Posted on: September 24, 2020 Posted by: admin Comments: 0
Targeting The Right Market for Your Business in 2020

As an entrepreneur, you perhaps have an idea about who constitutes your customer base. But the way we see it, you can only have a vague idea of the same, and vague ideas aren’t just enough to survive in today’s market, given the tough competition.

Let’s face it. You cannot market to “everyone and anyone.” I mean, you could, but not without overstressing your marketing budget. While this strategy works fine for most marketers, it involves too much investment, which, for small businesses, isn’t a favorable option.

Target Market vs. Target Audience

The target market and target audience aren’t the same. Your target market is any group that is likely to benefit from your services and products. The ‘target audience’ are the people that you want to sell to.

Read the following paragraph, for example –

Average Joe recently launched a Tennis shop. He has a store that specializes in tennis but also sells decent clothing that anyone would find appealing. So, though Joe’s target market comprises local Tennis players, he plans to target a much larger audience with his clothing.

Target Marketing

Target marketing is when you aim to connect with a specific group of consumers likely to purchase your products when targeted based on demographics and purchase interests.

So, in target marketing, you connect with consumers who have a previous purchase history and are likely to buy those products once more.

How To Narrow Down Your Target Market?

Narrowing down your target market isn’t rocket science. Think of it this way –

If you send your kids to the nearest grocery to buy items, they might come with a bag full of chocolate LEGOs. This is a huge waste of money and also time.

However, you cannot blame your kids for buying the wrong items because their “requirements” are a ton different than yours. However, if you had handed them a list of items instead, they would have returned with the right groceries. This way, you could have saved a lot of time and also money.

The bottom line is – being relevant and precise is the key to marketing.

Do not make mistakes – target a small but appropriate audience.

Many entrepreneurs make blunders thinking that their service (or product) is great for everyone.

This isn’t the case, though. Even if your product is that versatile, you need a different pitch for a different target audience.

Here’s an example –

Average Joe – yes, it’s him again – sets up another business. He plans on selling hair care cosmetics and so gets in touch with a decent advertiser. The advertiser comes up with the following tag line –

Joe Hair & Care – Stay Young. Always

Thanks to the advertising, the sale bumped up in a few months. Joe, however, noticed that his consumers comprise people in mid-40s and higher.

Here’s the catch. The tagline sounds as if the product is for those who have aged and want to look younger. It makes sense that Joe’s consumer base is devoid of teens and adults.

Defining your target market allows you to concentrate all your resources to that audience. Do not leave your target market baffled. Your product’s intentions should be clear. As a buyer myself, I would never buy a product that doesn’t know who to sell to.

Targeting the right market is fairly simple and nowhere near as brainstorming as setting up a business.

Gather Info About Your Target Market

Gathering data is the first step to everything. Without data about your target market, you won’t be able to choose the right market in the first place. So, gather some info about the market and the audience you want to offer your services to.

Have a Look at Your Site’s Analytics

With Google Analytics, you can easily dig data from your visitors. You can find out your visitor’s age group, gender, websites that they come from, and the keywords that lead them to your site.

Toggling advanced options, the analytics will also let you know how much time each visitor has spent on your website.

  • Get In Touch With Customers

Perhaps the simplest way to find out about your target market is to interview customers themselves. You can ask customers to drop feedback on your website, write reviews, and email suggestions. The best way to find out what your audience wants is to ask the audience itself.

  • Migrate to a Dedicated Server

This is optional. If you have already purchased dedicated server hosting, you can skip to the next step. Dedicated servers are necessary for business websites because they can take a lot of traffic loads. This ensures a hassle-free experience for your customers. And, the better the on-site experience, the higher the chance of sales.

  • Analyse Competition

You aren’t the only player in the market. It is okay to analyze what your competitors are doing. If you choose to redo it, do it better? Consumers don’t just buy products blindfolded. You need to have a Unique Selling Proposition (USP) for each product.

But whatever you do, don’t market your product carelessly to everybody. Remember, you cannot force consumers to buy from you, so offering a little extra won’t hurt you.

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