How to Define Your Target Market
Do you know how to best spend the money that you've allocated to marketing? In order to spend your marketing money wisely, you need to understand who will be interested enough in your product to buy it.
Sometimes defining those potential customers can be easy. For example, if your product is baby diapers, it's not too difficult to recognize that new parents need your product and shop for it. You can then develop ads that new parents will be drawn to.
But more often than not, knowing who comprises your target market is not as simple as that. A step-by-step process can help you develop your marketing strategy.
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Suggested Reading: How to Start an Online Business 101
Start by Understanding the Problems that Your Product SolvesWhat problems does your product solve? You may think that this starting point seems pretty obvious – and it is. But many business people fail in their marketing efforts because they've never analyzed the problem from the point of view of the person who has the problem. Be proactive and look at the problems analytically.
Who Are Your Customers?Who are the people that suffer from the problems your product solves? Do they all fit into one category? Probably not, so group them into appropriate categories according to:
- income level
- marital status
- any other category that might be important to your marketing
Who Will Benefit Most from Your Product?Which people suffer the most by not having your product? Once you know this, you can demonstrate that they can save more money by getting your product than the actual cost of the product. This truth can eliminate doubts that keep the customer on the fence.
What Is Your Position in Relation to Your Competitors?Is your product in a market that is overrun with sellers? If so, you might decide to look for a different product.
Is your product distinctly different/better than the others? You'll want to make sure that potential customers know why yours is better. You'll be able to explain that because you've already looked at the problem from their point of view.
Is the market too small? A small market is not necessarily bad. In fact, you might choose a strategy that limits your market to a certain geographical area as a way to build your reputation and get testimonials.
Spread the Word via Social MediaOnce you've answered these questions, it's time to get the word out about your product. After all, you want to make money, right? To do that, you need traffic to your website.
If you don't have profiles for your business on Facebook, Twitter, Pinterest, and Google+, it's time to get started. Unless you're already a social media whiz, don't try to develop all social media platforms at once. Choose just one to get started – probably Facebook.
Suggested Reading: How to Boost Engagement with Facebook – An Introduction to Facebook's Newest Tools
You can't go wrong choosing to start with Facebook. As of September 2016, Facebook had 1.79 billion monthly active users. That's a big pool that will certainly have a large number of people who fit into your target market.
Once your marketing on Facebook is going along nicely, then you can branch out to other social media platforms – one at a time.
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Author: Kate Benzin