Want to learn how to focus and identify your target market? This article gives you some useful tips to do so.
Let’s face it, unless you are Coca-Cola or a similar type of world-conquering, omnipresent company, you have to be aware that your target is NOT the entire market.
However, many companies still make that mistake in their marketing strategy, trying to hit the lowest common denominator even though they would obviously be more successful if they focused on their niche. To get there, the niche needs to be defined and the market targeted directly, so let us take a look at some strategies.
Here are some useful tips to focus and identify your target market:
Be aware who your customers are
It has never been easier to find out who purchases your products or services. Of course, this does not mean you have the info on each and every one of them – but you can enjoy the bulk data, which is in most cases all you really need.
You can arrange the data according to age, language (location), as well as interests and various patterns of behavior they expose when spending money. Each little bit should be able to allow you to identify what their main categories are and to see how you can focus on the most lucrative demographics.
Utilize social networks as much as you can
With approximately 3.2 billion people on social networks, there is no escaping them, not even if your company was the last remnant of a bygone era. In order to be present and accounted for, you will need a profile on as many of them as possible. Of course, having one on each major social network is both too much and not enough.
However, trying to keep one step ahead and guessing which kind of social media will be popular next is both very hard and very rewarding. It is basically the difference between the fall of Vine and the rise and fall of Snapchat – but if you have had profiles on both of them, certainly some of them have trickled on your other profiles. Best not to keep all your eggs in one basket.
Be aware who you are (or want to be)
Your brand can practically become a person in this day and age, especially on social networks. This is a unique opportunity for your marketing strategy to invent its personality and act accordingly. This means you will find a way to approach your audiences that was never before possible – as equals, a buddy, a friend.
The main idea is for your brand to show itself in its best light, of course, however, it should also reflect who you are and what you stand for, through the prism of interaction. The personality you come up with should resonate with people as an actual extension of your brand. It is hard and demands a lot of trial and error, but once it does, you will be able to notice right away.
Utilize psychology for your benefit
When you are aware of who your customers actually are, you can start to develop a strategy that takes into consideration what their psychological profiles might be like. These will affect their behavior, of course, and you should be interested in their personalities and attitudes, the values they hold and the hobbies they have.
Generally, it is the lifestyle that interests you the most, perhaps. You should be interested in the motivation of the people who purchase your services or products, as this will help you improve your focus and your marketing.
Market research, but make it informal
Think about it – how many times have you heard that market research is actually proving the opposite results from expected?
Focus groups are far from all the rage in the age of data crunching, however, there are still ways to get the info directly from your (potential) customers, without making them sit in a small room with strangers deciding whether they like one color or another.
Use the influence you have, your online presence, to continually gather information that you can later use in identifying the needs of your target audiences.
Don’t forget the competition
While you are trying to focus on your target market, you should not forget to pay attention to the competition. Not only are they directly attempting to take your daily bread, but they are also coming up with ways to find their own market segment themselves. They might be reinventing themselves, rebranding for a younger audience or going for a completely new niche.
Whatever they are doing, you should be checking them out on social media, to keep on top of things. Even if you only get a general sense of the direction they are heading, that should give you plenty of opportunities to either choose a different target from them or go head to head, if you feel that is the right thing to do.
In the end, there is a long road ahead of you, but such is the fate of anyone who is vying for their place in the market. By taking matters into your own hands and coming up with strategies heavily influenced by social media, you should be able to find your own place in the sun.
Find the personality of your own brand and work hard on developing a way to make it visible to people. Most importantly – we live in the digital age – use the data you have at your disposal for your own benefit.
Did you find these tips for focus and indentify your target market useful? Leave a comment below and let us know.
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