Choosing the right target market is crucial if you want to effectively market your product or service. That’s basic “marketing 101.” Yet many small business owners wonder whether they are participating in target marketing correctly.
Identifying your ideal customer is essential whether you are preparing a direct mail campaign or advertising online. Marketers that use an inbound attraction marketing campaign start by defining their ideal “buyer persona.” As the field of marketing advances, these “target markets” are becoming more and more specific. The goal of modern direct marketing is to speak to your customer directly.
The first step in identifying your target market is to look at some of your best customers. Your product meets their needs, so it would satisfy others with similar needs. As you reflect on this, compile the following information about your existing customers:
- Gender, age range, and geographic location
- Education level
- Income range and profession
- Needs, challenges, problems they need to solve
- Dreams and aspirations
- Fears and worries
- Hobbies, favorite entertainment, and lifestyle choices
- How your product fits into their life or business life
For a new business, consider the problem your product solves and who will have this problem. Consider the same list of topics as you develop your “ideal buyer persona.”
The best buyer persona or target market is backed up by research. If possible, commission surveys or a market research study to fine tune your target demographics. The better the information and more specific the better. Be sure to evaluate your target markets as you gain more information and insight about your customer’s needs.
Your target market should inform every aspect of your marketing plan. You want to choose advertising opportunities that reach these people. Every decision from the graphic design to the specific word choice suits your ideal customer. Investing a little from the start will ensure a more successful campaign.