The Fundamentals of Target Marketing
Just because you build it, doesn’t mean they will come.
The purpose of target marketing is to analyze and understand prospective customers. The best way to do this is research their interests, hobbies and needs. Marketers should align their message and budget to a specific market segment that will optimize leads.
Target marketing should be unique to each company. It allows a brand to differentiate itself and make a bigger impact. Identifying your target market should be one of the first steps in business planning. Gathering this information should be an ongoing process to keep up with the latest trends.
Identify a problem and offer the solution. It’s important to put yourself in the customer’s shoes in order to make hypotheses about consumer behavior. Creating a detailed buyer persona is the best approach to target marketing. Having a deep knowledge for your ideal customer allows you to segment them into a more defined audience. Don’t assume the details for your prospective customer when creating a buyer persona. Using real data and hard facts is the best method to being successful.
Target Market Research
Breakthroughs in technology have made researching demographics and psychographics more affordable and convenient.
One effective way to research your target market is setup social media profiles. Creating valuable content will catch the attention of prospective customers. Once you build a follower base, your target audience becomes more clear. Most social sites provide a free demographic report of your followers. Posting the right content builds trust with followers which leads to a stronger customer relationship. It establishes credibility and authority in the respective industry.
Evaluating sales data is another strategy to gain insight on your target market. One way to do this is analyzing your inventory history. Ask yourself questions like: What product achieves the most sales? When does traffic get the busiest? Are there any noticeable trends? Where does majority of sales come from? Being able to answer these questions aims you in the right direction to identify your target market and what they are looking for.
The best way to gather data is simply asking your customers. Conducting interviews with current and former customers allows more detailed questions to be asked and the response rate is much higher. People tend to be more honest in their answers when they have to speak. Being active in a discussion group related to your niche is another way to understand prospects. Answering someone’s question that demonstrates your expertise will generate more leads to your business.
What You Should Know About Target Audience
- Gender – Believe it or not, gender plays an important role in deciding your target audience. It’s important to figure out which products do best with the corresponding gender.
- Age – Narrowing down the age group is critical because each generation has a different purchasing behavior. Targeting 18-50 year olds is too broad. Keeping the range within 15 years is ideal.
- Interests and Hobbies – One of the best ways to connect with people is sharing interests with them. If you share valuable information relating to a customer’s interest, there’s a better chance you’ll get their business.
- Geography – This allows you to figure out how accessible a customer is to your business. People who live in the city may have a different purchasing behavior than someone who lives in the suburbs. People may want to shop nearby or feel comfortable ordering online.
- Income – It’s critical to understand where your product/service fits in your customer’s lifestyle and how likely they are able to afford it.