Defining and reaching your target market could literally be the most important aspect of your business. A target market, simply put, is a hand-selected group of consumers that your company’s products and services are intended for. Picking that group of consumers carefully, and ensuring that they’re the most likely to make the purchase and be satisfied with your goods and services, is obviously imperative to the success of your business today and tomorrow.
Strategies to Finding Your Target Market
Finding and capitalizing on your target market goes far beyond creating buyer personas, although those are a great foundation on which to build a marketing campaign. Connecting with real-world customers through social media and having your customers take periodic quizzes to make sure that you’re delivering the right content can allow you to home in on what customers are looking for.
Your customers will often tell you exactly what they’re after and how you can best deliver it. Sometimes you’ll find out that customers aren’t happy with the current batch of goods and services that you’re providing. Use that as a learning experience to inquire further in to how you can best serve the needs of your customers. If, for instance, your current customers are saying that their orders aren’t arriving on time, then you know that you have to renew your focus on logistics and shipping.
Constant interaction with current and prospective customers should be interactive. Ask loyal customers to leave reviews on your website, and also make sure to ask recent converts to your company to get the conversation going on social media. It might also be a good idea to periodically ask your email marketing campaign’s readers how relevant your blogs and whitepapers are to their lives. If the answer is “not very,” then you can inquire further to sharpen the message.
You should always be asking, “what is it that customers want out of my company?”. This will inform the kinds of products and services that you go on to develop as well as the delivery and type of marketing content that ends up reaching customers. You ideally want to harmonize your company’s mission with the needs and desires of the customers that you serve. Monitoring how well your marketing is doing – e.g., through A/B testing – can give you a richer idea about what your customers are craving.
Your Target Audience Might be a Moving Target
Because your target audience could be moving as trends in the industry and your product lineup changes you should incorporate A/B testing and a marketing analytics dashboard as well as key performance indicators into your marketing campaigns. This allows you to gauge the continued relevance of your marketing collateral and stay one step ahead.
Find Your Ideal Customer and Market Accordingly
What is marketing really? Is it social media marketing, real-world advertising, search engine marketing, or email marketing? Is it real-world marketing or digital? The answer is that it can be some or all of these things since the idea kind of marketing tack depends on where your customers are congregating. Another huge factor is the effectiveness of a particular marketing medium in its ability to convert potential customers into folks loyal to your company.
Let’s have an example to put this all in context: Suppose you own a coffee shop. The best kind of advertising might be flyers in the general vicinity of your shop, a few billboards, and a social media presence coupled with local SEO. For another company that, say, sells second-hand books more of an online presence might be better to reach that different target audience. Here a combination of native advertising and social media marketing might be best. It really all depends on where your customers like to spend their time and the mechanics of acquiring new customers.
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