When you first started your business you were probably thinking, “This product is great, everyone is going to use it!” In an ideal world this would be so, but it isn’t. Businesses must identify a “target audience” for their products and services to make the most of their marketing campaigns because realistically not everyone will purchase your product or services and not everyone is your ideal customer.
Choosing a Target Audience
A target audience is defined as a particular group of people a product, service, advertising campaign, etc., is aimed at. To identify the appropriate target audience for your business first take a look at your current customer base and answer these questions. Are most of your customers male or female? Are they in a certain age group? Do they live in cities or rural areas? Depending on the price point you offer you might need to look into the median income of your clients.
Next look at your competition. What does their customer base look like and who are they targeting? Gather all of the information you can about the people who are currently purchasing your product or your competitor’s product and the people you believe are most likely to make a purchase. Take note on every detail even the small ones that you think might not matter i.e. customers that live near bodies of water, customers that own livestock, or customers that own homes.
Narrowing Your Target Audience
Now that you have information on current customers and potential customers you must narrow down your audience. Most businesses can’t afford to target everyone so it important to adjust your marketing efforts to target a niche market. For example, it is too broad to say, “I’m targeting females” or “I’m targeting vehicle-owners.” You can narrow down your audience by deciding who is most likely to purchase your product or service. So maybe your target audience is females between the ages of 20-30, who live in a household that earns over 50K a year. Or your target audience is vehicle owners that live in colder climates in cities with less than a 200K population.
Focusing on a niche market won’t exclude people who don’t match the criteria for your target but will allow you to focus your ad campaigns, marketing message and branding towards the people who are more likely to buy. This marketing technique is going to save your company money and help you become more effective in reaching potential customers. Reaching the right customers will then increase your revenue.
Once you have chosen your target audience and narrowed it down to a niche market keep that person in mind with every business move you make. All of your social media and website content should be aimed at this person/group of people. All of your ad campaigns should reach this audience and all of your branding should be geared towards the needs of your target audience. Your marketing efforts will become much more efficient if you narrow down your audience.
I know it can be tough navigating the waters of Marketing and that’s why I have created my Monthly Success Guide just for you! See how this guide can help keep you on track and moving forward.
What does your target audience look like? Leave a comment below!