How To Define Your Target Market
The biggest mistake of businesses big and small is trying to sell to everyone. While this might seem like the goal, this target is too broad to get the results you’re looking for. A successful business balances the promise to the customer to deliver value with its target market. A promise to everyone to deliver your specific product is too much to tackle. The most successful businesses understand that they must find their narrow market and cater their business to them. These are the steps to define and interact with your target market.
Do the research
The first step in finding your target market is asking who you want to sell to. Proper research and preparation allow you to narrow your market and find who your business appeals to the most. Ask yourself these questions when researching your audience:
Who will be interested in your products?
Where is your audience located?
What impression do they have of your brand?
What message about your brand would you like to convey?
How will you attract them to your products or services?
Who are your competitors?
After conducting this broad informal marketing analysis to the fullest of your ability, you can further narrow your search into a niche.
Find your Niche
There are two broad categories to sell to: consumers and businesses. For example, retail businesses like Walmart sell to consumers, while stores like Staples supply businesses. There are also businesses that cater to both, like tech companies that sell computers and electronics. Once you determine which type of customer you want to sell to, it is important to further narrow your interest. First, determine the geographic range that you wish to reach; you wouldn’t sell snowshoes to Floridians. Other demographics that are vital to know are age, gender, economic status, family situation, etc.
After you determine who you want to sell your product to, it is time to look introspectively. How economic is your product? Is it a luxury item, a service, or a necessity? Are there cheaper alternatives? If so, what does your product offer that these do not? Even look critically at your own product: what do people dislike about it? Looking critically at your work is the first step in improving your product while also narrowing your audience as a result.
Envision your audience
Once you have found who you are going to market to, you need to know why. Audiences are changing, fluid groups of individuals with their own opinions and morals. Does your product fit into the mindset of your target market? For example, customers who shop at a more upper-end grocery store, such as Whole Foods, might value organic produce over produced vegetables. Whole Foods, knowing their target market, provides this service, and may charge a bit extra for a superior product. Knowing the values of your customers is what persuades them subconsciously to side with your brand. This is also a good time to establish what makes your brand yours. What makes your brand unique? What does your brand believe in? Once you establish your goals, you can tailor them to meet your audience.
Once you have a firm grasp on your company’s values, emphasize value proportions. Distill the uses of your product to those who would use it most. If you create a laptop that is compact, it would likely appeal to students or business people who travel often. List your product’s core values and then eliminate marketing to those who don’t fit inside your core demographic.
Run the Diagnostics
When you know who, what, and why you are marketing to, give your product a test run. Gather survey data to gauge product interest. If this sounds daunting, it doesn’t have to. Skigital provides branding and identity services as well as market analysis, making the hard work easy. Our team of experienced digital designers also are experts in email and social media marketing. Test your product’s appeal with surveys via email blasts and newsletters, and let us compile the research for you. These methods also promote positive interaction with your product, which gives you more information on who to target when marketing later.
It was always building up to this. Once you have done your research, it is much less of a gamble to put your product out there. Just remember that even established brands need constant targeting. As your business grows and changes, remember the importance of targeted marketing. Look through Skigital’s comprehensive online marketing services and consider us to run your targeted marketing campaign.