How to Define Your Target Market
To build a solid foundation for your business, you must first identify your typical customer and tailor your marketing pitch accordingly.
When business returns to a new normal, having a well-defined target market is more critical than ever. More than ever, before you will see that large and small companies will be competing by targeting niche markets.
If you are looking at targeting small-business owners, shops, or stay-at-home moms, take note, you are going too general.
By redefining and creating a smaller target audience, you won't be excluding people. By repositioning yourself to an audience that is more likely to buy, you will see a better return on your marketing budget and strengthen your business. Make sure that your brand is clearly defined and identifiable by this audience. Make sure that your messaging fits the audience age and lifestyle (income). Let's say, you are going extreme niche, you created a CBD or THC infused pleasure cream. You are trying to sell this to a middle/upper-class housewife, age group 35 - 65 with an above-average bracket spend that has never tried cannabis before. You will have to create communication both written as well as visual that talks to that audience. By the way, this is called a target audience. Where do you start with your marketing?
Dig deeper into your current customer base. It is always easier to upsell to your existing clientele. Customers are loyal, honest and love your brand already, that's why when new products come out to give them first opportunity to purchase. Ask them to review and use the reviews as part of your marketing campaign.
A bit sneaky but check out the competition. Who are they targeting and who are the current customers? Don't go after the same market, humans are creatures of habit and hard to sway if they are happy with a brand. Instead, find the gab they are overlooking.
Especially for small businesses, when planning your marketing campaign, don't go and create the proverbial big bang. Strategise around a collection of well-positioned "Little Bangs" can lead you not only to success but to creating your very own weapons of mass distraction.
Make sure that your products and services are in line with your target audience. What social media platform do they use, how do they buy, and what are their expectations around the product or services? Suprise... not everyone is on Facebook, and some target audience may be easier reached by email the social media. After all, this is where you will be spending your coin and if you get this wrong well...
In our previous blog article, we have given you the outline to create personas, this helps create your demographic. This is critical because this will determine;
How it will impact their lifestyle.
How will it be used
What features is the most appealing
Which does he/she turn to for information
Do they read a newspaper, search online or attend particular events
All in all, it will teach you how your customer thinks
Now evaluate your decision, now that you have your target market, answer the following questions from a business level;
Are there enough consumers that I can target that fits this criterion?
Will this audience see a need for this product or service and would they know the benefit?
Do I really understand what drives my audiences decision making?
Could they afford my product/service?
Can I reach them with my message and how easily are they accessible?
You may be asking, "How do I find all this information?"
Look for research that others have done on the same target.
Find blogs and that talk about or to your target market.
Try and conduct a survey of your own and ask your customers for feedback.
Remember, defining your target market is the hardest part. Also, you can have more than one niche market. Your business may have more products and services, and they may have other niche markets that can be targeted. Last but not least, don't break your market to far down.