8 Ways To Identify Your Best Target Market
Whether you have a small business or a big brand, selling website templates, for example, understanding your customers is a must if you want to achieve your marketing goals.
As a business, you should be able to identify the specific audience that you are selling to. This is your target market.
It’s probably easier using general advertising or even digital marketing to promote your new product; however, the fact is that you can’t sell your product to everyone.
Devoting yourself to a more targeted audience can greatly help you achieve your marketing goals and result in higher returns.
This is because it helps you concentrate your efforts where they are most likely to have an impact and yield results.
If you have a business, despite how small it may be, doing some research on your customers can really help you narrow down your target market and perhaps market your business effectively.
Follow these steps to help you find and market to your target audience.
1. Identify and analyze your current audience
Finding out who your current customers are is a big step towards starting to learn more about your products and who will buy them. This information will help you in finding people with the same interests.
Some of the reasons why identifying your target market is important include:
- You will know where to get them
- How they choose and compare products similar to yours
- How they think about the services you offer so you are able to tailor your products to suit them
- You will know how your product affects them and how it improves their lives
- What they don’t want (things you should avoid)
You can gather as much information as you can including their age, gender, occupation and many demographics. But what if you don’t know who your customers are? If that’s the case with you, you might need to do some research:
Use Analytic tools
These tools will help you know who is visiting your websites and online profiles. Though many sites offer their own analytic tools, you can use the Google Analytics tool to analyze your own website. It will help you to know:
- Where the best converting traffic is coming from
- What is your best performing content
- What are your best converting keywords
- The best converting landing pages
- Which channels perform best if yours is an eCommerce business
Talk to people
You can also go out and start talking to real people and businesses. Observe them carefully and try to learn as much as you can about them in their natural habitat.
Survey your customers
When you survey your existing customers, you want to know how and why they buy your products or services. This is most effective when you use the last 20 to 100 customers who you are sure haven’t forgotten their purchases.
2. Analyze the product or service you are marketing
Taking a closer look at the product you are selling can help you learn a lot about your customers.
For people to buy your products or services, you have to make sure that it will solve their problems.
You can find out the benefits of what you are selling, how it can be important to your customers and when they are likely to need it most. You need to be specific enough when identifying the problems your product solves.
When you come up with this information, you are able to know the type of people likely to be your customers — your target market.
3. Look internally at your company
You should never forget about your marketing team and other departments in your organization. Your sales team probably has a good insight on who they will be targeting and therefore, they can be of help in creating a perfect customer profile.
Looking at your business will also help you know if there is a particular area of your expertise, whether you have a unique knowledge of a particular market, and if you are good at getting along with a particular group of people.
4. Develop your customer profile
After you have conducted your market research, you can try to complete a profile of your ideal potential customer.
In this profile, you should include their demographic and psychographic information.
If you have different products and services, remember to include a different profile for each of them.
5. Review and refine your message
Now that you have understood your audience, you can take the key steps to fine tune your products for each of your target market profiles. When you have an insight on this, you’ll have a clearer view of your most relevant target audience.
6. Locate your target market
As you begin to get to know your potential audience, you now have to find out where they are. The best place to find them is where they spend time.
Social networks can be of great help since different groups of people tend to use different social networks. Try to find the topics that interest them and the current trends. You should find out how much time they spend listening to radio, watching, surfing the net and whether they prefer shopping online.
Social media tools such as Followerwonk can help you learn more about your target audience.
7. Use your competitors and know their customers
This can help you a lot especially if you don’t have a well established brand.
You should find out if your competitors have been able to attract a specific audience successfully.
If so, start trying to understand their marketing strategies and also the strategies they use on social media.
You can achieve this by looking at their social media accounts, viewing their profiles, their followers’ comments which may even reveal to you the market gaps.
You can use a tool like the DoubleClick AdPlanner which will help you see the demographic data of your competitor’s website like their list of audience’s interests and related sites they visit.
8. Market to your customers’ values
Now that you have researched on your target audience, start making marketing campaigns that appeal to them. You can use the data that you have acquired to divide your target customer into different niches and ensure that each niche gets the information relevant to them.
Ensure that you communicate with them and that the information reaches them through well-designed websites, social media and by sending out tailored promotions.