Let’s assume that you are about to launch your latest product or service in the market. Do you intend to market your product in such a fashion that it attracts people of different ages, groups, races, ethnicity, gender, class, etc.? Well, tailoring a marketing strategy that helps you target the most suitable audience for your business, brand, products, and/or services is a successful profit-maximizing approach.
When designing, developing, final phasing, and releasing the product in the market, you tend to have a target audience in your mind that you assume will be the best prospects/buyers of your products/services, right? Without market research, you will not only be marketing your products to the wrong target audience. But you will also incur additional costs that might be hard to recover. So, let’s learn some of the best ways to target the right audience for your new products, services, or even a business startup!
Perform Extensive Research
Research is key to the success of any business venture. Valuable information relating to a specific industry, the market within, the types of customers in such markets, and the level of market gaps that you can fulfill in return for profits are some of the many aspects you need to consider.
For instance, performing a SWOT analysis reveals the strengths and weaknesses of your businesses while allowing you to assess the market opportunities and competitor threats. What factors you should research in the pursuit of finding the right target audience for your business is below:
- Customer personas
- Market trends
- Location
- Psychographics
- Demographics
- Economic Shifts
- Competition
- Customer Buying Preferences
These are some of the factors that help you outline and devise the most feasible marketing strategy for your business/products/services.
Identify the Pain Points of Your Target Audience/Market
Well, you may emphasize the need to identify the right type of audience for your business and its products/services. However, did you know that the purchase path, or more importantly, the pain points play an essential role in addressing the customers of your business?
What does your target customer base want to accomplish in the respective market? What are the main pain points that are affecting their path to purchases? Such vital information is key to identifying and creating customer personas that help you detect solutions to their given problems.
Your marketing approach should center the main pain points and target the problems that hinder the activity of customers in the market.
Analyze Existing Customer Base
Who are your existing customers? By analyzing your existing customer base, you can identify the type of people that may take an interest in your latest product or service. Regardless, if you are a relatively new business, you might not have a noticeable customer base. In that case, you can always assess and research the customers of your competitors.
It will not only help identify the important buyer personas but also target a similar audience for your business.
Conclusion
The more time you spend researching your target audience, the closer you will get to produce the most applicable marketing strategy for your business startup. Identifying the type of people that may buy your products/services will enable you to employ the right tactics to reach them.
