Your target market is the group of people who are interested in what you have to sell.
Not everyone is a potential client but you only want the people who have a need for the products, the services or business opportunity you’re offering. They should also have the means and opportunity to make a purchase.
Developing a well-defined target market is the first step to building a profitable business.
Defining your target market will allow you to focus on and refine marketing tactics. It is going to help you define your brand so that it connects with your buyers.
It will also enable you to make better business decisions when it comes to advertising and where you direct your energy.
Here are 5 strategies that will help you become efficient in streamlining your target marketing efforts.
Target markets can be segmented into five categories including geography, demographic or socio-economic, psychographic, behavioral, and product relationship.
Geography relates to where people live. If you’re a local business, you’re probably going to focus on the locals, the people that are going to walk in and out of your store daily. You want to target the people who are very close to your location in your retail facility.
Demographics focuses on the age, amount of income and gender of your target customers.
Psychographic deals with individuals with similar beliefs, attitudes, and lifestyles.
Behavioral segmentation means dividing your target market according to loyalty and buying habits of the customers.
Product relationship relates to how the product is actually being used.
All of these things factor in helping you define your target market. This is because there is a specific person of a certain age who uses certain products and has certain beliefs and attitudes.
You need to dig deep in order to find that specific market.
Use the Customer’s Perspective
To effectively define your target, you have to step back from your product and think about it from a customer’s perspective.
You need to think about the price as a customer would. If you have a twenty dollar product or a two thousand dollar product, you have to think about what group of people can afford to buy your product.
Also, consider the benefits of that product and who is going to benefit the most from it.
Look at who is most likely to use the product. If your product is baby diapers, for instance, they are obviously going to be used by babies but you are going to be marketing to moms who buy the baby diapers.
Ask yourself, what niche is your product in? This will provide a lot of information upfront about your target market.
Study The Competition
You also need to look at similar products services or opportunities.
Look at your competition and study them. Think about who they are targeting. Who is buying and who is showing interest?
This information is going to help you know where to position yourself.
Some products have multiple target markets. However, you need to start with one that closely matches your brand and then you can expand to other areas as you become more experienced.
Have a Target Audience Profile
You need to write down all of the attributes of your target customer.
How old are they? What is their income? How do they buy products? Do they buy them online, do they walk in a store, do they purchase through referrals or via social media?
Knowing the attributes of your target customer is going to make it much easier for you to figure out what influences them to buy and where they’re buying their products.
It is helpful to write a description of your perfect customer. You have to really figure out who are you going market to, who’s going to be your niche, your target and who you can identify with.
The more that you can provide this mental image of a person using your products, the better you’re going to be at defining your market. The description of your ideal customer should provide clues about where to find them.
Position Your Product
Figuring out where your target audience is, is the first step but you have to get your products in front of them. How do you market your products to them?
Invest in search engine optimization and blogging. These are great sources of generating and increasing leads.
SEO/SEM is extremely important today as a majority of people use search engines such as Google and Bing to find information online.
To do this properly, you must research on keywords. These are the specific phrases or words people in your target audience are using to find information about products.
You can also advertise on relevant blogs or connect directly with people who have similar platforms and ask them to recommend your products on their network.
Attract your target audience by providing value and education on what they’re searching for.
Building a reputation and being a credible expert in your industry improves your perception.
Best Target Marketing Strategies
Believe it or not, people actually want what you have and it’s just a matter of finding them.
Make use of the above-discussed target marketing strategies to find the right customers and increase sales. For more information, contact us.