Haidan DongWho do you print for? If you answered “everyone”, you might be spreading your resources too thin. While it would be great to have everyone order their printing from you, it’s not exactly a good goal for improving your business. Why? Because when you try to please everyone, you tend to end up pleasing no one. Just like other types of companies, print businesses need to have a target market.
What’s a target market?
A target market is a group of potential customers that you are trying to sell to. It should be a small segment, not your entire town or “everyone who needs business cards”. A target market can be:
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- From a specific demographic
- From a particular industry
- Residing within a geographical area
- People with a certain economic status
- A particular type of business
- People who share the same kind of lifestyle
- A group with any other shared characteristic
Having a target market doesn’t mean you’re restricting who you’re selling to. It just helps you focus on the people who are most likely to do business with you.
Keep in mind that you should balance target marketing with client diversification. That means while you target a particular type of client, you don’t let any one or two major clients dominate your entire client base.
5 Reasons Why Your Print Business Needs a Target Market
There are many reasons why having a target market is good for your print business. We’ll cover 5 of the most important reasons here.
1. It helps you concentrate your resources.
Sometimes growing your business can be a daunting task. At Printer Success, we cover hundreds of ways to do so. Having a target market helps you narrow down your priorities so that it’s easier to choose where to start allocating resources to. This increases efficiency not only in your decision-making process but also when implementing your business strategy. You’ll be able to identify which aspects of your business you need to improve first.
You’ll also waste less resources on people who aren’t likely to become customers. Instead, you can pour the resources you saved on prospects who are more likely to convert into customers. And that way, you’ll get more customers while spending less—a cost effective solution.
2. It makes meeting your clients’ needs easier.
When you have identified your target market and its unique needs, you’ll be able to tailor your marketing strategy to meet those specific needs. That means your potential customers will need to do less “hunting” to find what they’re looking for. They’ll see that you provide exactly what they need.
On the production side, knowing what your target market needs also helps you in the product development process. It reduces risk because launching a new product won’t be a stab in the dark. You’ll already know what’s going to sell.
3. It differentiates you from competitors.
Choosing a target market that you competitors can’t or won’t reach is a great way to get more business. You’ll become the best (or only) print business that meets a particular need. This is especially powerful in the printing industry because so many print businesses are falling victim to commodification, where prices get driven lower and lower in order to stay competitive.
With a target market, you’ll be able to sell your printing services in ways that focus on providing value to that particular segment. You may even be able to mark up your products and services higher because nobody else provides the same kind of value to that particular market.
4. It builds customer loyalty.
When your business strategy targets a certain group of people, it makes them feel cared for and important. To them, your business will become more than a company; it will become a brand. Your customers will identify more with your brand because you’ve put more of your time and resources into meeting their needs. They feel special, like your company was made just for them. This makes it likely for them to make referrals and become brand ambassadors.
5. It helps you get the type of customers you want.
Having a target market allows you to focus on marketing to the type of customers that will help your business grow the most. While all your customers place orders, you may notice that some place bigger orders than others. You may also notice that some customers run into a lot of issues and require more customer support. With target marketing, you can choose to promote your business more to big spenders who don’t take up a lot of your time and resources.
One more thing.
Don’t forget that your target market can change over time as you learn more about what works for your business. Target markets aren’t there to confine your campaigns—they’re there to guide you to make your campaigns the best they can be.
Want to learn more ways to grow your print business? Subscribe to Printer Success, a blog by wholesale trade printer SinaLite.
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