“Your target market won’t change.”
Why should you adapt your target market, especially if it’s been working?
You know how it starts. At first, you get an idea of what your business is about. Who you are, what you’re doing, and why you’re doing it. You’re set, and you have the vision. As you begin to manifest your original thoughts, your vision grows.
It’s during these initial stages of developing your business that you decide yes, this is my target audience! Whether it’s a product or a service, your clientele is what drives your business. Inevitably, as your idea develops, your initial thoughts about who your key customers are begins to evolve. So when the segmentation of your target start to shift what does your business do?
A common misconception is that your target market won’t change. This is false. Here’s why.
Let’s first define what your target market is. Your target market is a division of individuals or organizations that is specified to be most likely to spend money on your product and/or service.
THIS IS AN ADDITIONAL COMMON MISCONCEPTION.
**Your target market is everyone who finds your product and/or service interesting or useful.**
This is false. While this is an important aspect to scaling business development, it will not drive business growth. Your primary target market are the subgroups/divisions of segmentations that are most likely to spend money on your product and/or service.
Now that we have defined your target market, we can address a shift in segmentation that is driving your market. Just because you initially thought a group of specific customers might be interested in your business, doesn’t mean it will stay that way moving forward.
Some examples of historical brands that have redefined their target markets to keep up with changing segmentations are Lego, Apple, and Cadillac. The ability to shift segmentations to align with business needs is what has created these timeless brands.
Changing your business scope and target can be an intimidating and stressful process. However, this is an opportunity. Your target audience should be both a guide and resource in how you approach your business’s needs. A smart business knows that even with the strongest target audience there will always be unprecedented changes that cause shifts in the market.
Therefore, do not be discouraged, but rather pay attention to what your competitors and partners are doing in order to better understand your target market, and don’t be afraid to approach a shift as an opportunity. Keep in mind, who is driving your business?