HOW TO IDENTIFY YOUR TARGET MARKET
Your value proposition has to be relevant to your ideal target market. So this means, it’s important to get laser focused on exactly who your ideal client is, and why. In my experience it is extremely common for a business to have to constantly adapt, refocus and review their targeting, particularly if they have not clearly identified that ideal client in the early stages of business.
It’s so important in this process to strike the right balance when defining your target market. Your audience needs to be able to recognise that you are talking specifically to them. This often does require a business to get very specific with their target market, so the message being conveyed is compelling, clear and strong.
Let’s talk BRANDING… why is having a target market important for branding?
Identifying and gaining the loyalty of your target audience is the best way to reach your brand objectives. You will find that knowing your target market intricately you will have all of the information that you need to be able to reach your brand marketing goals. You can start by conducting a market analysis.
Depending on the amount of detail in your market analysis, you will have the capabilities of collecting enough data to be able to learn about what you need to know to REACH your target effectively. Knowing your target audience, you will help to solidify a message AND increase your confidence around communicating and connecting with the right audience.
Let this sink in: the POWER of your brand, relies on your ability to focus and craft a marketing message that will CONVERT prospects into customers.
YOUR INFORMAL MARKET ANALYSIS
The following questions will help you to get your market analysis started. Use the internet, read news stories about your target market, and get really specific with their interest, demographic and the common trends…
Are you targeting business or consumer sectors?
Who is your target audience, why?
Where is your target audience located?
What do they think about your current brand?
What would you like them to think about your brand?
How will you attract them to your products or services?
Who else is competing for their loyalty?
YOUR IDEAL CLIENT AVATAR
This is where you get to know your ideal clients. The more specific you can be here, the better.
What is the age of your demographic? Is it a child, teenager, adult. You don't want to market a product to a child that is most suitable for an adult.
What is the gender of your audience? There is no good selling male products, to females.
What is the income level of your potential customer? Are you trying to market luxury items to them? You need to determine what your customers can and cannot afford, and that way you can better market to that demographic.
What is the family situation? Are they married, widowed, divorced, college, tafe or university graduate? Is your product or service a luxury item or a need?
Is this something that they're willing to save money for or that they have to purchase at this specific time?
Which, if any, special features are most appealing?
What do they like or dislike about the product or service, in general?
Is this an impulse buy or something they're saving for?
Now that you’ve answered these questions, you are ready to draft a statement. Your statement will encompass the type of target you want to go after, and the relationship you would like to have with your consumers.