who is your Target audience?
If you don’t have an answer to who your target market is, my dear you might be heading towards a big ditch.
Just so you know, your business cannot be targetting everyone because targetting everyone is targetting no one in particular. As I always say, you are not party jollof so your business cannot appeal to everyone.
So What Then Is A Target market?
According to BizFluent; ” A target market is a group of consumers identified as likely purchasers of your products and services. These groups are usually selected based on gender, age, behavioural patterns, location, and lifestyles.”
Why Is Target Market Identification Important?
Target audience identification is the foundation of a successful marketing strategy. If you are ever interested in the increase of your turn over then you must pay attention to defining who your target market is. Understanding your target audience and what they want will eventually give you that leap that you so desire in your business. The more defined your target market is, the more you understand how and where to reach your target audience.
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The only way to get a full glimpse of your ideal target audience is to embark on research and not use your emotions. You cannot use your guts to determine who your target audience will be.
Allow me to quickly highlight some of the benefits audience Identification has;
- You speak directly to who you want to sell to and who you want to buy from you.
- Target audience identification gives you an opportunity to differentiate your brand from competitors.
- When you have a clear picture of who your target market is, it’s easier to position yourself as an authority in your field or industry
- Identifying your Ideal target audience allows you to remain focused on the goal and marketing strategy of your business.
Now that we have laid the foundation of the importance of Target Market Identification, allow me to take you through the process of Identifying Your Target Audience;
Identify the Value Your Business Is Bringing
The truth is, there is a high probability that the market you are about to penetrate is already saturated. So what’s the sugar and spice you are bringing that no one has seen? You need to understand that the primary reason you are in the market is to satisfy your customers’ needs and desires against making money.
To ultimately work towards satisfying your customers, you need to ask yourself the following questions;
- What problem have you noticed that your new business will solve?
- What need do you want to meet with your Innovation?
- Are you going to be fulfilling someone’s innermost desires with your business?
As a business owner, you need to understand that features tell what your business is all about but benefits actually do the selling. So don’t define what you do or how you do it but tell us what we stand to gain. So instead of saying that you sell workout clothes, you should probably say you have outfits that can motivate you to lose weight.
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Be Specific About Target Audience
You have to be as specific as possible and not lead anything to imagination when it comes to defining who you want as your customer. The best way to do this is to use the following criteria;
- Buying Power
- Stages in life
This will help you to know how to exactly communicate and engage with them. Don’t forget to check your websites and social media profiles analytics. This is a good place to get information based on the people that have done business with you before.
Check Your Competitors
In defining the ideal target market for your business, it is usually a good idea to check out who currently engage with your competitors. This is not because you want to steal their strategy or customers but to ensure that you get some insights. For instance, a close look at your competitors’ strategy will answer the following questions;
- Are you targetting the same people?
- Do you have and offer the same values as your competitors?
I’m not saying you’d get accurate answers to your questions by just observing your competitors but you’d be able to get an overview of who they are reaching out to.
Evaluate Your Industry
After you have clearly defined who you want to sell to, you also need to ensure that there is a viable prospect in that industry. S ask yourself the following;
- Are there enough people in the market to sustain my business?
- Does my ideal target audience have the money to buy my product or services?
- Will these people I have considered my target audience bu from me repeatedly or will I have to source for new clients regularly?
- Is the competition in this industry high?
- If the competition is low, why is this so?
- How accessible are these people I have considered my ideal target audience?
The importance of target audience identification cannot be over flogged if you want your business to outlive you. As a growing business owner, it is your duty to understand who your business and why they should care to look at you. Remember to make sure that your products and services fulfill their needs and they would not leave you.