18 Apr 2018 Marketing tips: Targeting the right demographic
Given the digital age we now live in, having a distinct target market is more important than ever. As a business it is not as effective to implement a scattergun approach, whereby you target anyone and everyone. Small businesses can compete with large companies by targeting the right demographic.
Look at your current customer base
The best way to identify your target audience is to look at your current customers and consider why they buy from you. Look for common characteristics and interests, and which customers bring in the most business. It is highly likely that other people like them could also benefit from your product or service.
Consider the product/service you offer
Write a list of features your product or service provides, and next to each feature, list the benefit(s) of this to the consumer. Each benefit provides further value to your company’s product or service and will attract more customers. Once you have listed the benefits, make a list of people who would require a product/service that offers such benefits.
Choose specific demographics to target
Decide who has a need for your product or service, but also who is most likely to buy it. Think about the following factors; age, location, gender, income level, education level, marital or family status, occupation and ethnic background, and aim to target individuals based on these factors.
Consider the characteristics of your target market
Personal characteristics can be a key reason why they require a product or service. Consider the following; personality, attitudes, values, interests/hobbies, lifestyles and behaviours.
Consider how and when will your target audience use the product? What features are most appealing to your target market? What media does your target audience turn to for information? For instance, it would probably not be beneficial to target OAPs via Instagram, as Instagram users are mainly females aged 18-29.
Evaluate your decision
Once you’ve decided on a target market, be sure to consider these questions:
- Are there enough people who fit my criteria?
- Will my target audience really benefit from my product/service? Will they see a need for it?
- Do I understand what drives my target audience to make decisions?
- Can they afford my product/service?
- Can I reach them with my messages?
You can have more than one target market but remember to tailor your marketing messages for each audience.
Defining your target market is the hard part. Once you know who you are targeting, it is much easier to figure out which media you can use to reach them and what marketing messages will resonate with them. Instead of sending direct mail to everyone in your postcode, you can send it only to those who fit your criteria. Save money and get a better Return on Investment (ROI) by defining your audience and targeting the right demographic.
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