It is common sense that before starting to sell you have to have a product. Although, did you ever think who will buy it? That is one of the most important parts of branding - selecting your target market. Only knowing your real customers, you will be able to offer your best services. For this reason, we collected all the information about targeting the right market and why you need to do it. Also, we provided you with the 5 top tips on how to select your target market.
Why do you need to select your target market?
The main idea of selecting your market is that you start selling to those who really need your products. In other words, you modify your store for the right audience. In addition to this, you will attract potential and interested customers. Knowing your target and segmenting it will create more sales than simply offering your goods to everyone. Of course, with perfect SEO only, you could get about 100 people who would check your online store. On the other hand, attracting 10 users who need your product will more likely create 10 sales.
Things you need to know about the target market
- Always growing. Although you already found your target market, keep in mind that it is always growing. In other words, you need to understand that the population is still expanding. Additionally, the demand for your product is also dynamic and unpredictable.
- Avoid assumptions. Despite the fact that you know why your product is the best, you need to look at it like you see it for the first time. Avoid assuming that customers already know all the benefits of your item. If your brand is new, they might not even know that it exists.
- Psychographics and demographics. Do not think that you should focus on only one of these characteristics. They both are equally important in each shopper's decision making process. Because these factors play a critical role, you have to carefully evaluate both of them.
5 top tips on how to select your target market:
1. Talk with your customer
First of all, use what you already have. Do not feel ashamed to ask your customers about their decision-making process. After your client receives their order, send them a quick survey. Most likely not all of them will answer, but this kind of information is the first source. Also, you could try to interview them, ask about how they liked their purchase and give a few additional questions.
2. Demographic and psychographic
One of the main target market segmentation tools is to set your customer characteristics. As mentioned before it is important to research both: demographic and psychographic traits. Pay attention to these demographic streaks:
- Family Status
- Ethnic background
3. Customer’s specifics
You should take advantage of all possible information about the customer, and try to dig for more. In other words, you should find all the possible specifics. Such as understanding customer’s attitude and beliefs, find their fears and pain points. All this information you can turn into your branding ideas. Knowing the specifics helps you to better define your target market.
You should also look through your competitors work, but this tip should not push you towards duplicating something. This is more like a tool for creating an alternative strategy. You should evaluate competitors performance on social media channels, their pricing and reviews. With this information, you can more easily improve your brand. For example, if their customer feels disappointed you might consider another target market, because of existing prejudice. Or simply be better than them and draw in their users.
5. Online resources
Nowadays, there are many tools to simplify life for online sellers. From order management software, such as Multiorders, to platforms which advise about the target market. These resources can make insights which help you define your customer. For example, Alexa helps you analyze your competitive advantages and Google Trends shows your customer's location.