How to Define Your Target Market

Who. What. Where & Why – These are the key components that defines your business’s target audience.

You might ask, why do we need to define them all. The simple answer for that would be the common saying that goes around in the digital marketing world – “If you try to sell to everyone, then you will end up selling no one.”

Online success of a business is mostly about cultivating as many new prospects as possible. But the doesn’t mean, you target users who do not align with your business requirements. If you are looking to covert a user to potential customer, then it is important to target the right audience, who are looking for your company’s products/services. Reaching out to just anyone can make your business lose its credibility in the market, and your brand will just generalize without any niche.

To put it in a definition – “A target market is a group of people that a company has decided to aim its marketing and advertising efforts towards.”

Real-time examples of target marketing can be seen in many places. For example, a clothing store may target its marketing toward teenagers and young adults, while a luxury car company may target its marketing toward upper-income earners. Businesses often use market research to determine who their target market is and what marketing methods will reach them.

You need to find out where your target audience hangs out online and offline. What websites do they visit? What kind of social media do they use? Where do they live? What magazines do they read? Knowing the answers to these questions will help you better understand how to reach your target audience.

Categories of a Target market

The characteristics of target markets can include geographic, demographic, psychographic, and behavioural factors. Geographic factors can include things like country, region, city, or neighbourhood. Demographic factors can include things like age, gender, income level, or occupation. Psychographic factors can include things like lifestyle, personality type, or values. Behavioural factors can include things like purchase history, brand loyalty, or online behaviour.

Target markets are important for businesses to identify because they help businesses to focus all marketing efforts on the consumers who are most likely to purchase the products or services. A well-defined target market is the first step in successful marketing and helps a company focus its limited resources on the consumers most likely to buy its products or services. By doing this, businesses can use their marketing resources more effectively and efficiently, which can lead to increased sales and profitability.

Ways to define Target Audience

There are a number of ways for your businesses in identifying niche target markets. One way is to use market segmentation, which is the process of dividing up the larger consumer market into smaller groups based on shared characteristics. Another way is to use market research, which involves collecting data about consumers and then analyzing that data to identify trends and patterns.

Once your business has identified the target market, it can then begin developing a marketing plan that includes specific strategies and tactics for reaching those consumers. It's important to note that you should regularly review your target markets and make adjustments as needed, as consumer behaviour and demographics can change over time.

How of Target based on your business

As discussed earlier, there are a variety of ways that businesses can target their marketing efforts. Some common methods include targeting by age, income, location, gender, or interests. Here are a few examples of how businesses might target their marketing:

·         A toy company could target marketing to children under the age of 12.

·         A luxury car company could target marketing to adults with an annual income over $100,000.

·         A real estate company could target marketing to people who live in a certain city or state.

·         A clothing company could target marketing to women between the ages of 18 and 35.

·         A travel company could target marketing to people who have expressed interest in travel-related topics.

There are many other ways that businesses can target their marketing efforts. The important thing is to identify the most effective way to reach your target market.

When it comes to marketing, one size does not fit all. Businesses need to tailor their marketing efforts to their specific target markets. By doing so, they can more effectively reach their customers and achieve their desired results.

Real-time example

Nike's target market is athletes of all levels who use their products to improve their performance. The company also targets non-athletes who simply enjoy the stylish look of Nike apparel and shoes. Nike has always been at the forefront of innovative marketing campaigns, using celebrity endorsements, social media, and cutting-edge advertising to reach its target consumers.

Nike's "Just Do It" slogan is one of the most recognizable in the world, and it perfectly encapsulates the company's brand identity. Nike isn't just about selling sports gear; it's about inspiring people to get out there and be active. This message resonates with athletes and non-athletes alike, making Nike one of the most successful brands in history.

Advantages of identifying the Target market

The ability to identify a target market is one of the key advantages your business can have. When you are aware of who is your niche audience, it will make things simpler in focussing all your marketing and advertising efforts on reaching these individuals. This can save your business both time and money, as you will not be wasting resources on marketing to people who are not interested in your products or services.

Additionally, by knowing the specific needs and wants of your target market, you can tailor the special offerings to better meet the needs. This can result in increased sales and customer satisfaction. Finally, having a clear understanding of the demographics, psychographics, and behaviours of the target market can give your business a competitive edge when targeting potential customers.

We are here to help

Are you new in business? Did you just enter the online marketing arena, and are finding it difficult to identify your niche group?

Don’t worry, we are here to help you with all your business requirements. From Branding to performance marketing, our team will closely work with your organization in identifying your niche, structuring out a marketing plan and implement it together.

We are here to help you to identifying the most effective marketing channels and strategies, and also measure the return on investment of all the marketing efforts made for your brand.

If you're looking for a more effective way to market your business, then you should consider reaching out to our team and have a quick chat on how to kick start your business online.

Your niche group is waiting for you right around the corner!