The first and one of the most necessary tasks for you as a marketer or business owner is to define your target market.
Defining your target market is essential for every other marketing strategy and effort you put in place.
For a successful marketing campaign, you need to identify who your customers are, what they need, their pain points and how to convince them to buy.
What’s your Target audience?
The target audience is a well-defined set of people you plan to sell your product or service.
They are qualified prospects that need your product or service they are willing to buy and have the financial ability to buy.
Defining your target marketing requires segmenting your prospects based on a set of characteristics like demography and financial status.
The success of all your marketing effort is principally dependent on defining the right target market.
How to Define your Target Audience?
The first step to knowing your target audience is to understand your existing customers.
It will give you a detailed understanding of who your ideal customers are, and you can extend these characteristics to your target market.
For a B2C company, the following data can be helpful
Age range: Find out your existing customers’ age range to understand how age affects their buying behaviour and the values they derive from using your product or service.
Gender ratio: Understanding the gender ratio of your target market will help you understand what your target market is composed of and if your product meets their needs.
How informed your customers are: understanding your customers’ level of education will give you knowledge of how to reach them, help your communication channel selections, and the tone of your marketing campaigns
Financial status: your customers’ income level, economic class, and spending pattern are necessary to measure their ability to pay and pricing.
Location: Where are your customers located, what do they do online, and how can you segment and group them?
Their needs: Why do they buy from you, and what needs does your product or service meets?
Understanding your existing customers’ needs will help you create a perfect solution that meets their needs and help you define your unique selling points.
Research Your Competitors
Know your competitors’ strengths, strategies, how they serve their customers, and their next move. Find out their weakness and see how you can take advantage of them to convert some of their displeased customers into your happy customers.
Understand Your Unique Selling Point.
A brand’s unique selling point is that factor that makes the brand stand out among others. A unique selling point can be fast delivery, product or service quality, brand identity or service.
So know your strength, and brand uniqueness and capitalize on that to sell a positive message and value.
Now Define Your Target Market.
Now that you know so much about your customers, and competitors’ unique selling points (USP), it’s time to define your target market, which is the foundation of a successful marketing effort.
