Here are five steps to help define and reach your ideal target market.
If you know WHO they are know, you know WHERE they are. By deciding who is your target market, you will be able to communicate and market to those ideal customers. The idea is simple – sell to those who are mostly like to buy from you. There is no point trying to sell to people who do not want or will never buy.
1. Who are your current customers
Who are your current customers? What are their interests? Once you have a sense of the kinds of customers you’re serving—or want to serve—gather more information about who they are and what they need. Not only do you want to look at the demographics, but also their interests, social values, media consumption habits and more importantly their purchasing behaviours. Your experience with existing customers will give you some of this information.
If you do not have any current customers, talk to potential customers. Survey people and ask them what they are looking for. Do market research and see what are the industry trends.
2. Determine who is ‘not’ your customer
There may be customers who look like your customers, but they will not act upon your messaging. Deep dive into who is the ideal customer – the more details you have the more it will help when you market to them.
3. Look at your competitors
Do competitor analysis – what they are offering, consider their brand and what is your pricing. And consider how you are different and who you want to serve with your services.
4. Be specific about what you are offering
Once you have a sense of the kinds of customers you’re serving—or want to serve—gather more information about who they are and what they need. Most people put out a product and see who buys it. But in order to get clear about the customers you want to serve you also want to think about what you want to offer and who is the customer most likely to buy that service and why.
5. Consider the ‘why’ of your customers
Do not look at your customers in terms of how much they spend, but WHY they’re buying from you. Get beyond thinking just about transactional behavior so you can create loyal, returning customers.
