by Samuel Gitukui
In this day and age, businesses are facing even greater competition. While this is good news for the consumer as they have their pick of the best products available, businesses which cannot compete soon face closure.
And that is why target marketing is important.
Suppose you want to venture into an industry that is dominated by large firms. How does your small business stay afloat?
One very effective method is to define your target audience and tailor your marketing efforts and resources to this market.
We are not saying you discriminate. No sir!
What we are saying is you are focusing on a demographic that has a higher chance of buying your products.
Some businesses enter the market with an “anyone can buy my products” approach. If you were asked who you sell your products to and said, “anyone who is interested”, then this is a very generic answer.
Let’s find out how you can define your target audience and tailor the best marketing pitch for your company.
1. Analyze your client base
Take a moment and study your current customers. Ask yourself, why do they buy from you? What are they looking for? Are there any common characteristics among them?
More often than not you will begin to notice patterns and similarities.
Then try and find how you can get more clients with similar characteristics.
2. Study the competition
Businesses that are in the same industry as yours and are doing better must be getting something right. Find out what their marketing campaigns are like.
This is not so that you can copy their every move, but by studying what they are doing, you might notice a gap in the market that they are missing and take advantage of it.
What do you stand to gain?
Well, for one you will have less competition.
3. Study your services or products
Once you have defined who you need to market to, the next step is to analyze what your business offers. Put down a list of all the benefits that come with purchasing your services or products.
Take for example a graphic designer…
He is likely going to target businesses looking to advertise and increase their customers base. Some of the benefits that such businesses stand to gain is high-quality graphic design solutions.
This would make the business appear professional and reliable which will, in turn, attract more customers.
4. The demographics
Figuring out who is interested in your products or services is only the first step. The next step is to dig a little deeper as to who is most likely going to buy from you and this will be based on demographics.
Such demographics may include age, gender, marital status, income level, education level and occupation to mention a few.
5. Final evaluation
You’ve managed to define your target audience… it’s time for a final evaluation.
Is the target market large enough to give you good business? Are they going to benefit from the products or services? Will they afford the products or services? Are they easily reachable with the tailored message?
These are just some of the questions that will help you decide on your chosen target market.
In this day and age, businesses are facing even greater competition. While this is good news for the consumer as they have their pick of the best products available, businesses which cannot compete soon face closure.
And that is why target marketing is important.
Suppose you want to venture into an industry that is dominated by large firms. How does your small business stay afloat?
One very effective method is to define your target audience and tailor your marketing efforts and resources to this market.
We are not saying you discriminate. No sir!
What we are saying is you are focusing on a demographic that has a higher chance of buying your products.
Some businesses enter the market with an “anyone can buy my products” approach. If you were asked who you sell your products to and said, “anyone who is interested”, then this is a very generic answer.
Let’s find out how you can define your target audience and tailor the best marketing pitch for your company.
1. Analyze your client base
Take a moment and study your current customers. Ask yourself, why do they buy from you? What are they looking for? Are there any common characteristics among them?
More often than not you will begin to notice patterns and similarities.
Then try and find how you can get more clients with similar characteristics.
2. Study the competition
Businesses that are in the same industry as yours and are doing better must be getting something right. Find out what their marketing campaigns are like.
This is not so that you can copy their every move, but by studying what they are doing, you might notice a gap in the market that they are missing and take advantage of it.
What do you stand to gain?
Well, for one you will have less competition.
3. Study your services or products
Once you have defined who you need to market to, the next step is to analyze what your business offers. Put down a list of all the benefits that come with purchasing your services or products.
Take for example a graphic designer…
He is likely going to target businesses looking to advertise and increase their customers base. Some of the benefits that such businesses stand to gain is high-quality graphic design solutions.
This would make the business appear professional and reliable which will, in turn, attract more customers.
4. The demographics
Figuring out who is interested in your products or services is only the first step. The next step is to dig a little deeper as to who is most likely going to buy from you and this will be based on demographics.
Such demographics may include age, gender, marital status, income level, education level and occupation to mention a few.
5. Final evaluation
You’ve managed to define your target audience… it’s time for a final evaluation.
Is the target market large enough to give you good business? Are they going to benefit from the products or services? Will they afford the products or services? Are they easily reachable with the tailored message?
These are just some of the questions that will help you decide on your chosen target market.
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