Defining Your Business’ Target Customer
Target markets can help businesses better understand their ideal customers, in addition to breaking through the crowd in a niche market. A well-defined market and customer is key to saving money on marketing, as you specifically target customers who are more likely to purchase from your business. Defining your target audience becomes an exponentially more effective and affordable way to generate new business.
Who are your current customers?
It cost 5x as much to secure a new customer vs. retaining an existing one - don’t forget them!
Look for common characteristics and keep note, as other people similar to them could potentially benefit from your business.
Take a closer look at your products or services to analyze which ones current customers are favoring.
Spell out their demographics.
Age, gender, location, financial status, etc.
Utilize social media analytics to pull this information from your current list of followers.
Have a close competitor? Take a look at their customers too.
Psychographics matter too.
Motivations, hobbies, goals, dreams, etc.
Find this information from reviewing web analytics, or speaking with current customers.
Identify how you may assist your target market in achieving these goals, and look at potentially implementing a new initiative that reflect these ideals.
Refine your brand personality.
Rooted in your vision for your brand, develop to complement your target market’s demographics and psychographics.
Get detailed! Well-defined brand personalities typically connect with customers on a more personal level.
Learn how to communicate with your market. Meet your ideal customer where they are.
Create a statement that clearly outlines who your target market is.
Use the pieces of information gathered in your target demographics that are relevant to your brand and target customer to evolve your brand positioning.
Create visuals, photos and videos that are relevant and make sense to your target market
Base targeting, AKA targeted advertising.
Get specific. Use demographic and personality information to utilize your advertisements better.
Concentrate your marketing efforts on your thoughtfully generated ideal customer.
Continue to build relationships with your audience through community engagement.
It’s important to note that developing your target market isn’t a one-stop shop. As your business expands, so will your customers, and we recommend revisiting and refining who makes up your ideal customer often.
We’d love to assist you in the process of defining your target customer, creating a dynamic story and brand presence that sells itself! Contact us today and we’ll answer any questions you have about the process and how to get started!