Are You Targeting the Right Market?
It’s common marketing knowledge to identify your target market before taking your business further in your niche. But, there’s more to your target market than narrowing down prospects. Only a few businesses can execute a thorough marketing identification, which provides them the arsenal to leverage their product or service.
Think of target market identification as setting sail. Your navigational tools serve as your parameters for your market, and the ocean is your industry or niche. Without clear parameters, you’re simply letting your business float across the vast industry. Your business is out there, but you lack a specific goal to take your business elsewhere.
Aligning your digital strategies with a thorough understanding of your target market sets your business for success.
What is the value that you can provide to your target market?
Most businesses expand their focus when identifying their target market. While there’s nothing wrong in looking at the bigger picture, you need to drill down the specifics first. Prioritize what is important, as this provides you the structure for your product or service value.
What does your product or service need to fulfill? Identify the strong points of your product and service, as well as their corresponding benefits. This will give you a clear idea of who is likely to buy from your business, forming defined customer segments.
As you list down your product or service features, be clear with your business’ primary value propositions. You need to go beyond the usual “Why should I buy this service from you?” question and provide a value proposition that will increase your bottom line.
To determine your value proposition, focus on these key questions:
- What is your edge over the competition?
- What features will highlight your unique selling point?
- What’s in it for your customers?
Do you have the capability to provide the service they need?
The last thing you want to do is to target everyone. Even if you’re covering a niche, there exist segmented markets within that niche. You need to assess if your business is capable of delivering relevant, valuable service to your target market.
Qualify your market and develop a detailed profile. What are your criteria for demographics and psychographics? This makes it easier to formulate market projections about customers who are likely to buy from your business and the product or service that falls within their interest.
Part of your target market identification is evaluating your business process. How do you streamline your business to meet deliverables for your customers? One example is developing mass customization to tailor products or services to the specific needs of your market segments. This opens opportunities to provide value-added service, which, in turn, increases customer satisfaction.
Does your brand resonate with your intended audience?
Target market identification also revolves around the concept of understanding core attributes that resonate with your intended audience. This highlights the importance of developing your brand personality—be the reflection of your market’s ideal self. Do you want to be formal or casual? Flamboyant or conservative? Premium or inexpensive?
Some people mistake brand personality with brand identity, though. Brand identity is the image you project to your market, while personality is more about the emotional and human connection that customers make to your brand.
To get an idea of the brand personality you want to develop, here are some questions you should address:
- What type of voice would best relate to your intended audience?
- How would you describe your product, service, or business?
- How do customers respond to your messaging?
By answering these questions, you can apply a filter for your target market. Think of this as a funnel approach. With the filters, you can narrow down your market to fit your product or service.
Decoding your target market reveals opportunities for your business – from product developments to a new marketing approach. Don’t let the industry define your business; be the definition of the market.
Talk to our consultants to know where your business stands with your target market and find out how you can solidify your marketing efforts.