So You Want To Learn How To Find Your Target Market?
8 MARKETING SECRETS YOUR MARKETING AGENCY DOESN't Want You TO KNow
If you can, think about this…How come people tell you to focus on your target market, but never tell you how to find your target market? It’s almost like someone telling you to work hard, but never telling you how to work hard. What if there was a way we could help you find your target market, and double—even triple the number of people who engage with your brand, and support your brand? Imagine how much more money you could make, if you could just get the right people to support you.
You’ve got amazing business ideas. All you need to do, is find the right people to get your business in front of.
If you had to read just one last article about getting your business in front of the right people, this is it. I challenge you to read this entire article, and not learn something that could take your business to the next level. If you’re serious let’s get started.
8 Things Every Business Owner Must Do To Define Their Target Market
SECRET 1: Choose You’re Demographics Wisely
You may be tempted to tell me,your business is for everybody. But let’s carve a niche market out for you so you can make more money from people who are die hard about your brand. You want to make sure you are getting your product in front of people who need your product, and can afford it. For example, if you’re selling $500 video-shoots to people who only make $500 a month you’re going to have a hard time keeping your business up and running. So, here’s how you find the right people for your product or service. Think about these factors:
- Income Range
- Marital Status
- Family Size
- Level Of Education
- Ethnic Background
Secret 2: Look At The Playing Field
Where are your potential and current customers located? Are you planning to serve your products or services to people only in Pittsburgh? Or are you aiming at the entire Pennsylvania. Maybe you’re considering the entire United States. Better yet, you only plan on running your business online. Either way, you have to decide where you want to offer your product or services.
For example, it’s hard to sell a snow blower in Florida. Just like, it’s hard to sell Jet Ski’s all year around in Pittsburgh.
With this in mind, you want to be very particular about where you plan to offer your products and services . Think about these factors:
- Are You Serving the City, State, Nation
- Are You Serving Urban Communities Or Suburban Communities
- Population- find out if the market is big enough to handle your product or service. Are there enough people in your target market to support your business
- The Climate and Weather Conditions
- Technology Available- if you plan on running your business overseas, some places don’t have the internet, or the internet speed to look up your products. In urban areas, everyone doesn’t have a desktop, laptop, or a smart-phone to keep up with your products.
Secret 3: Put Yourself In Their Shoes
Don’t make your business all about you. If you care about money then you have to care about people. Therefore, you have to think about what they care about, and does you’re product fit into their lifestyle. Think about all of their personal characteristics:
- Personality: What kind of person you would want to offer your product or service to. Who’s wearing your fashion line? Who is listening to your music? By doing this, you can have an idea of who to target.
- What do they value: Do they value being real? Do they value style? Do they value their looks? Do they value cost? Do they value quality? Do they value what other people think of them? When you understand what your customer values, you can connect to them better. Because instead of offering a product or service you can offer them something they value.
- Interest/Hobbies: This helps you determine when a person is going to use your product.
- Favorite News Articles, Websites & TV Shows: This helps you learn where people are learning about new products and services. And where they are spending most of their time at.
- Political Affiliations: Your brand is a tribe. Does your brand, product or service, fit their culture.
- Ultimately, you want to understand how your customers lifestyle. So, you can find a way to put your product or service into their lifestyle
Secret 4: Think How Your Customers Think
When people buy products similar to yours, what do they think?
- Is it cool?
- Are they buying your product seeking-status or to be accepted by a group?
- Is you’re product apart of a popular trend?
- Are they shopping with you because they want to get the best deal?
- Are they buying your products for their family?
- Are they buying you products or services because they want to have fun?
As a business owner, you need to determine your customers motives for purchasing your products. You can figure this out by asking your current customers. It’s always great to know your friends support you for anything. But it’s always great to know why the people who don’t know you are supporting your product. So ask them.
Secret 5: Learn From Your Competition
If you don’t have any competition then you are in the wrong business, Competitors always show up, when there’s money involved. Remember, you can learn allot from the competition. You can even snatch a piece of the market from them for yourself. If you want to do this:
- Look at their followers and learn about who’s supporting them
- Watch their advertisements and see who their advertising to
- Check out the people who are commenting on their posts, and find out why they love their brand. So you can make them love your brand
Secret 6: Learn How People Buy Your Product
- What triggers the need for someone to buy your product or service for the first time?
- How many times will one person buy something from you?
- How long does it take a person to buy their next product from you?
- How much of your product does a person buy? Are they buying lifetime supplies?
- How long does it take your customer to decide buy a product?- Do you buy a car the first time you look at it? We hope not.
- Where do customers first learn about your product?
- How do they pay for it? And are you flexible to handle their payments? ( Credit Card, Cash, Debit, Check, etc)
Secret 7: Find Out The Deal Breakers
This one is our favorite, people don’t have to like how you do business. And they don’t have to respect it either, they can just go to someone else. Hair Salons lose tons of money, because people don’t have the patience to use their websites and book an appointment. Let’s consider a few things that could really break the deal, or seal the deal:
- Price- We know what your thinking. People are always trying to get the lowest price. But the lowest price can hurt your business, because people won’t find any value in it. But this varies depending on your business or service.
- Quality- If you’re a screen printing company and your designs instantly peel off of the shirt, this is big deal breaker
- Warranty- Some people need to be re assured about their products
- Customer Service- Horrible customer service can make people stop doing business with you
- Availability and Location- If people can’t buy your products, they will just move onto the next business
- Reviews- If your customers depend on reviews you need to get your customers to write positive reviews about your business
- Packaging- Allot of great products get left on the shelf because of their packaging and how they are delivered
Secret 8: Look At Your Current Customers
Ask your current customers why do they buy from you. Find out what interest them and anything that they all share in common. Who are your die hard fans? You have to ask why. Your mom doesn’t count.
Bonus: If you really want to understand your target market, learn how to live in your industry. Don’t just think about yourself as a business, but go do things that your customers do. If you sell clothes, go find people on Facebook who care enough about the new fashion coming out, that they meet up online and talk about it.
Live like your customers. The better you understand them, the better they will understand you.