What is a target market and more specifically, your target customer? If you own a fast-food franchise you may think that your target customer is “everyone” because you believe most people eat fast food at least once per week. But that may not be the case. Your ideal customer may be 18-24 years old, be a student, makes less than $10,000 per year and buy your product only during school hours.
One of the main goals of being an entrepreneur – and a franchise owner – is to satisfy your customer’s needs because if you don’t, your business may never get ahead. If you know exactly who your customer is, what they expect or want from your business, and how often or when they are willing to spend their money, you are on your way to ensuring that your business is prepared for growth and success.
Your target market is comprised of the individuals who are most likely to be your best customers and therefore your biggest and most frequent spenders because you offer the product or service they want at the time they want it. The main way to identify this “group” is through demographics, or population characteristics.
