Identifying And Targeting The Potential Market: Top Tricks Uncovered
Setting up a business from scratch is by no means a cakewalk. Nor is continually marketing it in a way that ensures the longevity of the same.
And we’re almost certain here that regardless of what stage you’re at, you must have heard someone tell you at least a couple times to focus on your target audiences and to do things their way.
However, the question arises: what is this target audience?
That is what we’re here to answer.
What are Target Markets?
A target market can be defined in layperson terms as the group of people identified as the potential clientele for a particular product or service, based on some similar characteristics they possess.
These are essentially the people you are marketing your product to.
The features that distinguish them from the rest and make them more suitable to use your services could be virtually anything. They can range from their age group and gender to hobbies and careers.
To give an example, if we talk about a brand of watch, we also need to find out who they want to sell to. They could be selling only to young women, who are of 15-25 years of age, and have a mid-range budget while also having an interest in designer watches.
Here, these filtrations that they set when discussing who their intended buyer is, is what we can call their target market.
Why is Identifying Them Important?
It is quintessential for any business to determine who they wish to sell to before they begin promoting the item. In some cases, this decision has to be taken even before the production of a product or at the beginning of the introduction of a service to the market.
It is so that they have a clear idea of what characteristics their offering should possess if they want it to be bought and used in larger numbers.
Although, there are several other reasons as well that justify the need to identify the target market, be it at any stage. A few key ones are listed below.
Hones the Messaging
Once you know who you wish to sell to, it becomes much easier to draft messaging specifically focused on them. The strategy you apply in this communication is also largely dependent on the kind of audience you are targeting. For instance, as a real estate agent dealing with high-end customers, your messages would need to reflect that they are specially designed for said clientele.
Helps Narrow the Focus
No organization, regardless of how big and successful, has the time or resources to extend its marketing message to the entire population. In such a case, having a funneled-down audience helps by letting the personnel focus only on the intended groups and working on them to get qualified leads and conversions.
Supports the Exploration of Uncaptured Markets
When you have a new product or service to launch, an important aspect is checking for the target market alongside also checking for competition in the same. This ensures that you discover any unexplored or uncaptured markets as well.
Identifies the Right Marketing Tools Needed
Knowing which group is your target audience can greatly help a marketer in determining what marketing tools the company should use. For example, if you wish to focus on homemakers, using content marketing tools like blogs and social media would be a better bet than using ideas like roadside hoardings or free samples.
How To Identify and Target Potential Clients?
While there are numerous ways to correctly identify and target the potential clientele for your product or service, the following list includes some major tried-and-tested ideas for the same.
Understand Current Customers and Their Demographics
A product or service, when already active in the market, usually has comprehensive data in regards to their current customers. This database holds information ranging from their age and gender to even the geographical location and level of education. An in-depth analysis of the same can help you identify a trend or pattern amongst the buyers and their purchase activities, which can in turn assist you with narrowing down on the target market.
Respond to All Communication
By responding and replying to all kinds of messages and calls, be it through social media networks, emails, or even walk-ins, you can make certain that you are receiving both customer feedback as well as complaints. Analyzing this information can give you a fair idea of the likes and dislikes of the masses alongside what kind of people are the ones who actually use the product.
Conduct Surveys among Existing Clients
Surveying your clients, quite like responding to feedback, is a good way of figuring out their preferences. It also helps you determine the demographic features of your customer base including their interests, hobbies, careers, geographical locations, and so on. You can also use the survey to ask questions about their satisfaction level with the service, the improvements they’d like to see, etc. This makes them feel cared for and they would want to stay with the business for a longer time.
Study your Competition
Knowing what your competitors are up to is a basic tactic used in every game around the world. After all, it is only when you know or at least have an idea of their strategy can you plan yours. So study your competition in-depth before making any hasty decisions to avoid mistakes and boost the effectiveness of your plans.
Check for Gaps in the Industry
It is essential when wanting to launch a new product or when looking to market your product uniquely that you look for any gaps in the industry as well as the market. That can help you understand the kind of services needed by the population at the moment as well as the section of consumers who want it.
Ultimately, regardless of whether you’re just starting out or have already established yourself as a brand, market research is always essential. And ascertaining the target audience is a key component of the same.