Market Identification: How to Find Your Target Audience
One of the keys to a successful marketing campaign is making sure that you’re reaching the right people. Learn more about market identification and how to find your target audience here!
The success of a marketing campaign has everything to do with the audience it reaches. The challenge is finding the right audience to target.
That is what market identification is all about. It is looking at characteristics such as age, education, and income. These aspects help to identify profitable audiences. to offer products and services to.
In short, you have to know whom and when to pitch your services to.
Before you set up your next strategy, here are a few ways to you identify a target market.
Market Identification: Who is Your Current Customer Base?
You won’t know who else to target unless you know who’s already a customer. Sometimes targeting the same demographic of people could stall your efforts.
Put together a small focus group. Together, examine the characteristics of your current base. Is the majority of them all women? If so, what age group and geographical location? And, are they working-class women or domestic engineers?
Translate this information then determine what products they buy from you. Decide if other people like them would enjoy the same products and services.
If your goal is to widen your customer base, use this information to target a brand new audience.
Size up the Competition
Who is selling the same service and are they selling it better than you? Ask yourself these questions, as you design your campaign.
Study your competition. Discover their current customer base and the demographics of the people they are targeting. Try to find out who they are not marketing to, then make that a target audience.
Evaluate What You are Offering
Before you flesh out a list of specifics about your target audience, determine what they will like about your products. Make a list highlighting the benefits and best features of the product(s) or services.
Weigh the pros and cons of the type of service or product you offer. For example:
1. Does your product or service solve a problem for the assumed customer?
Determine if what you’ve created helps who you’re targeting. How many people will it help?
2. Will people understand it?
Your audience should be able to look at your idea and understand it without explanation.
3. Will it wow your audience?
You probably will not get an edge on the competition, just by selling the same product with a different name on the package. Make sure your idea sticks out. What about it will wow your target audience?
After analyzing your product or service, then design your base.
Organize and Select Basic Demographics to Target
Put yourself in the audience. Decide what you need from your product then figure out who else needs it. Consider these factors:
- Geographical Location
- Income (factor in disposable income)
- Level of education
- Household Status (marital status/Family size)
- Occupation (consider retirement income)
Don’t stop here. Consider personal behaviors–shopping interests, lifestyles, hobbies, and values. Decide how, where, and when your product will influence the lifestyle of your target audience.
Market identification sounds harder than it is. Yes, defining your audience can be challenging. But once you nail down the specifics, it is easier to put together your marketing campaign.
Want more information? Read this post for more tips on how to put yourself ahead of the competition.