Identifying Your Target Market for Better Business Marketing
Target market is particular group of consumers at which business product or service is aimed. Well defined and objective target market is the first element towards effective marketing strategy. All business planning begins with determining target audience.
All strategies have a goal and the goal is to reach people that are potential customers, who require your business product. But, how would it work if you didn’t know who they are or where to find them? And if you target everyone you would end up losing more than half of your customers because it will simply no apply on them.
Targeting the right people makes it easy to read them and seek them with more focus and not more than relevant amount of effort and investment that will be required.
But, with more than 7 billion people around the world and thousands of small and big markets, how will you determine which is your ideal target audience?
That is exactly what we will discuss about.
Look into your company
Begin with self-defining before defining your target audience. Look internally at what your company will provide, what it expertise at, what knowledge you have that makes you stand out or what skills?
1) Are you better at convincing or advising?
2) Are you better at building relations?
3) Do you keep experimenting with software?
4) Do you have a unique knowledge of animal’s psychology?
What service or products can you come up with your areas of expertise? Now say if you turned out to be better at animal psychology, what will you have to offer that makes it your business product?
You may become an online pet psychologist
Your services might include animal training or veteran behaviorist.
You might as well consider becoming a blogger stating tips and tricks of animal understanding.
You might want to run courses based on your knowledge.
There are ample of options of what you would like to do. All you have to do is choose the right one and then go ahead with deciding who you will have to work for.
What do you have to offer?
Understand what problems will your knowledge let you solve. This will also give you an idea about who might be suffering from them.
Say if you choose to be a blogger, what all can you write about with your expertise? Do you have knowledge past the usual pet blogging about?
1) wild animals
2) stray animals
3) extinct ones or new breeds
And what will it comprise of?
1) How to’s
2) Listicles
3) Reviews on any latest information
4) Reaction to news
5) FAQs
6) Pose a question
7) Conflict and contrast posts
8) Myth busting
Who will gain from the value in your offer?
Once decided, you would know who would want it. Who will have the most to lose if not known to your given information? Who will face these problems the most?
1) Pet owners
2) Zookeepers
3) Veterinarians
4) Animal trainer technician and animal trainers
5) Pet groomers
6) Horse jockeys
7) Shelter workers, animal control and humane society volunteers
8) Wildlife Rehabilitators
This goes with any unique knowledge that you have, if there is a giver, there is a receiver. Determining what you have to give will determine who the right receiver is.
If you can validate that the cost of not solving the problems is greater than the cost of dealing with them, then your service becomes convincing.
Do not forget to take into account aspects like emotional disturbance, strain and the risk to repute when executing your solution, as well as cost. These are all the factors that make up the value in your contribution.
Think about your market
It’s always better to start with small markets. How will you determine them? Figure it out with your knowledge based on previous discussion.
1) Would you want to work with particular types of people - high net worth individuals, men, women, and so on?
2) In any particular geographical location – near your house, Australia, a place with more animal problem cases, and so on?
3) Around huge market sectors – NGO’s, National parks, reservoirs, and so on?
Remain customer oriented
As you refer your business plan and choose who you want your audience to be, remember that it is ultimately customer oriented. Don’t dwell on who you would want to sell to, think about who must be looking for the products and services you are offering.
Accordingly begin your market research for determining your potential market. Do both primary and secondary research.
While secondary research can be done on internet, reading statistics and facts. There are a lot of existing sources that can help you with information about your industry, its market, competition, and the broad potential customer you have already identified
For primary research, you would have to get to the ground, do surveys, conduct interviews and focus groups.
Focused customer profile
After having done the research, it is time for you to get more focused and narrowed customer profile of your potential market. Based on two main descriptions, you can easily narrow down your choice of customers to focus on, to work for.
1) Demographic information
? Age
? Location
? Gender
? Income
? Education
? Occupation
? Ethnicity
? Marital Status
For example the animal blogger will choose his customer based on their occupation, education and maybe even location, considering that animals in different areas differ on basis of breed and species. He might also consider income, if he is willing to be paid for the information.
He might work to blog for a third party like an NGO or awareness program, in which case his audience will first be the people who will hire him in future. In this case he will consider income and education.
Different goals will determine different choices.
2) Psychographic information
? Personality
? Attitudes
? Values
? Interests/hobbies
? Lifestyle
? Behavior
Within your customer demography, you’ll see vogue son thoughts, behaviors and values common in members of the market. While psycho graphic profiling can be complex to do since it will require you to engross yourself in the market’s inner psychology and develop an understanding and acquaintance with the target customer, it can begin with understanding what your brand/service personality is.
? Find out which websites they visit regularly
? Which are the social networks they most frequently check?
? Are they glued to their email?
? Are they addicted to apps?
? What is their taste in blogs? What do they read about often?
The information you assemble about your customers along with knowing where your audience hangs out online or how they use technology, will enable the delivery of your message to be effective and efficient.
Repeat
People’s taste change and so does their requirements. If you want to keep up with your business, you will need to keep up with the changing trend.
Even after identifying your target audience, perform the research regularly in order to stay conversant on market and industry trends and your competition. Observe how your customers change, grow and progress and in what directions.
Before you begin marketing to your potential customers, make sure you know how you are going to track sales, interactions, requests for information, and more. This will help you further to identify trends, patterns, and promising areas of expansion and amendment, which will persistently help your marketing determination sand goals as your business mellows.
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