The process for identifying and reaching your true target market is crucial to the success of your business. Often, an entrepreneur will create a product or service based on a personal want or need for it. They assume others who share similar preferences will also desire the same product or service. This type of entrepreneur crafts their target marketing campaign around what speaks to them personally. This specific approach is not typically recommended as it tends to produce a mixed bag of results. A more careful tactic to effectively specify and reach your true target market involves thoughtfully answering the following questions, which are applicable to those launching a new business, those who’ve been around for decades, and everyone in between.
Who is making the purchase?
It’s important to be as specific as possible when it comes to identifying who is purchasing your products or services. For example, you may find yourself marketing to women in their 30s and 40s when their spouses are the ones making the purchase. Similarly, you may be marketing to high-school students when parents are the ones completing the transactions. Clarity is key in this instance because properly defining the people who purchase your products and services directly influences your marketing goals. You can closely analyze your sales data to confirm this information.
Who are you directing your messages to?
Examine your company’s existing messaging. If your messages are solely geared towards your perceived target market, then it’s likely they include personal biases. In this case, you’re unknowingly excluding other potential audiences. Therefore, you need to have a comprehensive understanding of who your target market is so your messaging caters to that entire audience. Remember, missed opportunities equates to missed sales.
What is your competition up to?
If you need further assistance with widening your customer base, consider looking up your competition. Evaluate their messaging, social media content, and company website, and ask yourself, are there any changes I can make to our content that would expand our target audience?
What tests can I run for surety?
There are several ways you can confirm if your company’s current target market is your true target market, including performing split testing and implementing targeted ads to study the response.
The better informed you are about your customers, and the more partial you are with your marketing, the more your business will thrive.