No more beating the air: Targeting your market right
With the current economic climate having a well structured target market is more important than ever. It is not possible to target everyone however small businesses can be effective by targeting specialized markets.
A niche market does not mean you have to exclude potential consumers. By identifying your market and brand message allows you to concentrate on a much more efficient and effective way to reach your target market and generate more business.
For example, a car company could target consumers between the ages of 30 to 55 with an average income of €150,000 within the Dublin area. They could even define the market to those who are interested in BMW’s. Then again it could be split into two groups, business oriented and families with 2 children or more.
Now you have defined your audience it is so much easier to define your target market.
What is your Customer Base
Ask yourself who are your current customers? What do they have in common and which ones bring in the most revenue. If you target like minded people they could increase your customer base. To increase your current customers revenue, up-selling or promotions will keep them interested and engaging.
Check Out the Competition
When you set up your marketing strategy you would have researched who your competitors were and where there was a gap in the market and how you filled that niche. Now you can keep your eye on them by doing a keyword search relating to your industry. By seeing how they are performing with their services, products and marketing strategies, you can improve your own version and see what works for you.
Analyze Your Products & Services
It is beneficial to keep abreast of your products and services to make sure they are still fresh and appealing to your core customer base.
List all of your services and products and note what benefits they bring and how they are performing. For example is your sales team providing a first class service and are they contributing to the growth of the company?
This will benefit the company image and attract more customers, as they will perceive the company to be professional and trustworthy.
Once the benefits have been listed you can make a list of people who can gain from these benefits, thus making more money.
Psychographics of Your Target Audience
These are the more detailed areas of your target audience including:
- Interests / Hobbies
By analyzing these traits you can decide which service will fit into your targets lifestyle and when will they use these services What will be attractive to your target market and what media format will they turn to gain the relevant information. For example what newspaper do they read, will they search online or attend events related to your industry.
Now that you have narrowed down your target markets personality you need to see what is important to them. Create a storyline around your customers personality and ask yourself what motivates them to use your services.
Obviously the more facts you acquire through research the more detailed your target audience will be. This will determine your market and drive sales to your website and solidify your target market.
Targeting your market is a constant task and in order to do this it needs to be reviewed on a regular basis so that you can continue to engage with your target audience.