Identifying Your Target Market
Have you recently launched a new product or website? Have you identified your target market? This can be a frustrating task, but you want to make sure you get it right, as targeting the right audience is the most important goal.
Let’s say you are selling bananas and not attracting any monkeys? This will make or break your banana business. You will ask yourself, what are you doing wrong, monkey’s love bananas! Another example would be putting a fine-dining restaurant with an expensive menu in the middle of a low-income housing area. When launching, there are many different aspects to consider when you are identifying your actual target market.
What does it mean to identify your target market? This is truly one of the most important tasks for your marketing team, it’s the foundation of all elements of your strategy. From how you name your product or services to the channels you promote them through. Your target audience is the group of consumers who understand your product or service, they will be the target group of purchasing. You will want to know where your business will thrive so you can dominate.
What is your target audience?
The best place to start in this process is to decide who you want to reach with your products. For example, is your target a group of young moms or a group of older moms? These are crucial points that could eventually make or break your business. It is worth spending money to identify who your product will sell its best to? Yes! You can conduct small market research within your company for a small cost.
Overall, your target audience is the group most likely to purchase. Once you understand your audience, you will be able to direct your marketing advertisements and efforts to your specific targeted audience, which will increase your success.
How do you find your target audience?
Everyone knows that your customers are not going to find you on their own. Most products are found through advertisements and word of mouth. You need to find a way to reach out to your target audience and catch their attention. There may be 101 products like yours but what makes yours different? Find your target audience by meeting them on their level and seeing what their ultimate needs are.
What is working for other companies?
Thousands of companies are identifying with their target audience and making sales. How can that be you? Figure out what is working for those companies. This does not mean copycat their system. However, you should research what is working for them and how they have become so successful. Those companies have most likely stepped out of the box and found a creative way to gain their audience’s attention.
Ask, what is the market being flooded with? What separates you from your competitors? What does your audience want from your product. Work closely with your marketing team to put together a plan that works for your business, be adaptable in the market.
Is there a secret to identifying your target audience?
No, there is not a secret to identifying your target audience. Sometimes this is a process that your company has to figure out with trial and error while being flexible to the ever-changing market trends.
Some of the best advice that Cheeky Monkey Media can give you, is to take the time to research and ask questions while working with your marketing team. Some simple questions to help you and your team get moving may include;
- Is your target audience male? Female? LBGTQ?
- What is their age demographic?
- What are their interests?
Once you have identified some easy knowns about your audience, you will want to move into a more research-based strategy. Below are several easy steps to include in starting to identify your market.
- Examine your current customers
- Research the competition
- Analyze your products/services
- Analyze your past campaigns, what worked/what didn’t
- Create buyer personas
- Choose a target demographics & characteristics
- Evaluate and revise your audience
In the end, marketing your product to the correct audience will increase your success rate. Knowing your target and advertising correctly allows you to compete in the market place. Taking the time will make or break your newly launched product, website, or service.