Defining Your Target Market
It’s common knowledge that marketing is a method for attracting new customers to your business, product, or service. However, many entrepreneurs fail to realize that a successful marketing process involves countless strategies for researching, promoting, selling, and distribution. To be successful at this venture, you first need to know who you want to target before setting out to create the marketing materials or campaigns to attract them.
Too broad a target and your message may get lost. If you’re not specific enough, you could even end up choosing a marketing tactic that doesn’t match your consumer.
Targeting a specific market doesn’t narrow your reach to other markets, but it does allow you the ability to take a strategic approach to your marketing efforts.
You wouldn’t want to market your set of steak knives to vegetarians, and in the same breathe, you don’t want to have too general a marketing approach that your message, product, or service gets lost amongst all of the other stuff out on the market.
Your approach should be to focus on the type of person who could benefit from your product or service and then to design your marketing approach to specifically target that person with a clear marketing statement.
Say you are a single mother on a budget who is looking for a stroller that is in your price range, packs easily enough that you can manage it by yourself, and allows you to push your child around from 6 months to 3 years so that you don’t have to buy another stroller down the road.
You are going to opt for the company promoting a versatile, affordable, folding stroller over any other stroller on the market because it fits all of your needs.
Chances are, there are other strollers out there that offer the same thing, but their marketing did not sell you on what you were looking for.
That’s what good marketing does; it’s specific.
During this webinar, I will show you how to narrow your sights and hone in your focus on the market that is going to buy into your product or service.
Identifying your audience is not just a matter of deciding who you want to sell your product or service to. It’s about looking at your offering objectively and deciding who it best serves. Who is going to benefit the most?
From there, you find your demographic and decide what this person is like. A mother wanting a stroller, for instance, is too general. But, a single mother on a budget who likes to take walks with her child is specific.
You want to get inside the mind of this potential consumer to find out what they would benefit most from and to find out how they receive consumer marketing news. Is it catalogs, social media, or newspapers?
How does the competition stack up? What does your product have that is different? What makes yours unique?
These are all steps in the process of forming a catchy, engaging, and successful campaign.