5 Steps to Define your Target Market

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5 Steps to Define your Target Market

Running a business without a defined target audience is like setting up a stall in a crowded dark room. You know there are people around, people that would be interested in what you have to offer but they can’t see you and you can’t see them. So you end up shoving your pamphlet and giving your pitch to people who don’t care what you’re about because, well, they can’t see you in the large crowd in a dark room.

What does having a defined target audience look like? For the right person, the world stops, the crowd disappears and all of a sudden a light shines from the heavens like a spotlight just on you. But what this means for you is that you can also clearly see your people, your target audience.

How do you obtain such a spotlight? You define your target audience and present them with your business as *the* solution or missing piece–and just like that, like magnets you will attract. They will know what you can do for them and where to find you because you know who they are and where they hang out in order to advertise yourself.

The truth is, you don’t need all those other people in the room. They may stop, ask a few questions, may take a pamphlet but they will go home and forget about you because they don’t need you…so really you don’t need them.

You can’t expect to run a successful business without knowing who you are selling to. And your idea of who you are selling to needs to be as specific as possible–you need to be able to close your eyes and know exactly what flavor of ice cream this person would prefer, and what types of books they’re into.

…sounds hard?…want our help in finding how to turn the switch on that spotlight?

We got you

Here are 5 things to think about when it comes to defining your target audience:

1. Gender
Marketing research has shown that men and women have different habits, especially when it comes to businesses and spending. Knowing whether your audience is a male, female or gender-less is important because it will shape the way you carry out your business but also how you market yourself in terms of branding and design!

2. Age
Age is a key demographic piece in defining your target audience. Think about this: Millennials use the internet differently than baby boomers do or, for example, 14 year old boy teenagers shop differently than 28 year old females. Your target audience will likely be an age group rather than a specific age. And this age range can tell you a lot about who this person is and what they are doing in their life currently. For example, a male graduating from university versus one that is retired will be completely different than each other because they are at different stages in their lives!

3. Income
This one is important for a lot of reasons but mainly for one: what price range are your products going to be in should be determined by your target audience’s affordability. If your target audience is young female entrepreneurs who have just graduated from university but your courses are being sold at a high premium number that, say, only working women can afford then your target audience, even if they love your stuff won’t be converting. It’s important to know how much your target audience is willing to spend and what the reasonable expectation is as this will help you target products at a price range to them that will actually convert.

4. Hobbies and Interests
Why does this matter? Well you need to take a step back and think as a business what you are actually trying to do. Need some help? Okay, you are trying to sell a lifestyle in which your product or service is a necessity. This is the key goal of marketing and branding and is the most effective way to think about your business plan that converts target audiences. This lifestyle will be informed, in part; by your target audience’s shared interests and hobbies. Are they health conscious, do they love yoga, outdoors, natural products–and oh, your fresh cold-pressed juices? These hobbies and interests are a great way to humanize your brand and to sell the whole picture to your audience of a life they were only desiring to have but can achieve if they buy your juice.

5. Habits
Another key thing in defining your target audience is knowing what their habits are. Like: how often do they go online, how often do they purchase from online shopping or do they use a laptop or an I-pad to browse. All of these things will inform your business strategy and will tell you integral information about how your audience behaves online and what you need to do in order to convert them.

Let’s work together and define your target market. Remember, without the right market profit will be very difficult to make.

By | 2017-07-18T18:43:45+00:00 July 18th, 2017|Business, Clients|0 Comments

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