5 Steps for Finding the Right Target Market
You can have the best product in the world, but your results will be disappointing if you don't market it to the right audience. Even if you have tons of data on your customers, how do you know they are your best target audience or that you are crafting messaging relevant to them? Get to know them!
Here are a few steps you can take:
1. Profile your existing customer base. Start by identifying your best customers—those who are the most profitable or purchase the most often. Once you've done that, you can create profiles of what those customer groupings look like. What demographics do they share? What type of products do they buy? Are there patterns in when they shop and in what channels? Once you have this information, you know better how to create relevant messaging; equally importantly, you can go out and find more prospects like them.
2. Make the effort to meet them in person. One of the best ways to get to know— really get to know— your best target markets is to interact with your customers directly. This can be done through efforts such as in-store events, focus groups, and one-on-one interviews. This research will give you insights you can't get from demographic data alone. For example, you might discover that your target market is interested in your product for reasons you didn't expect or that your product appeals to a different age group than you thought.
3. Ask questions in print or email surveys. If you want to know what your customers think, ask them. If you're unsure what to ask, start with basic demographic questions like age, gender, income, and education level. You can also ask about their hobbies, interests, and spending habits. Don't forget to ask why they like your product or what needs they have that your product meets. This feedback will help you craft messaging that resonates with them more profoundly. It's also essential to query your customers' media consumption habits. This will help you determine which channels to use and when. Be sure to give them an incentive in exchange for providing this personal information.
4. Look at your direct competitors. Who are your competitors targeting? What tactics are they using? What is their messaging like? You can learn a lot from your competition, so don't be afraid to get nosy.
5. Analyze your web traffic. Analyze your website traffic to see who's visiting your site. Use Google Analytics or another web analytics tool to see who's visiting and where they are coming from. This will give you even deeper insights into the demographics, psychographics, and behaviors of different customer groups.
Keep in mind that your "best customer" isn't static. As your business grows and changes, so will your target audience. Keep asking questions and making adjustments to your marketing strategy as needed.
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