Tips On Identifying Your Target Market
Identifying your target market will help you focus your marketing on a more refined audience. A company’s marketing budget is ideally between 5-30 percent of the company’s total revenue depending on the size of the business; when advertising isn’t correctly targeted at the right audience, you have wasted budgets.
In other to accurately identify your market, you first have to understand that your consumers and your customers are sometimes different people. Your customers are those who buy your product while your consumers are those who use your product. Without properly identifying your target market, you can advertise to your consumers, all you want, and still make a few sales. You can run toy ads to kids on Nickelodeon but if they are not the ones cutting the check, forget it.
This article will help you identify your ideal customers and consumers, and help you tell the two apart for better marketing.
The Difference Between Your Consumer And Your Customer
Who are the consumers of baby diapers? Babies. But are they your customers? Certainly not. A baby won’t patronize you, but they are the ones who use your product. Your consumers are the parents who buy your product for their kids. This is a general misconception about customers and consumers that affects company marketing.
How To Identify Your Ideal Target Market
When identifying your ideal market, your greatest asset is objective data. Don’t assume anything, gather accurate data to guide your decisions. Data can be generated from a variety of sources. The ideal route is through surveys. You can contact a marketing firm to help you gather preliminary data from a wide range of individuals.
The aim is to know the group and subgroup of people who interact with your products the most: their age, spending habits, location, and interest. If you are a B2B business, your choices will be completely different. You will want to know the size of your current customers, who in the firm makes the buying decisions, and who in the firm you are marketing to.
NB: B2B Businesses are businesses who their customers are other businesses and not everyday consumers.
Use Website and Social Media Analytic Tools
Knowing where your customers are coming from, how long they spend on a particular web page, and what they interact with will also help make objective decisions regarding identifying your target audience. Tools such as Google Analytics will help you find all the information regarding your website visitors for free. You simply need to incorporate it into your website and monitor your traffics from the analytics account. For social media, there are several tools for each platform. You can choose one from the vast options out there.
Be Clear About Your The Value of Your Product/Service
When creating content for your website, social media, and even promotional content, be clear about the benefits of your products or services. This will help you filter through people that aren’t interested in what you have to offer, and those who need more push.
If you don’t already have a clear list of the benefits of your product, it’s time to start brainstorming. As you create your benefit statements, you’ll also automatically be stating some necessary information about your target demographic.
Create Target Audience Statements
After harvesting data about your audience, you should have a clear idea of who they are and what they do. This is the stage where you speak to them directly through a clear audience statement. For a photography business based in Texas which specializes in wedding photography, your audience statement would be something like “Weddings are once in a lifetime, have your special day captured on the bell tower by the 34th or any other event center in Texas”. This tells anyone who sees this ad that you are a wedding photographer, and you are based in Texas. You can optimize it further into mentioning the exact city you want your business to focus on.
Use Facebook and Instagram Targeting
Facebook and Instagram offer ad targeting for those who aren’t sure about their audience when using their Ads. You can take advantage of the capabilities in identifying your target market. Using social media analytic tools, you will have better control over defining the audience that these ads bring you.