Who is your Target Audience? What can you offer them? Why would they buy your product/service? And, Where can you find them?
In order to successfully market your product and/or service it is essential to have clear who you want to sell to, right? Besides being an easy statement sometimes companies get lost in identify who their product or service will attend and serve.
How to identify your target audience?
I bet you have heard this famous marketing say: “If you try to sell to everyone, then you’ll end up selling to no-one.”
That’s why In this article, we will talk about the importance of knowing who you are trying to reach when marketing your product or service.
- What is a Target Audience?
- Why do you need to a Targeted audience?
- How to identify your target audience?
- Make the most of what you know about your Target Audience
What is a Target Audience?
Target Audience is a particular group of people your company wants to reach and that most likely to be interested in your service or product.
Why do you need to know who your target audience is?
Having a clear Intended Audience allows your business to potentially create brand awareness and more sales. It also helps your marketing department to allocate your budget in the best way possible.
If you want to learn more about WHY KNOWING YOUR TARGET AUDIENCE IS IMPORTANT. Click here!
To avoid mistakenly investing in your marketing campaign budget in the wrong marketing strategy, we created this step by step to help your company have an uncomplicated path when defining the core audience.
How to identify your target audience?
Step 1: What do you have to offer to your ideal customer?
First and foremost, it is crucial to have clear what your products/services have to offer to a group of people or businesses. Why a customer would want to buy your product or service?
Identify your product or service’s features and benefits. List all its common characteristics and what problems you are trying to solve.
Step 2: Market Segmentation
Now, it is time to decide which market segmentation criteria will best segment your target market: psychographic, demographic, behavioral, or geographic.
In this step, you will divide a huge and heterogeneous market into a smaller and much more homogenous one using defined parameters.
- Psychographics is the classification of people according to their attitudes or aspirations, such as personality traits, values, attitudes, lifestyle, interests, motivations, priorities…
- Demographics is statistical data about a group of people. In this segmentation, you would consider factors such as age, gender, income, location, education, ethnicity…
- If you are a B2B business, here you would consider: Company Size, Industry, and Job Function
- Behavioral studies the behavioral traits of consumers. Take a look at their purchasing and spending habits, user status, brand interactions, buyer journey…
- Geographic is based on where they are located: zip code, city, county, country, urban or rural…
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Step 3: Research Your Market and Competitors
Identify (and evaluate) your competitors – be sure to pick the ones that offer similar services and products like yours.
How do they compare to your business? What are their strengths and weaknesses?
You can look at their Social Media and Website. Nowadays, most of this information is public and can easily be found online.
This step will help you to see who are their target audience and allow you to, occasionally, find openings in the market that competitors have missed and boost your own marketing strategy.
Read Next: Why Multicultural Marketing is so important?
Make the most of what you know about your targeting an audience
How is your product or service going to fit into your target market’s lifestyle? What are the most appealing features to your target? Where does your your targeted audience go for information?
Once you have all the info, it is time to use all you have learned and researched to set your Target Audience to create a Marketing Strategy that matters.
Having clear topics like who are your customers, where you can find them, where they consume information and what are their aspirations will help you to deliver a message that will most like impact and engage them.
Do you need help defining your Target Audience and Marketing Strategy?
1. Define what you have to offer to your ideal customer (Value Proposition)
2. Segment the Market you operate in (types of consumers and products in the market)
3. Research Your Competitors (Perceptual Map of Competition)
4. Develop a Positioning Strategy adequate for your offering
