Defining Your Target Market
Written by Courtney Raguso, Social Media Content Creator
What’s a Target Market?
A target market is a specific group of consumers at which a product or service is aimed. In other words, it’s the group of people that would be most interested in investing their money into your brand. This is the audience you will revolve your marketing strategies around because after all, those are the people you designed the product offering for. A target audience is not something that you can just guess and get right. One of the biggest mistakes you can make is to try to appeal and market to everyone. Not everyone is interested in your product, nor is your product relevant to everyone. Just like with a game of darts, if your aim is good enough, you’ll get a bull’s eye. By blindly investing in a very broad audience, you’ll end up wasting both time and money, and it’ll be very hard to find what’s working and what’s not. When determining your target market, you will have to consider many factors including your own brand’s attributes, your competitors, and audience. It takes a lot of research, trial, and error, but once you nail your audience, you can start really personalizing the customer experience and start gaining loyal customers.
Defining Your Target Market
You’ll first want to look into your own brand and analyze what it is that you offer. What need does your product or service do for people? Are there any problems or pain points it solves? Who would benefit most from your product or service? These are all questions you should be asking yourself. It’s important to self-reflect, but it’s also just as important to channel the consumer’s mind. How do they see your brand? Consider looking into your existing customers. Focus on what motivates them to buy from your brand and engage with them online. Ask for customer reviews, but be prepared for both good and bad reviews. Many business owners fear negative feedback, however, it is something you can use to your advantage to learn how you can improve your product. Try to have a good understanding of both your current and past buyers as well as their characteristics and demographics. You can also gather data from email marketing, your website and social media channels to find information to help you better target your market. In fact, there is a chance that you might come to realize that the consumers you have been targeting were the wrong ones this whole time, but you won’t know until you start digging.
After you analyze everything internally, now it’s time to look at your competitors. Analyze their customer base, what they post, their website and product. Doing this will give you an idea of where you might stand. Maybe you’re doing better than you thought, maybe you are really falling behind your competition and are getting lost in the noise. You won’t know unless you perform an analysis. One common type of analysis that’s typically performed in these situations is a SWOT Analysis, which is an acronym for Strengths, Weaknesses, Opportunities, and Threats. When you compare your brand and its performance to others, you should focus on these components. Look at what they might be missing, as well as if there’s anything you might be too. Look for inspiration and see what could work for your brand, but do not copy others. It’s a very bad look for your brand and will probably not work out as you intended it to. Remember, every brand is unique, including yours, and what might work for one brand might not work for another.
Now that you have gathered as much data as possible, it’s time to choose criteria to segment. There are many variables you can break down including by demographic, geographic, physiological and behavioral factors. This can be done through the process of market segmentation, where you divide consumers into different groups based on their commonalities. If you want to go even deeper, you can channel their buyer personas to help gain insight into their needs, desires, and lifestyles. You can do this by writing down the different qualities that make up your ideal customer which will help you understand and define who they are. Lastly, you’ll have to keep researching and refining your strategy. Like we said before, this isn’t an overnight process and takes time to evolve. Staying up to date is important because consumer behavior and technology are always changing. Trends come and go and attitudes are constantly in motion, so keep up to date with your knowledge. As you continue to conduct research and refine your strategy, your target market will start to narrow and become more clear. Based on your results, you might have to make some changes and veer into new territory, but that’s all part of the game in marketing. The bottom line here is to focus on bringing value to your brand and to have it resonate with your audience. If you are feeling a bit uneasy about this whole thing, we’re here to help!
At MSM DesignZ, we put in the time and energy needed for success, so you can ensure you are using every dollar for maximum return. With over 20 years in the business, we have watched marketing evolve from traditional to digital. Whether you need a website refresh, more attractive email, or a quality online presence, we can do it all. When we take on a client, we put in 110% and treat every brand as if it’s our own. We will always continue to place our clients’ needs at the heart of our operations. From web development to social media management, we’ll work directly with you to build a personalized strategy to not only retain but also gain business. We are assisting in all areas for our clients. Visit our contact page at https://www.msmdesignz.com/contact/, and we’ll work with you to devise a custom plan that will keep your brand alive and well. We look forward to working with you!