It’s not as simple as hoping for a particular demographic to be your target market or predicting who your customers are. There’s a lot more work involved than simply putting up a banner announcing your new product or service on a website and hoping that the “right people” see it.
As you begin to determine your target market, there are a few ways that you can do it effectively.
4 Ways You Can Determine Your Target Market
1. Analyze What You Have to Offer
Consider the issues your goods and services address and the specific audience to which they are directed. For example, landscaping businesses can target homeowners that have lawns and can afford to spend money for someone else to take care of it for them if they don’t have the time or energy to do so themselves.
Adults with challenging occupations and children would be an excellent fit for your service in that case because they don’t have the time and interest in lawn mowing but want it to look nice. Just consider the consequences of your decision before making a final one.
Once you’ve chosen a target demographic, ask yourself the following questions:
- Is there a large enough pool of candidates who need/could use my product/service?
- Is my product/service going to be beneficial to my intended audience? If so, will it be welcomed?
- Do I know what motivates my prospect to make a particular choice?
- Is my product/service affordable for them?
- Is my message able to get through to them? Is it easy to get to them?
Don’t go too far in breaking down your intended demographic! Keep in mind that you have the option to target more than one specific niche market. However, your marketing message may need to change depending on the type of audience you’re targeting.
Your market has been broken down too far if the identical message is effective in both areas. It’s also possible that you might reconsider your target market if you find that only 50 persons meet all of your requirements. There is a delicate balancing act that must be accomplished to succeed when choosing a target market.
Inquiring minds may be wondering, “How then do I find all this data?”. You can do an Internet search to see what other people have found out about your subject. Use the Internet to find articles that are relevant to your target audience and your industry.
People in your target audience are likely to share their thoughts on blogs and forums. Do some research or think about conducting your own primary research. Ask for feedback from your present consumers.
2. Examine Psychographics in Addition to Demographics
Demographics, as previously said, describes the more exterior, baseline characteristics such as age, gender, educational levels, ethnic background, and marriage and family status. On the other hand, psychographics segmentation provides a more in-depth look into people’s behaviours, values, personalities, lifestyles, and socioeconomic status. To acquire a complete picture of your target audience, you must consider both demographics and psychographic.
3. Analyze Your Competitors Using SWOT Analysis
You can learn about your competitors’ strengths and weaknesses by performing a SWOT (strengths, weaknesses, opportunities, and threats) analysis. Who are the companies that provide similar goods and services? How much are their goods and services? So, what exactly are they doing that your business is not? Use this data to determine how you can better provide to your intended market.
4. Using Your SWOT Analysis As a Guide
Once your analysis is complete, put your data to work. Using the data, you can determine the type of competitive strategy you want to have. Just be sure that you are consistent with whatever strategy you choose and that it fits your target market.
You also need to choose the best way to market your goods and services to your target market. Text marketing, or SMS marketing, may be beneficial if your target market demographic consists of millennials or members of Gen Z. Choose a reputable SMS software if you choose to use such marketing.
Successfully selecting a target market can be a challenging endeavour. However, using these above tips can help you more effectively determine who your target market is.
Author: Amy Sloane
Amy Sloane is an alum of Oregon State University where she studied marketing and business. She spends her free time writing and is a knitting enthusiast. Amy loves reading, cooking and spending time with her dog, Molly. You can follow Amy on Twitter to read her latest blogs!