It is a given principle that the building blocks of effective business marketing is to first know who your target market is. They are the people who are most likely to avail your offered products and services.
If you are already an existing business and you are trying to develop an effective marketing strategy, you can identify your leads through studying your current customers or clients.
You can use Google and Facebook analytics to see who visits your website and social media pages. You can also do this offline through providing customer answer sheets in stores to identify necessary information such as age, gender and location. This way, you will be able to study your customer’s demographics, understand why they value your product and easily identify your target market.
It is a different scenario for small businesses who are yet to open. You don’t have existing customers and it would be harder for you to identify your market.
You will have to analyze, study and research your product in order for you to know who you should focus on selling to. You can start by identifying who needs your product the most. These include their age range, where they live, income (who can afford your product), why do you think they need it and many more.
You can also do a product testing and see who are most likely to avail your product. It is also important to study businesses who sell the same product. You can take a look at who mostly buys your competitors goods, study them and you can adapt or take inspiration from the marketing strategy that they use.
Websites are helpful tools when it comes to generating and identifying leads. HTTPSimple is a web hosting company that can provide you assistance with building, maintaining and updating your website.
Max Freedman gave a detailed explanation on the importance of demographics in your marketing strategy. Take a look here.
Have you ever seen an ad aimed at an audience that clearly didn’t include you? If so, you’ve witnessed the power of demographics in marketing. Demographic data can help brands to narrow the scope of their marketing efforts so that their time and money aren’t spent pursuing people who are unlikely to become customers. After all, not everybody will be interested in that website ad for a dating website.
- Target Market