Earlier this month, I published a video on target marketing on my YouTube Channel.
I chose to discuss that topic because being a marketing mom,I have been consulted many times by people regarding the subject. My heart goes out to the working moms and “mompreneurs” who have approached me saying, “Hilary, I have this awesome product or service but nobody ever wants it. What am I doing wrong?”
Ask any successful marketer or entrepreneur and they will tell you that every successful business endeavor starts with a need, pain, or problem.
Once you find a problem or need, provide a solution. That’s how it works! Marketing and business professionals who have made a name for themselves — provide the solution to a need, pain, or problem felt by a specific group of people.
Defining your target market is vital to the long-term success of your business. Knowing your customer is the strong foundation you will have to build your business on.
By knowing your target market, you are focusing your marketing efforts on the people who will actually buy your product or pay for the services that you offer.
This is especially important for those who are just starting out, because no matter how big you think your capital is, you can’t not have a core target market.
You can’t afford to target just about everyone. Your have to have a niche market in mind, or risk setting yourself up for failure.
Having a well-defined target market makes it easier for your develop your marketing pitch and strategies. And by doing so, you will be able to reach out to more potential clients and turn them into actual paying customers.
For example, if you are selling anti-aging skin care products and supplements, do not reach out to teenagers or people who still have supple, clear skin.
Target men and women in their 40s to 50s, because that’s the time when their skin care woes and problems are magnified.
This specific demographic will have a genuine interest in anti-wrinkle creams and other rejuvenating topical treatments.
They worry about their fine lines, crow’s feet, and brown spots and will most likely spend on solutions to prevent the skin problems from worsening.
By having a clearly defined target market, it will be easier for you to devise marketing strategies hinged on a sound marketing plan. Here’s how you can define the right target market for your business.
1. Know the pain, problem, or need your product or service is aiming to address.
As I have emphasized, every successful business starts with a pain point.
Knowing your target market begins with the problem you have identified.
If you have identified the problem, you can start determining who are the people that are affected by the said problem.
I think in my video I drilled this point home that you should never forget it.
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2. Identify your potential customer.
Once you have clearly defined the problem you are providing a solution for, your next task is to identify your potential customer.
And how do you do this? First, you have to analyze your current set of customers.
Look for commonalities in terms of buying habits, characteristics, background, and interest. Which among your customers bring you more revenues?
Another way to find potential customers is to look into which demographics the competition is targeting because you might have overlooked a niche market or are targeting the wrong market.
Just a word of caution, do not copy what your competition does.
Analyze the information you gathered and use your findings when you assess your current marketing plan or when you formulate a new one.
3. Zero in on specific demographics.
Like I mentioned, you can’t just target everyone who might be interested. You need to know who will benefit from your product or service. These are the people who will purchase your product or hire your services repeatedly.
When determining your target demographics, consider age, location, level of income, gender, educational attainment, marital status, employment status, occupation, industry, hobbies and interests, attitudes and values, general lifestyle, and ethnicity. All these factors are important in determining your target market.
Knowing your target demographics is important because you want to make sure that your product or service is something that your target needs, is interested in, fits his or her lifestyle, and congruent with his or her personal beliefs and values. This is where social media can help you greatly!
4. Evaluate your identified target market.
So you have determined your target market, what’s next? You need to evaluate what you came up with regularly. Ask yourself if you were able to reach out to your target market effectively. What strategies resonated with the demographics you targeted? Did your target market purchase your product or avail of your services? What’s the profile of your repeat customers?
Identifying your target market can be quite challenging. But with diligence, hard work, and guidance coming from the right direction, it is doable. Invest your time, efforts, and money wisely by having a clearly defined target market for your product or service.
And remember you target market may change as you grow and develop in your business, so consistently going back to the drawing board is also very critical.
If you are struggling with your business and need an expert to help you develop marketing strategies that are aligned with your business goals, join me for a free coaching and strategy session. What I will be sharing with you during the free coaching session is marketing gold so waste no time and sign up for up for your free appointment!