One of the biggest challenges that new business owners and entrepreneurs face is identifying their target market. The reality is that this challenge is not limited to brand new businesses (Startups). Even business owners that have been in business for some time often find themselves with the perplexing problem of identifying their target market.
Your Target Market: What is it?
“A specific group of consumers at which a company aims its products and services. Your target customers are those who are most likely to buy from you.” Entrepreneur.com
Knowing who your target market is, that is, the group of people whom you serve, will go a far way in allowing your message to be clear and distinct, rather than diluted. At the same time, in working with clients in different niches, (the services you specialize in offering), I’ve come to appreciate that –
- Knowing what problem you solve and what transformation you can bring to others are essential. In a previous post I wrote about the importance of clearly identifying those areas before you start your business.
- Understanding and identifying who is your target market is also important, but it takes time to get a clear picture of this, and it may change over time.
- Once you have the first point clearly identified, you can start your business and as time progresses, you’ll use different strategies to identify your target market.
Your Target Market: Why It’s Important to Know Who They Are
1. A significant reason is that if you’re a new business owner, whether online or offline, you may have ideas about the people you serve, but could later find that the reality may not align with your perceptions.
2. When you’ve narrowed down your target market and done your research, you will know how to reach them and get your clear, meaningful message out to them so you can build the know, like, and trust factor. Later on when you present your offers to them, they will be more likely to buy from you as you would have built a relationship with them.
3. Doing research allows you to understand your market. You will learn what their problems are so you can present them with a solution.
4. Without clearly identifying your target market your advertising campaign may not be targeted so that your campaign may be pointless; you may be throwing money down the drain.
Your Target Market: How to Define Your Target Market
A good place to start is by reviewing your website analytics to determine where your visitors are coming from, their age group, and their gender. You can also use the reports on your social media platforms, like Facebook Insights to learn more about who is visiting your social media pages and interacting with you. You will also want to find out the keywords that they’re using to find you.
The next part of your research would be focused on what profession they’re in, as well as their lifestyle choices.
Combining all of these factors will allow you to know your target market and explore their problems and wants. This is where you may find that your perception and your reality may be out of sync and you can make adjustments.
For example, you may own a women’s boutique that carries a line of skin care. You may believe that every woman is your target market. After completing your research, including analyzing your sales over a period of time, the visitors to your boutique, as well as your website, you may find that not every woman is your target market.
The women who have been purchasing from you and who are visiting your website for tips and strategies to take care of their skin effectively are women who are 40 years old and above. They are interested in not just skin care, but anti-aging skin care and anti-aging products. They want to know how to stop the acceleration of the natural aging process and how to preserve their skin from further damage. While other items in your boutique may attract a younger audience, the women who are interested in your skin care line are more mature.
You already know what problem you solve and what solutions you offer. You can now provide these women with the targeted information and products that they need for their type of skin rather than dole out generalities that are meaningless to them.
Armed with this insight and knowledge, you will be able to get in front of the right people, that is, the people who need your products and services. Your message will also be crystal clear and specific allowing you to attract your ideal target market.
Would you like to get more clarity on your marketing message and identify your target market? Do you have a burning message to share but are not sure how to deliver your message to the people who need it? I invite you to contact me for a complimentary Business Breakthrough Session.