In the words of the late, great Steve Jobs, “If you want to make everyone happy, don’t be a leader. Sell ice cream.” He wasn’t exactly talking about your target market but it’s great to know for business in general.
What is your target market ?
First off, before anything else, you have to know what a target market is. So boom, Investopedia defines a target market as “a group of potential customers whom a company wants to sell its products and services.” Easy peasy. Knowing who these people are enables you to maximize your profit by advertising to people who are most likely to buy your products or book your services.
Trying to sell to everyone is, in effect, selling to no one. So it’s super vital to your success to narrow down who you plan on placing your brand in front of. Here’s how to figure out who those people are !
Who is your target market ?
A great first step, if you’re already in business, is to analyze who is already giving you their money. How old are they ? What gender do they identify with ? Where do they live ? What language do they speak ? How much do they spend per order on average ?
If you haven’t been keeping track of information on your customers don’t fret. Just start now. Answer these questions on assumptions. (We will almost never tell you to assume things.) If you use social media though, you definitely have this information on your page. Take a look at your insights. If you’re a B2B biz, these questions will look a little different. We’ll get to that in a later article.
What value do you bring your target market ?
Okay, second step. Be clear about the value of your product or service. Listing specs and features don’t really woo the average customer. Despite what they say, science shows that people don’t buy products. They buy solutions. Your value lies in whatever issue you’re solving. Be clear on this and assess what type of people have the related issue.
For example, if you’re selling motorcycles you’re not really selling a mode of transportation. When people need transportation they buy cars. When you sell motorcycles you’re selling an alternate persona. You’re solving the problem of people thinking they need something tangible to spice up their life. So your target market may include people possible going through a midlife crisis.
Find your “target market statement”
Last, come up with a target marketing statement and test it out. Check out ZipCars:
“To urban-dwelling, educated, techno-savvy consumers who worry about the environment that future generations will inherit, Zipcar is the car-sharing service that lets you save money and reduce your carbon footprint, making you feel you’ve made a smart, responsible choice that demonstrates your commitment to protecting the environment.”
So you see they’re not trying to sell to everyone. They advertise to people who 1) live in urban areas, 2) have some type of formal education, 3) are comfy with the tech world and 4) are concerned about the environment.
Still confused on who your actual target market is ? Contact us today for a consultation !