When it comes to business, there is no point in trying to please everyone. You must use your resources to identify and connect with the right target audience as tailoring your marketing pitch according to their needs will help build a solid foundation for your business.
The target audience is nothing but a potential group of people or organizations that are more likely to buy what your business offers. Although identifying your target consumer base seems like a piece of cake, in reality, it feels like a never-ending marathon. So, how do you go about finding the right target audience?
Here are five tips that will help you in this regard.
1. Understand What Your Product or Service Is
The starting point in defining the target market is to understand what services or products your company is offering. Ask yourself the following questions.
- What is your product or service? How will it benefit your potential customers? Will they be willing to pay for it? Can they afford it?
- Is it unique or is there a similar product on the market? If there is, what features make yours stand out from the competition?
- Do you have an existing customer base? Why do your present customers buy your product? What do they have in common?
- Is your product an everyday item or is it a luxury thing that people will buy only once in their life? What is the USP (Unique Selling Point) of your product?
The answers to all these questions will help you build a clear-cut profile of your potential customers. The more you know your product or service inside out, the better you can define your customers.
2. Find Out Their Pain Points
Once you have figured out what your offerings are and how they can change the lives of your potential customers, identifying the pain points of your target audience comes easily. Start making a list of customers who suffer from the problems your product or service can solve.
No matter how trivial the issue is, it is an opening to connect with a potentially life-long customer. It will also help you come up with different ideas and approaches to engage with your target audience.
The easiest way to find this out is to understand why your existing consumers, especially repeating customers, are buying your product or service. For example, a retired couple living in the suburbs will be more interested in registering with a healthcare app such as Practo that connects patients with certified doctors, while a single woman in her thirties would be more interested in joining a dating app such as Tinder.
3. Create Buyer Personas
To launch a successful marketing campaign, you will need to connect with your target audience emotionally. The only way to achieve that is to create the right buyer personas. You can use the data you have gathered from your market research to build this persona. There are two aspects of a buyer persona including demographics and psychographics.
Demographics are a few criteria that you can use to specify a group of people. They include criteria such as age, gender, financial status or income, marital status, occupation, educational, and geographic location among others. All of these factors will help define your target audience with intricate details.
Psychographics can help you to define the personality of your audience. However, it is a bit difficult to gather and process psychographic data owing to its complex nature. It includes things your potential customers value the most such as their likes and dislikes; opinions they hold regarding specific things; their lifestyle choices; people they follow on social media; and things they find interesting, exciting, and shareable. It may also include their hobbies, regular activities, and social behaviors.
You don’t need to identify all of these parameters to build a firm customer persona. However, the more criteria you have, the more specific target audience you will get. As a result, it will allow you to deploy highly-focused marketing campaigns.
4. Study Your Competition
In the world of marketing, you can learn a lot from your competition by analyzing what they are doing or more precisely what they are not doing. You can quickly find the areas where your competitors have failed to satisfy their customers. If you can make these unhappy folks smile, they will be more than willing to switch to your product or service.
Of course, you can also learn where, when, and how to find your target audience based on what your competitors are doing. However, it is going to be an uphill task as your competitors won’t exactly be handing out their marketing strategy on a platter. Still, you can find out how they have positioned themselves in this market niche, why people like their brand, how their pricing is, and what marketing channels they are using. That is more than enough information to decode your target audience in detail.
5. Evaluate Your Target Market
Once you have settled on your potential target audience, you need to test it before refining your marketing strategy. You shouldn’t break down your target audience into just one niche market. You can have more than one niche and can refine your sales campaigns accordingly.
The first thing you need to find out is that are there enough people who fit your target audience criteria. If only half of the people fit into your potential niche, you may have narrowed down your target audience too much. With a too narrow target audience, your marketing campaign will either fail completely or underperform.
Yes, you must have a substantial target audience. However, having a broad and unfocused target audience makes it difficult to create a tailored strategy. It will be as good as not targeting anyone at all. That’s why you must evaluate your target audience carefully.
Check out how many of the demographic and psychographic identifiers can be used to isolate each audience group. You can also search forums, bogs, and social media related to your target audience and carry out an online survey to see if they truly fit your niche.
A well-defined target audience allows you to make smarter marketing decisions. It makes perfect sense because the foundation of your marketing plan should be who your customers are and what they want. The above tips will help you identify your target audience and uncover their DNA. However, understanding your audience in depth takes time. So, don’t skip the above steps even if you feel like doing so. A little patience, especially in the beginning, can go a long way in the field of marketing.