You have a business because of an idea. You want to see the idea continue to grow, so who are you directing your business strategies towards?
Knowing your target market is the difference between huge success within your business and a good idea without direction. If business owners cannot describe how their ideal consumer thinks, acts, looks, decides, eats, sleeps, and breathes, they have not done their homework and aren’t maximizing their potential success.
It may seem like a lot of work, but no one can afford to target everyone, so learning to target the right people at the right time is critical. As Inc. notes, “Targeting a specific market does not mean that you are excluding people who do not fit your criteria. Rather, target marketing allows you to focus your marketing dollars and brand message on a specific market that is more likely to buy from you than other markets.”
So, how exactly do you go about defining and delivering to your target market? Here are some helpful hints:
Do some internal reflection.
What are some things your business is doing really well at right now? Who seems to be engaging with the company and providing feedback? Are there areas where you feel need a little more attention? Knowing where you are versus where you want to be is a great first step in catalyzing change.
See what else is out there.
Checking out the competition, or just similar businesses, is a very effective way to compare and contrast. This allows you to evaluate your strengths compared to others, as well as brainstorm possible things to improve on or add to your business.
Define your unique characteristics.
What products or services do you offer? Try making a list of what your business specifically does. Then, think about who or what kind of person would need or want these services.
Making a list of specific demographics and psychographics that align with your business’ services makes it much easier to simplify your search for a target market. Some demographic factors include:
- Income level
While some psychographic factors could be:
The important piece to think about is understanding how your customers think. If you can do that, you will then understand how to successfully reach them to keep them coming back for more.
After you’ve gathered a well-thought out list of your target market, ask yourself if it’s realistic. Do you have a substantial number of people who are a good fit? Will they benefit from my services? Do I truly understand how to reach them?
Re-evaluating a huge part of your business such as the target market can seem a bit overwhelming and maybe even complicated. It’s not something to be done overnight – it takes time and strategy.
A. Victoria MAE specializes in business growth strategies such as marketing and public relations. We make it easy to help you define your sunshine and make your ideas happen. For more information and ways to define your target market, contact A. Victoria MAE today! #MakeIdeasHappen