How to target the right market?
So, you have done hard labor and finally finished making that attractive and killer product or service, good but this has not come to an end and your work is not done yet. Picking the target market is now the main task because you should know who your market is, who your audience is, what the pains and problems are. Your next step is very crucial that is nothing to find the right market for these products and services; you need to introduce your products or services in front of the right audience. So our next step is to identify the target market to get high ROI.
How to identify your ideal target market?
If you fail to properly identify your right market then none of your marketing would work, not your ad, not your content, not your website, not your social media, nothing. If you are baffled in figuring out then follow these steps to get the best solution:
Identify your market first:
Firstly, you should understand your niche well. You should ask yourself -why a customer would take interest in your products or services, what is something special you are dealing with? So, Proper research and segmentation of your market are necessary.
Identify your target audience:
The target audience is nothing but your overall audience to whom you want to sell your products or services. Identify your audience according to your niche. It depends upon below factors:
Demographics: Demographics are decided according to your niche. You can identify your potential audience on the basis of factors like age, race, sex, and also includes social criteria like employment, education, religion, income, and marital status. Like if you are dealing with sports-related services like gymnastics or martial art then you can easily identify your potential audience by their age because an audience above 30 would take very less interest in these activities.
Geographic location: You can identify your potential audience according to your market location. Your audience may be from local, state, national, or international. For example, if you are dealing with sports-related products then your potential audience is more from your market location and if you are dealing with some online services like digital marketing courses then your potential audiences would be from all across the world.
Nature, behavior and Psychology:The target market is strictly based on the attitudes, emotions, beliefs, and Psychology of the audience. You should be aware of the audience’s interest like what they like or dislike, what are new trends come in the market they are looking for. If your market is located in a particular local area then you should have the idea of the above things.
So, deeper research of demographics, geographic location, and nature & behavior are a must in the identification of target audience and it totally depends upon your niche. You can use some digital marketing tools like Google Analytics or Facebook insight for this.
Do SWOT and PESTLE Analysis:
It is a powerful tool whether you are going to start a new company or you have an existing company. SWOT analysis is a technique to identify the strength, weaknesses, opportunities, and threats of your organization. It will tell you what’s working well and what’s working badly.
PESTLE or PEST analysis is a simple and most used tool to analyze the political, economic, and technological changes in your business environment. Opportunities may come from these factors that will help you to reach wider new audiences.
Analyze your top competitors:
If you want to get wider traffic then you should know who your competitors are and what you are doing unique from the competitors. It is necessary because it will tell you where you are leading or lagging. So, analyze to top competitors' strategy properly to get the target market and reach the wider audiences after that.
Use digital marketing techniques and tools:
With the help of digital marketing, you can easily pick your target market and audience. Techniques like Search Engine Optimization (SEO), Search Media Marketing (SEM), Social Media Optimization (SMO), E-mail marketing, Content marketing, and much more are used to promote and optimize your businesses or services.
Tools used to track the nature and behavior of existing and new audiences are Google Analytics, Google Search Console, Facebook Insight, and Hotjar. These powerful tools will help you a lot in getting the right target audience.
Filter and Segmentation:
You should do a funnel approach where you can easily filter and segment the audiences. Like if you are product or service is specifically based on a gender basis then you can narrow your audiences easily. Similarly, you can do the filter on the basis of age and income level. Your market segmentation should be measurable, identifiable, definable, actionable, substantial (i.e.; MIDAS)
After passing through the funnel, you will eventually get the more focused target audience for your product or services.
So, in this content, we see target marketing and various strategies, tools, and techniques to get the right market. We also learn how important it is to target the right audience because targeting the wrong audience would adversely affect your market and thus Return on Investment (ROI). So, If you want to generate more revenue, more sales, more lead then you should ask 3 questions by yourself before starting your product or services- whom I am targeting, what is their interest, and what are their behaviors.
I hope you find it useful in getting your ideal target market.
Wish you all the best for your bright future.