If your business isn’t meeting its sales and growth targets, it may be time to check if you’re selling and marketing your products or services to the right people.
It is more effective to have a narrow target market and audience than try to appeal to everyone at once. Your products, services, and brand will be more attractive to and maintain the interest of customers who are likely to make purchases.
What is a target market?
Your target market is the people who will buy your products or services. It is important to establish your target market early so that you can customize your products to meet their needs. This will also help you make the most of your advertising budget by ensuring that you are only marketing to people who are interested in your product.
Target markets are usually defined by three aspects:
- Demographics: Things like the age, gender, income, marital status, ethnicity, employment status, etc., of your buyers.
- Geographics: Where your customers are located (this can be as wide as entire continents, or even just a single neighborhood or street).
- Psychographics: What drives your customers? What are their likes and dislikes? What problems do they face in their lives?
You will be able to market your products better if you understand who your customers are. This information can also be used to make sure that your products are continuously providing a valuable benefit during upgrades.
What is a target audience?
If you don’t identify your target audience, you won’t be able to create an effective branding strategy. Before you can determine what your brand should look and feel like, you need to understand who your target audience is.
The some examples of target audiences are men, women, teenagers, and children. These groups are often interested in the same things, like shopping, sports, or cooking. If you want to understand your target audience better, try to get more information than just their basic demographic information. Gaining an understanding of the role they play in the purchasing journey will allow you to approach them more effectively. These roles are often divided into two categories:
- The decision-maker — as the name states, this individual calls the shots when it comes to buying a product or service. Even when an item is targeted towards a certain group, you’ll want your messaging to focus on the person in charge of making the final purchase.
- The supporter — this person may not actually have the power to make the final purchasing decision. However, they will heavily influence the decision-maker’s actions and choices.
The terms “target market” and “target audience” are often used interchangeably, but they actually refer to two different groups of people. It’s important to be able to distinguish between the two.
Your brand should be focused on advertising to your target audience, not the end consumer.
This would be a good example for targeting a child-aged market. Let’s use McDonald’s Happy Meals as an example…
The Happy Meal is not only for kids, but also for the adults who are responsible for them. The adults who generally buy Happy Meals for kids are the ones who choose what the kids eat.