How To Find Target Markets
If you haven’t been keeping up with digital marketing trends, a lot of emphasis has been put onto target marketing in recent years. With the implementation of modern tools and the data they provide, businesses have the unique ability to find their ideal customer wherever they are and expose the message they need to hear at the right time. But how do you find target markets?
Fortunately, finding target markets has been whittled down to a science and businesses of all sizes now have access to the information needed to determine their own target audiences and craft a plan to reach them. Let’s take a look at how to find target markets so you can easily reach potential clients and generate new revenue for your business.
Observe The Demographics In Your Area
If you are a local business, you should already have a pulse on the demographics of your geographical area. Knowing the ideal person that has a need for your products or services can help ensure you are targeting the people most likely to buy them. Some of the factors you should consider include gender, age, location, income level, education level, ethnic background, occupation or marital status.
Look To Your Current Customers
Your current customers have already invested in your business and knowing why they decided to can help you craft a marketing plan that targets similar individuals. Try to find common characteristics or interests that can help you decipher what these customers all have in common. It isn’t a stretch to think potential customers with similar interests will also love your products or services.
Analyze Your Offerings
What makes your products or services different from competitors? While this may require you to dig a little deeper into your business than you are comfortable, knowing this information will ensure you are your own best advocate. If you can convince customers why your products or services are the best, they will also be happy to tell others as well.
Monitor Your Competition
If you aren’t already monitoring your competition and the people they serve, you likely don’t have a good basis for what makes your company different from theirs. To start, monitor their social media profiles to see what people are saying about them or review their advertising. Instead of trying to steal their customers, find ways to do what they are doing better.
Think Like a Customer
If you were a customer of your own business, what would make you choose yourself over another company? Thinking like your ideal customer will help you determine the psychology of their purchasing decision and allow you to get a better insight into the strengths of your products or services. Determine what your ideal customer’s personality, behaviors, lifestyle choices or values are and you will be able to target them more efficiently.
Don’t Drill Down Too Far
While you could focus on a specific, niche audience, there’s a good chance that you will be neglecting a large portion of your potential target markets. Don’t be afraid to have a broad, yet defined, target market for the best results. Finding the right target markets is the hard part, but once you know who they are, the results will show.
With over two decades of in-the-trenches marketing experience, Matthew Maennche’s views on developing and supporting a successful business are fundamentally different from the norm. As a developer and strategist, Maennche has helped thousands of businesses of all sizes, both domestic and international, take their organizations to the next level.
Matthew also spends time giving back to the local business community as a volunteer, mentor, and leader for the local chapter of SCORE.