Imagine this: You’re asked to give a speech on your company, but you aren’t given any information about the audience. Without knowing anything about the composition, you can’t relate to the group. However, if you understand that they’re French speakers, graduate students, female, and immigrants—now you know how to tailor your talk to that specific audience. This is what defining a target market is all about. Understanding your audience so that you can speak directly to results in a more efficient delivery of your message. Don’t waste time, effort, and money speaking to someone other than your ideal customer. Take the time to identify your target market (TM) and reap the benefits.
Defining Your Target Market—Stage 1
First of all, defining a TM doesn’t mean you’re excluding potential customers outside your TM. Instead, identifying the people who are most likely to buy your product or use your service means you connect with the largest possible customer base. Those who fall outside your TM will still benefit from your message if they’re interested in what you have to offer.
When you identify your TM, you’re basically making a character sketch or an ideal customer profile. This can be determined by asking questions such as where and how does your TM shop? What are customer pain points that you can address? Is there another product on the market that has the same audience—can you use that information to identify your TM?
Defining Your Target Market—Stage 2
Use the information below to determine your TM. You may not need to define all of these factors, but research at least a few of them to get a handle on your typical customer.
- Demographics: this includes age, gender, income, marital status, occupation, and education level
- Location: this can range from a neighbourhood to a province
Target Market Advantages
Defining a TM has many advantages. This exercise can be the basis for your marketing plan. Where and how you advertise will be influenced by the types of media your TM is using. Reaching out directly to your audience this way can lead to increased sales. Once you have a connection with the TM, you can set up a mailing list or get feedback. All of these tactics bring you more in line with the customer, allowing you to understand their perspective and communicate clearly.
Deep Dive—Psychographic Criteria
If you really want to get inside your customer’s head, you can use psychographic segmentation. This assessment includes:
- lifestyle preferences
It’s important to keep evaluating your TM. Over time, your audience and business can change and evolve. If you stay updated on your customer, you can adjust marketing and remain connected. Don’t forget that video is a marketing powerhouse and a great way to address your TM! Call us today for a free quote on a project that sends a direct message.