It’s all well and good having an awesome product or service. But if the people who would want it don’t know about it, then to be frank – nobody cares. And that’s no good. What you need to do is conduct market research, and determine your target audience. Who they are, what they like, where they live, etc. And once you’ve got that sorted, your campaign is home free.
Your target market is the specific group of people you want to reach with your marketing efforts. And FYI, this is never everyone. Ever. In order to find this specific group of people, you first need to identify and understand your brand’s space in the market, and constantly strive to dominate it. Once you know who you are as a company, you can start defining your target audience.
When honing in on your target market, follow these tips and be as specific as possible with your findings to achieve the best conversion rates:
1. Consult your database
Who is already using your product or service? Inspect your existing database to find any similarities between the entries. If you notice characteristics in common, (for example, age, gender, location) use these as a starting point for your target market definition.
2. Look at your website and social media analytics
See who’s visiting your website and engaging with your brand on social media platforms. Facebook Audience Insights, for example, can give you a detailed insight into your Facebook following.
3. Scout out the competition
A great way to go about target market research is to check out the audience of brands that are similar to yours. Who is engaging with these brands? Do they fit within your targeted segments? Should you reevaluate your targeted segments?
4. List the benefits of your product or service
Defining the benefits of your product or service will help you define your target audience. For example, if the product is shaving cream, and it helps men achieve a closer shave, you can already narrow down your target market search to men.
Need to find your target audience? We’ve got the skills and knowhow (and telescope) to make it happen.