Three Simple Steps to Find your Ideal Target Market
Identifying a target market helps you develop effective marketing strategies simply. Whether you are an start-up or established business, you should always be asking yourself, “Who am I targeting?”
While it’s tempting to jump right into your marketing campaigns and to set up the creatives, it is essential to look at how to identify your target market and then create a niche marketing campaign that will sell.
You have a choice now, to step off the “hamster wheel” – reflecting for a moment, create more definite outcome or choosing to continue down the same path!
With a little bit of planning and a few specifics you will save yourself from getting poor results, poor profits, and even more frustration.
Its both good and bad to know this is a common challenge, The Australian Securities and Investments Commission found out that 44% of businesses suffered poor strategic management, 40% had inadequate cash flow or high cash use (spent too much money, too often without knowing why or having ROI plan in place) and 33% suffered from trading losses, and you do not want to go down that path.
Who am I targeting?
The most effective business owners & consultants have developed a thorough strategic planning process. The key aspects of this process include:
Pause and reflect on current clients commonalities
It can be challenging to define a client looking into the future, so use your hindsight. Look back retrospectively to clients you have served, the ones you enjoyed working with the most. The A grade clients, the best ones, not the C or D grade clients that were hard work.
Your starting point is these 3 elements
• Geography – What sort of industry were they in, or work did they do? Where did they live or work?
• Demography – Age, gender, income & occupation – what was a common age bracket?
• Behavioural – Anything significant that had occurred for them? What was their need?
Focus on what you want more of
Target market objectives should be specific and quantifiable. Draft a statement on the type of target you want to go after and the relationship you would like to have with your clients and customers. Common goals include increasing company visibility, lead generation or sales conversions.
Find who and where they are and reach out to them.
Then by asking additional key questions, you can further refine your ideal target markets & their commonalities. This gives you deeper understanding & helps you clearly identify the way to communicate with them & where you can find them.
- Who are your current customers and why do they buy from you?
- What are the needs and wants of your target marketing?
- How will your products or services benefit them?
- What features/benefits are most appealing to them?
After defining your ideal target market, what’s next?
Once you have recognised your target markets, keep it simple and use the information you can reflect on. Look back to look forward and start planning the next 90 days of target lead generation and sales and leverage your strengths within the context of your prospects’ needs.
If you need a hand creating a 90 day plan, then let’s connect!