Finding Your Target Market
A target market is defined as “a particular group of consumers that a business aims to sell to”.
These individuals have a high interest or need for your product or service. As a business owner, it’s important that you have a strong understanding of who your target market is. If you aim to sell your products/services to everyone and anyone then you won’t get the results you’re looking for.
When you aim for a niche audience (this being your target market), the stronger your marketing and sales results will be, overall increasing your ROI. If you’re not sure of how to develop a target market, we’ve come up with strategies that can help you.
First off, analyze those who are loyal to your business and shop frequently. You can do this by building a relationship with them. You can also find this information through marketing efforts like Instagram, Facebook, and LinkedIn. These platforms all provide data on the individuals who view your page and categorize it for you into segments. These segments include:
Demographic- This relates to their gender, age, sex, and race.
Psychographic- Refers to their habits and thought process when shopping, such as where they shop, how they shop (in-store or mobile), and when they shop.
Geographic- This defines the location, such as where they live, spend most of their time, and where they work.
If you’re a business that works with other businesses, this information will be differ, but you can consider other factors such as how long has the business been around, how many employees are there, and who in the business are you looking to target?
After analyzing your customers and those of your competitors. How are both audiences similar and/or how are they different? Knowing this information will allow you to improve your brand strategy, values, and form a target audience when implementing marketing campaigns.