There is too much competition in the market that most businesses tend to forget one of the most important key points to obtain potential customers: defining their target market.
Both well-established and starting-up companies provide general descriptions of their target market and jump straight into a marketing campaign. They are so intent in selling their demand to the masses and have forgotten during the process that being creative for a target market is essential to connect and convince prospect clients or customers into considering what they sell or offer.
Whether you have just started to put up a business or you are an existing company in the field, acquiring a target market is essential. It doesn’t matter if you are selling a product with good quality or appeal if your target market is too broad to define. There are different types of consumers, and not all of them might use your products in the same way or might have the same purpose for purchasing them. You have to ask yourself who you are targeting as customers or buyers so you can be precise in which market to focus on and understand what motivates them which you can use to your advantage while at the same time it helps you create effective marketing campaigns. That means you have to filter your customer base depending on their motives so you can provide sufficient insight to each group.
Aside from identifying a target market’s buying objective, as an entrepreneur you also need to understand what you are trying to sell, especially for existing businesses who plan to change or innovate products and services. If you are thinking of using old marketing tactics, they do not work all the time. Different products and services appeal to different audiences (Baadsgaard, 2018). For example, you sell baked cookies, and you have patrons who love them, but the standard ones don’t seem to sell that much to a particular set of an audience because this group preferred flavoured-cookies. You should then focus on how to tweak these regular cookies a little and create a flavour-based market, or better yet add more options to the product.
Also, there’s knowing how the competition is going. What does this mean for you and your business? It’s more than just the high-intensity between you and the other competitors. An example would be a fitness gym’s advertisement offers high-energy workout classes which would appeal to customers who are into vigorous training exercises. If you are planning to target the same market, what you can learn from this is you can look for phrases or keywords they used to capture the attention of their target audience. But it’s best to try an alternative market, such as focusing on the price or a different training program or low-key classes that may appeal to less-intense potential customers.
And lastly, keep in mind that as you identify your target market, you also need to consider the size of your market. Online advertising platforms such as Google and Facebook are massive mediums to sell and define a target audience, but you may need to step back a bit, scan the number of potential customers you have and filter your market based on the volume. You can’t sell products or services to a 3 per cent target market if that doesn’t make it a potentially lucrative business and not worthy of your time and money. So it means you have to expand your market.
Both well-established and starting-up companies provide general descriptions of their target market and jump straight into a marketing campaign. They are so intent in selling their demand to the masses and have forgotten during the process that being creative for a target market is essential to connect and convince prospect clients or customers into considering what they sell or offer.
Whether you have just started to put up a business or you are an existing company in the field, acquiring a target market is essential. It doesn’t matter if you are selling a product with good quality or appeal if your target market is too broad to define. There are different types of consumers, and not all of them might use your products in the same way or might have the same purpose for purchasing them. You have to ask yourself who you are targeting as customers or buyers so you can be precise in which market to focus on and understand what motivates them which you can use to your advantage while at the same time it helps you create effective marketing campaigns. That means you have to filter your customer base depending on their motives so you can provide sufficient insight to each group.
Aside from identifying a target market’s buying objective, as an entrepreneur you also need to understand what you are trying to sell, especially for existing businesses who plan to change or innovate products and services. If you are thinking of using old marketing tactics, they do not work all the time. Different products and services appeal to different audiences (Baadsgaard, 2018). For example, you sell baked cookies, and you have patrons who love them, but the standard ones don’t seem to sell that much to a particular set of an audience because this group preferred flavoured-cookies. You should then focus on how to tweak these regular cookies a little and create a flavour-based market, or better yet add more options to the product.
Also, there’s knowing how the competition is going. What does this mean for you and your business? It’s more than just the high-intensity between you and the other competitors. An example would be a fitness gym’s advertisement offers high-energy workout classes which would appeal to customers who are into vigorous training exercises. If you are planning to target the same market, what you can learn from this is you can look for phrases or keywords they used to capture the attention of their target audience. But it’s best to try an alternative market, such as focusing on the price or a different training program or low-key classes that may appeal to less-intense potential customers.
And lastly, keep in mind that as you identify your target market, you also need to consider the size of your market. Online advertising platforms such as Google and Facebook are massive mediums to sell and define a target audience, but you may need to step back a bit, scan the number of potential customers you have and filter your market based on the volume. You can’t sell products or services to a 3 per cent target market if that doesn’t make it a potentially lucrative business and not worthy of your time and money. So it means you have to expand your market.
The bottom line is that you have to take your time to think about knowing your target market. It may seem more natural to assume, but it’s like jumping head first in suicide. Considering a target market is not the most exciting part, but this is a crucial part of every good marketing campaign and helpful enough for improving your marketing results.
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