Identifying target markets involves several steps:
Market Segmentation: This is the process of dividing a broad consumer or business market into sub-groups of consumers based on some type of shared characteristics. Common segmentation criteria include demographics, geographics, psychographics, and behavior. Market Research: Gathering and analyzing information about the market, including customer needs, preferences, and trends. Competitor Analysis: Understanding what competitors are doing can provide insights into potential target markets that are under-served or overlooked. Customer Feedback: Direct feedback from existing customers can highlight segments that are particularly satisfied or dissatisfied, providing clues for potential target markets.