If you have a company, business or venture, it is very important that you define your target market because you simply cannot speak to everyone. Keep in mind that if you try too hard, you do too little, and even if you think that your product or service can serve everyone, ask yourself again because that is not the case.
Keep in mind that the more specific you are, the more opportunities you have to communicate with the right audience that has a genuine interest in your product or service and in the same way make your brand stand out in digital media .
Keep in mind that there are several variables that marketing experts use and that you can use to determine your target market.
In this article we are going to talk about these variables, as well as examples and strategies that you can create with your target market.
What is the target market?
The target market in a business refers to a specific segment of consumers to whom the company wants to sell its products or services. Keep in mind that these are the people you want to direct your marketing efforts to.
When you are clear about who your target market is and define it, you can make informed decisions regarding your marketing and communication. This is because you can now use your efforts and resources in a well-directed way and you will not only be saving time but also money and human capital.
How to define a target market?
It is not feasible to want to reach everyone with our product or service due to the high level of competition and our resources, which as entrepreneurs, are still limited. In addition, wanting to reach everyone prevents you from having a good digital presence for your business .
Keep in mind that when you're still a small business, the way you can compete with big companies is by knowing who you're targeting. Finding that market that no one else is addressing and knowing how to target them with your marketing efforts.
To define your target market you can take into account the following:
Be clear about market segmentation factors. This refers to demographics, geographic data, psychographics and behavioral patterns.
Identify your Unique Value Proposition (USP) because this is what will differentiate you from the competition and why your customers will prefer you over others who do the same as you.
Analyze your customers and your competitors'. If they've been in the market for a while and have their own customers, you can start analyzing them to define your target market. It works the same way with your competitors. Who are they directing their marketing efforts to? Who are they selling their products and services to?
Start with a Minimum Viable Product . This means that you can launch a product and test it to get as much feedback as possible from your potential customers.
What are the factors to define your target market?
To define your target market you can take into account the following factors:
Who are your current customers and why do they buy from you?
Look at who your current customers are and analyze and research why they buy from you and not from the competition. Also, find out what their common characteristics are as well as their interests.
Chances are, more people like your current customers will benefit you the most when building a target market.
Analyze your competition
Who are your competitors reaching? Ideally, you don't just select the same target market, but find the target market they are overlooking.
Analyze your products and services
Write a list of the products and services you offer and also write down what their benefits are, including the benefits of those benefits so that you can derive your unique value proposition from there.
For example, one of our services is high-quality corporate branding and the benefit is that the company that hires our service will have a professional image. The benefit of having a professional image is to attract more clients because the brand now looks trustworthy, and if more clients arrive, it is much more likely that there will be more sales.
Once you have listed the benefits of your products and services, then make a list of the people whose services might benefit. If you are thinking of a very general market, this is a good start. From there, you can go on to define the demographics and psychographics to define a much more specific target market.
Determine the demographic
Figure out who needs your product or service and also think about who is most likely to buy from you. To start brainstorming, consider the following factors:
Age and gender
When you are creating your products or services, you most likely have an idea of what age and gender groups you want to attract. In addition, the products may well have been developed to meet the needs of a particular age group.
For example, a women's clothing store will target their marketing efforts at women, while a men's plus size store will target their efforts at larger men. Another example regarding age is a life insurance company targeting older people while a video game store targets younger people.
Potential client as target market
Income
When creating your target market, you should also consider the income of potential customers. For example, a retail store with affordable products does not want its target market to earn too much, while a luxury store wants to reach people who have the money to buy.
In the same way you can take into account social status, marital status, among other characteristics.
Determines the psychographic side and behaviors
Psychographics and behavior are the most essential factors in a person so you should include the following when defining your target market.
Lifestyle
Lifestyle generally refers to people's tastes, hobbies and interests. For example, a vegan food store is aimed at people who have a vegan lifestyle or stores that sell gluten-free products are aimed at people with celiac disease or gluten allergies.
Consider the lifestyle of the people who will make up your target market.
Purchase cycle
The buying cycle refers to the stages that a consumer will go through before argentina mobile phone numbers database making a purchase. Having a clear understanding of the buying cycle of your target market will help you define it better.
Personality
Attitudes
Values
Interests and hobbies
Behavior
It is important to determine how your product or service will fit into the lifestyle of your target market and how and when this target market will use your product and service.
Lifestyle of the potential client
How to analyze the target market?
You must ask 5 essential questions to continue building your target market:
Who: Start by asking yourself who is going to buy your product or service, whether they are children, teenagers or adults or whether they are men or women.
What: What types of products and services does your target market consume? What do they expect from them? Does your product fit their requirements and what they need?
When: When do they buy the product? How often do they buy it? Do they buy it daily or rarely? How often do they use the product?