What is a target market?
Entrepreneur.com defines a target market as “a specific group of consumers at which a company aims its products and services”. They’re the folks most likely to buy from you. At MCG, we’re proponents of the whole “relationship with your customer”, and “keep ‘em coming back” school of thought. So it would make sense if we inferred that it’s easier to maintain a relationship with a consumer that has a need for your product.
Why You Should Find Your Real Target Market
The question that comes with all business decisions (even if it’s not apparent) is “how’s it going to affect my bottom line”? Your marketing money will work harder for you.
It’s clear that a marketing campaign that will attract life-long customers is much more effective than a campaign that attracts a user who decides that the product is not for them after the first use, or worse, doesn’t even bother trying.
For a great read on driving repeat business, see the Brass Knuckles Media blog.
Your Customers will feel a closer connection to brand
If your product is of high quality, and your aim your brand right, you’ll find that your customers will relate to your company. They’ll think of the product almost as a friend. This leads us to…
Your customers will be much more likely to talk about your brand
Word-of-mouth is the oldest form of marketing, and still the most effective by far. Folks are much more likely to talk about a product they like and relate to. It’s as simple as that.
Getting the Search Party Ready
Look at Your current Customers
Think about who buys from you (and comes back) right now. Break down their demographics and psychographics. Create two buyer personas using this information.
Look at Your Competitions’ Customers
Find out who buys from your competitors and think about why. Create two buyer personae based on their demographics and psychographics. Try to choose personae that are different from your current customers.
Look at your Products/Services
What is the need(s) that your products and/or services address? What are the benefits that you provide? What price range is it in relative to similar products?
Finding Your Ideal Target
Keep your target market as specific as possible. Scrutinize your four buyer personae and pick out two that sound most like your ideal customer. Remember to scrutinize all aspects of the personae.
Evaluate your decision by running your personae through a hypothetical situation where they use your product. Notice how we say “use”, not “buy”. It’s important to choose personae that will have a use for your product because those are the ones that will likely become repeat customers.
Go Get ‘Em!
Targeting your marketing will allow you to make more effective marketing strategies and decisions. Be sure to come back and revisit this critical part of your business plan often (we recommend at least once a quarter) to make sure you’re on track.