How To Identify Your Target Market

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When the topic of marketing comes up the next thing that follows is people telling you that you have to identify your target market. We have all heard the old adage by Meredith Hill and countless others, “When you speak to everyone, you speak to no one.” So how do you identify your target market? The best way to answer that question is to start with defining what is a target market? It sounds complex and highly technical but it boils down to selecting who is the ideal customer that you want to sell your service or product to.

Investopedia states that “A target market refers to a group of customers to whom a company wants to sell its products or services, and to whom it directs its marketing efforts.” In addition, “Consumers who make up a target market share similar characteristics including geography, buying power, demographics, and incomes.” The process of identifying your target market is a critical step in developing your marketing strategy for your business. Marketing campaign efforts can get expensive if you don’t have a clear understanding of who your services or products will appeal to and where those folks might congregate online.

How To Identify Your Target Market

Here are a few steps that will help you to identify your target market:

• Determine what problem you are trying to solve with your product or service

• Brainstorm what type of people would be most attracted to what your selling

• Choose who you would most like to work with

• Do Market Research

• Check out the competition to see who they are targeting to get some ideas flowing

• Create your marketing message

• Test it out

This list could go on forever but the main idea is to get started on the journey. I hope that these tips will help you to identify your target market and to start sharing your product or services with those who value it.

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Is It Time To Revamp Your Services?

Living in a state of a shutdown is no fun but if you use the time wisely it can take your business to new heights. The one thing that the shutdown has forced people to do is reimagine how they work snd do business. The use of video conferencing tools like Microsoft Team, Blue Jeans, and Go To Meeting is making doing work remotely a little easier. Some businesses are using technology to extend or expand their business services. Here are 3 ways to revamp your business services:

1. Use technology - Are there in-person services that are easily adaptable to being digitized? Now is a great time to take a detailed look at your service offerings to see if you can use Youtube, Vimeo, or any number of online tools to bring more personal experience to your clients. If you offer services that require privacy concerns to be taken into consideration like online or virtual counseling, then you want to ensure that the tool you use has end- to- end encryption and has privacy guidelines that closely follow the very strict GDPR EU privacy policy. Incidentally, Zoom does not support end-to-end encryption.

2. Rethink Your Target Market - Have you been so busy working in your business that you have gotten far away from who your target customers are? According to Investopedia, “A target market refers to a group of potential customers to whom a company wants to sell its products and services. This group also includes specific customers to whom a company directs its marketing efforts.”

3. Get Social-If you haven’t been much of a social media person in the past then now might be a good time to dig into using this tool. We are all at home and now more than ever people are using social media to stay connected. This is a great inexpensive tool to use to engage with your customers. To get started check out this article from Entrepreneur.com.

The Covid-19 virus has thrown a wrench in all of our lives but if you stay focused on how you can use your downtime wisely to grow your business then you will come out ahead of the game.

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