You business' target market is defined as the group of individuals sharing similar needs or characteristics that your business hopes to serve. These are the individuals that will most likely end up buying your product or service.
Identifying your target market helps a business develop an effective communication strategy that could lead to sales. Additionally, you can create more accurate campaigns for your target market, improve the conversion rate on your website, and provide a more personalized experience to your users.
- Do intensive market research.
Before marketing your products, you should conduct intensive research to know what’s going on in your industry. You can prepare a set of questions related to your brand, product, service, competitors, and users. Once you have gathered all the necessary information, you can already get an idea of the ideal audience you should be targeting. There are also platforms like Google and other social media platforms to identify users who might be interested in your products or services.
- Build a customer persona.
A customer persona is an imaginary representation of your business' ideal customer. These personas are the result of market research and user data. Customer persona can include many details about the user like name, age, gender, income, location, etc. By creating a target persona, it helps you as a business to visualize their potential customers. You will be able to get the idea about what your customers want and they can tailor their content to their needs.
- Provide early access to loyal customers.
E-commerce websites usually offer early access to their sale to customers who have signed up for their paid membership programs. This strategy is also good in identifying the ideal audience for your business.
If you are thinking of launching a new product, you can provide free and early access of products to your loyal customers. Loyal customers tend to trust your brand and will most likely buy your products rather than first-time customers or those who haven’t bought anything from you yet. You can then ask their honest feedback on the new product to learn their preference. This feedback will tell you the kind of audience that would buy your product. It can also tell you what features you can add to the product and can help you in a different segment of the audience.
- Collect and analyze helpful insights with Google and Facebook Ads
Google and Facebook ads can also give you meaningful insights in regards to your target audience. Just go to the Facebook Insights section and it will give you detailed information regarding your audience. For Google AdWords users, you can use the Google Audience Insights.
- Conduct surveys.
Surveys may sound outdated and can be annoying to customers, but when used cleverly, it can give you valuable data about your audience’s interest and expectations. You can conduct an annual, biannual, or regular surveys about your content, products, services, and ask your customers to provide their feedback and offer a little reward to motivate your audience to complete the survey.