need to consider all three of these target market types as you start and grow your business.

This concludes my discussion of the first three target market types. To read my post on the remaining three target market types, click the link below:

Six Target Market Types: 4-6

If you need help getting information about your target market, I’ve researched 19 target market profiles. One may be just what you’re looking for.

Like this post, you can assure that you always know of my posts that meet your needs by completing the form below:

Posted 10-10-08:
Six Target Market Types: 1-3

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