Do you know the type of consumer who is inclined to buy your company’s products or services? This group, or groups, is considered your Target Market. They are the people who are interested in your offerings, and will most likely purchase them.
Why Define the Target Market?
If you cannot define your target market, then you will be unable to utilise the best marketing techniques to reach them. And if you are not reaching potential customers, you will surely go out of business due to your inability to make money.
Not to mention that you are throwing away your advertising budget and wasting your time on promotional marketing techniques that aren’t resulting in conversions. Your marketing efforts should be defined according to the wants and needs of your target market.
Defining your Target Market is one of the first things you should do before starting a business. It will help you decide if there are enough potential clients to warrant the expense (in both time and money). It will also aid the decision as to what products or services offer the most ROI.
Rather than limit your business, identifying your target market helps it grow. It is common sense to direct your marketing at those consumers who fit your profile; it merely increases your sales if you also reach those who don’t.
Defining Your Target Audience
Think about the various characteristics of your target audience. These can include physical characteristics, as well as geographic location, and personality traits. Their demographics are comprised of:
• Habits
• Hobbies
• Political affiliation
• Occupation
• Income
• Age
• Gender
• Ethnicity
Q:
How do you find out this information?
A:
Do your research!
If there is a similar bricks and mortar store located nearby, spend some time there and observe the type of customers who come in and make a purchase. Use the internet to locate previously compiled statistics. Consider joining a professional organisation that may offer this type of information to members. Participate in online groups related to your product or service.
From the information you have amassed you can create a customer profile. For example, if your business sells vegetable gardening supplies, then most likely your typical customer will be one who owns their own home, lives in an area where the houses have yards large enough for a garden, is interested in organic produce, and belongs to a local club or food co-op. They will typically be older (not teens) and possibly retired. Usually females are more interested in gardening than males.
Marketing To Your Targets – Or Not
In the above example of the gardening supply business, initial marketing efforts might focus on sending a sales brochure to a list of registered homeowners in a particular locale. You might join an online discussion group concerning vegetable growing or an organisation that promotes the health benefits of organic produce.
You may want to buy a list of email addresses obtained from a retirement association or senior citizens’ magazine. You will base keywords for an online campaign on the terms your target market will use to search for information, such as ‘weed control’, ‘natural pest control’, ‘gardening tips’, ‘growing bigger tomatoes’, etc.
If you already have a sizeable customer base, you could consider directing your marketing efforts at reaching those outside of your typical customer profile. You could focus on reaching men and making them more interested in gardening and its physical benefits. You could also try to reach a younger demographic by promoting ways to make vegetables taste good to children.
Until you know who is interested in your products or services, you cannot effectively sell to them. Instead of wasting time and money on promotions that do not work, define your Target Market, and then give them great customer support.
