You have spent long hours and at last, finished designing that killer product or service, but you are not done yet. The next step is to introduce your product to the audience. While your product or service may appeal to many people, it does not make sense to advertise to everybody. Your offering will have what is known as a target audience. What is a target audience? These are the potential customers who genuinely need the product or service you’re offering.
While it will require less effort to develop a generic marketing strategy for the masses, investing time and resources to research your target audience will help you get the most returns from your marketing strategy and social media efforts. Attaining the knowledge of whom to advertise your products to often leads to higher profit returns, and it entails systemic marketing efforts, instead of depending on blanket advertising. In this article, you’ll learn how to correctly identify your target market.
What is your primary audience?
Different products and services cater to the needs of many, however, they still have a primary audience. Ideally, a primary audience consists of those who gain massively, have the greatest need for those items or services and can purchase them on a regular basis. To identify your target audience, consider analysing the composition of your primary audience. For instance, for a bakery, a returning local consumer may be a source of business. However, the main target may be local cafés that buy desserts and bread in large quantities.
Listing the traits of your typical customer
Defining the characteristics of your everyday customer can also help you narrow down to your target market. These traits shouldn’t necessarily be personal ones and involve aspects like buying power, age, marital status, and geographical location. For example, the needs of a fresh university graduate who has only landed his or her first job will be different from those of a mother of two teenage children. More young women shop for clothes more than once in a month compared to older women. Likewise, millennial males spend twice as much on clothes as their non-millennial counterparts do.
From the business context of a clothing retailer, whether you are offering $10 shirts or $400 coats will lead you to very different target markets. Shirts that retail for $10 may be bought several times every year, whereas a $400 coat may be purchased only once. If you intend to sell $10 shirts, your target audience will be millennials who prefer larger varieties at affordable costs. If your offering is gender-specific, this can allow you to narrow your market immediately. Another filter is
range. With surfboards, advertising to octogenarians may lead to limited success. Your final filter could be income level. A customer buying a Kia model most likely has a different buying power compared to a person buying a Lexus. As you think about the filters described above, you’ll arrive at a more specific target audience.
What is the unique value of your product or service?
What value does your product or service
? Assume your company designs a baby stroller which can be folded into a compact, movable shape. What kinds of parents will appreciate this unique attribute? Well, possibly those parents with a tendency of travelling regularly. Perhaps you produce DSLR cameras that can survive falls onto rocks and water submersion. Your target market, in this case, would be outdoor enthusiasts or nature lovers. Assume you operate a house cleaning service. The service you provide is carrying out cleaning for persons who are busy or don’t like doing these chores themselves. High-income families, older people or families where everybody works are all prospective clients for your services. Depending on your offering, identify the core values provided by your product and distinguish demographic groups that emphasise these values.
Remember, not everybody is a target audience for your products and services. Get started with the help of a digital marketing agency to ensure you are working in the right direction. Concentrate your efforts on those consumers who are most likely to buy your product regularly and in large quantities instead of simply targetting everyone.