Identify your target markets

A common mistake in marketing is to try to be everything to everyone. A more effective approach is to identify specific target markets and then tailor your marketing efforts to their unique needs and desires.

Don't limit yourself to just one target market. The more markets you can identify and serve, the more opportunities you will have for growth and profitability.

Some of the most promising target markets today include:

• Older people: This is a large and growing market with significant purchasing power.
• Women: Women control a majority of wealth and influence in the United States, and they are starting businesses at twice the rate of men.
• Ethnic groups: The Hispanic and Asian markets, in particular, are growing rapidly and have a combined purchasing power of over $200 billion.
• Small businesses: The number of small and home-based businesses is exploding, creating a huge market for products and services that cater to their needs.

Once you have identified your target markets, you can then develop a marketing strategy that is specifically designed to reach them. This could involve using different marketing channels, creating different marketing messages, or even developing different products or services for each market.

By taking a targeted approach to your marketing, you can be much more effective and efficient with your marketing resources.