Who is your target market?
As a business owner, you need to fully understand who you are selling to. Your target market is a segment of the market that most closely matches the need for your product or services. It is the key to seeking and attracting new business as it allows you to aim your marketing efforts to the specific clients who need it, making your efforts more cost-effective, and focused. But how can you understand who your target market is?
The first step at understanding who your target market is is making an in-depth analysis of who your business is. What problem does your business solve? Is your product or service better, faster, or perhaps easier for the consumer as opposed to your competition? Brainstorm a list of the benefits your product or service offers.
Once you have defined who your business is, you need to gather information about your clientele. You need to have a deep understanding of who needs your product or service. You can start by analyzing your followers or previous clientele. It may also serve you well to analyze the same of your competition. This can be done by creating a market segmentation of your clientele. Market segmentation is the process of dividing your target market into smaller more niche categories. It segments your clients into groups that share similar measurable demographics such as age, location, gender, income level, language, marital status, education, interests, spending power, size of the business, stage of life, etc.
Market Segmentation is important because if you operate a top-notch chauffeur service, you want to target market a clientele who have high spending power. Whereas if you operate a coffee shop you most likely want to target market your approximate location within a couple of miles radius. The key objective is: Deeply understanding who your clientele currently is and who you want your future clientele to be.
Now, how can you gather the information in the first place? There are many ways that you can obtain information for your analysis. You can begin by analyzing who your top clients are and what market segmentation they fall upon, you can also put Google Analytics to good use as well as all the other social media platforms analytics, LinkedIn, etc. If you’re only starting and you need some guidance on how to grow in your area a good idea is to research your competition, what makes them different? How have they grown? What marketing mistakes have they made and how can you learn from them?
Once you have completed your analysis you will have a clear understanding of who you are selling to, what demographics your advertising should be targeting, and where to move on from this point. The end goal is to create focused content and adds to reach out to the audience that will most likely turn into your customers.
If you need help defining your target market, segmenting your market, or creating targeted advertising campaigns reach out to us Milk and Miel Marketing, we are happy to help!