“Target your market” is a topic discussed quite often… but many business owners still do not understand what that actually means. To level the playing field, targeting your market is crucial to your business’ ability to turn interactions into profits.
Here are some examples of common misconceptions of what qualifies as a target market:
“Everyone who will buy my product”
The problem with all of these perceived “target markets” is that they aren’t specific enough; you can’t target everyone. The gist of targeting is to be intentional with your efforts and understand where those efforts are being effective. Realistically, not everyone is going to want your product or service, so you are wasting time and money trying to cater to everyone.
Please note that just because someone is interested in your product or service and is outside of your target market doesn’t mean they can’t buy your product – it just means they are a statistical outlier, which is completely normal. Don’t let yourself falter from hitting the target because you fear alienating potential customers.
Now that we have a firm foundation on what not to do, we can discuss how to target your market by researching the market you already have. It’s surprisingly simple to do with fee tools like Facebook and Twitter.
Look at your customers’ interests.
- Do most of your customers share a common interest and live in your area? That’s probably a good indication that you should try advertising to them. You’ll be likely to get more customers because people with those interests already like you. Look at your “likes” and “followers” - you can tell a lot from them about the support you have.
Look at demographics.
- Predominant gender, age, socioeconomic status, cultural background, etc. can also tell you a lot about your customers. It allows you to see what may be important to them, since cultural backgrounds likely influence the person they are today. Look at these things to cater to what your current clients’ convictions are, and which will likely catch the attention of their friends through word of mouth.
- For example: if you sell artisanal salad dressing, you might notice that most of your biggest fans are “foodies”. After doing some market research, you could probably tell that many foodies crave exceptional taste and often look for healthy as possible products, so if there are foodies that love your flavors, they may also love the fact that they can stay healthy using the product on a salad and as a marinade. Since one product satisfies both the need for health and the need for taste, sharing recipes that demonstrate these characteristics add an increased value to the brand and satisfy the demographic.
While these things may seem simple, they are effective, and free!
Are there any tips you have for finding the most loyal customers?