In this article, we will look at how to identify your target market to get new clients.
To begin with, have you ever heard business people and entrepreneurs say that “everyone is my prospect or target market.” Well, if you think this, then it is about time to change your mind. In addition also take note that successful target marketing is a series of successful messages that speak specifically to your core prospect group and focus market, more on this later.
So why do people struggle with identifying their market and building clients?
- So why do people struggle with identifying their market and building clients?
- What is target marketing?
- What can you do to get started?
- 1) Have a casual conversation
- 2) Engage in a survey
- 3) Use focus groups
- 4) Guerrilla marketing
- 5) Study the competition
- 6) Turn to social media
- 7) Location
- 8) Create a typical customer persona or profile
- 9) Never forget your current customers
- 10) Segment your market
Often poor planning and lack of research are to blame. Another big area where things go wrong is by over complicating and stretching themselves to wide across a broad market base, rather than concentrating on a niche consumer prospect base.
Many startups struggle to identify their core target market, get poor results and then end up asking themselves why they failed. Well, there is nothing wrong with working with several markets, but there is also a grave danger in building the one size fits all model and structuring your marketing message to generically to appeal to your core market target.
What is target marketing?
A digital target marketing funnel
Target marketing is a series or process of structured messages for attracting a certain group of customers or consumers who will purchase what you have to sell or offer. Of course, there is more to it than that because you are not a magnet and you do not have the secret formula to get your target market effectively from day one.
To identify your target market to get new clients, you should research and identify who purchases your type of products and services and conduct testing on how to reach them. As a result, acquiring such knowledge requires some planning, research, and analysis from your end. Digital and online campaigns can produce some of the most effective and highly targeted results.
Target marketing is the most current approach to learn the needs of a specific group. Customer and prospect profiling is fundamental and you should research their interests, needs, hobbies, likes, personalities, and attitudes.
Your customer’s opinions and thoughts are extremely important, so your priority is to know them. You can engage them in a survey and ask them what kind of products or services they would usually go for and how much they would pay for it. A survey is one of the most effective and simplest forms of marketing that would give the results you are seeking. By this, you will get the target market information you need for your business so you can formulate a successful marketing, sales, and engagement strategy.
What can you do to get started?
When you are launching any kind of business, your first priority is to make sure that you have a product or service that can satisfy a group of consumers or customers. Remember that everything in your business plan would revolve around this concept. You need to choose a particular group of consumers or customers whom you can woo for your product and focus on building up customer relations with them at the same time.
When you start you should begin with choose just one group if you want to succeed in this venture. It will be more manageable and you can always scale up and diversify after you have effectively identified your core group.
So in order to learn or Identify your target market to get new clients you should do the following:
1) Have a casual conversation
At your planning stage, it is always a very good idea to have a conversation with your family, friends, and acquaintance about your business idea. Besides, this is a free – way to get a wide range of feedback on whom, what, or how you should be targeting. In short, you can learn and realize many things in a simple talk before you have spent any money on your idea or market interest development.
2) Engage in a survey
If you want to know and get a detailed feedback on what consumers are mostly thinking, then you should compile engaging and entertaining surveys. A survey will be your bait so that you would know what type of consumers are interested in and who wants and needs your products or services. Honest consumers will take time in answering this survey, so take your time in making a meaningful but relevant survey.
3) Use focus groups
Your focus group would serve to advise and to help you identify which product or service you are going to offer and how well it is received. Keep in mind that there is no substitute for taking your time in talking to your potential consumer or target market. This method is simple and inexpensive for finding out what people really think of your product or service. This group can also generate some great ideas for products or services that you did not consider before or even help you improve your idea before its launch.
4) Guerrilla marketing
Guerrilla marketing was originally a marketing strategy in which low-cost, unconventional means (including the use of graffiti, sticker bombing, flyer posting, etc.) were used in a localized way to draw attention to an idea, product, or service. Today, guerrilla marketing also includes promotion through a network of individuals, groups, or organizations working to popularize a product or idea by use of such strategies as flash mobs, viral marketing campaigns, or internet marketing.
Arranging such an event will get you the best exposure for your new venture and get valuable reviews and feedback. You can introduce your business to the public by giving them a free – taste, perhaps a free lesson, or even a promo.
5) Study the competition
There are chances that your product or service is already present in the market, so learning from your competitors is your first priority. You will get many useful insights by studying your competitors business, in particular, their marketing tactics and approach that works for them.
Setting up an account on any social media will help you introduce your business across the globe. However, with analytics and metrics, you can often drill deep into your exact target market demographic. You can create a promotion where you give extra or free trial products to those consumers who visit your account or business page. This will be your tool to know what kind of people who are interested the product or service you offer.
Demographics are an important aspect of a successful marketing, so you need to gather as much information as possible just to build up your customer relations. Take note that your location will influence what group of consumer you are targeting and any cultural requirements you might need to include in your target marketing strategy.
8) Create a typical customer persona or profile
It is useful to write down this persona or profile for all of your marketing efforts so you can refer back to this. The more you research the more accurate this will be and be doing this will help you get into the mindset of your typical consumer. It is important that you know their needs so you can provide the best product or service to fulfill their needs.
9) Never forget your current customers
Your customers are responsible for keeping your business alive and generating your income. Your recent customers can be a great source of information for you. Finding out why they chose you over the others will help you identify refine, improve your current business, and find a new way to target market.
10) Segment your market
Over time your product or service may not only have one target market. With this in mind, it is better that you categorize the existing market or potential market by high or low priority.
Developing a target market is very important because this is where you can generate your core sales and income. However, identifying your target market takes time, so research and planning is an absolute necessity. As a result, the above steps are extremely important to identify your target market to get new clients and using these steps can help you through this process effectively.strat