Have you ever noticed how specialists get the rock-star wages, while the jack-of-all-trades get by on dribs and drabs from various odd jobs?
When you become a specialist focussing on a specific target market, rather than trying to appeal to “everyone”, your products and services actually become more valuable.
By ticking all the boxes for a specific group, you increase your chances of building a loyal customer base who’ll not only come back for more, but sing your praises as well.
So how can you uncover who your target market is and what they really want?
Check out the competition
Who are their customers? What are they happy with? What are they unhappy with? What can you give them that the competition can’t? Here’s your chance to meet a need your competitors have overlooked.
Create a focus group
Gather as many people as you can from various demographics to test your product or service and give their honest feedback. You’ll not only uncover who your potential market is, but also any strengths/weaknesses with your products or services.
Social media makes it easier than ever to reach a broad demographic. With social media platforms offering insights into demographics and other metrics, it’s never been easier to identify who is connecting with your brand. It’s also a great way to monitor what consumers are talking about and spotting potential opportunities.
Conduct a survey
A well constructed survey can uncover a wealth of information about your market and what their needs and desires are. You might even find the feedback provides unexpected results and new possibilities.
Review existing customers
Your existing customer base is a goldmine of information; you should be able to get a good idea of the age, gender, location, income and purchase cycle of your customers. Pinpoint your most loyal and highest-spending customers, as they will represent your ideal target market.
Create a customer profile
From the results of the activities above, you can determine who your ideal customer is – and not just their age, location, income bracket, but also their likes, dislikes, hopes, frustrations and fears.
With your target market clearly identified you can create marketing campaigns specific to your ideal customer, rather than using a scatter gun approach in the vain hope of appealing to “everyone”.