Identifying your Target Market
Target marketing allows you to focus your marketing dollars and brand message on a specific market that is more likely to buy from you than other markets.
Here’s 4 factors you should consider when developing your target marketing and 1 you shouldn’t do:
Analyze Your Current Customers
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In order to identify your target market, it is important to begin by analyzing your current customers. Identify common characteristics and interests, including age, location, gender, and psychographics such as values, interests, hobbies, and lifestyle.
Assess Your Competition
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Assess your competition to determine what they offer that you cannot or do not. This will help you to differentiate yourself from your competitors and determine when and how your customer will use your product or service.
Understand Your Product or Service
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Make sure you understand what your product or service is all about. Think about the advantages it gives to your customers and how you can take advantage of them.
“What is the issue you would like to resolve with our product?”
Ask for Feedback
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It’s important to collect customer feedback. Conduct a survey or poll to determine who is enjoying, purchasing and requesting the product. Examples of questions: “How did you find out about us?” “Why did you select us over our competitor?” “What is the issue you would like to resolve with our product?”
BONUS: Don’t Make Assumptions
You can often get in the way of your own success. This is one of those times. When you assume your target market, you may be missing out on great opportunities for sales. Your own personal experience and knowledge can make you believe that you understand your target market even before you conduct any research.
