Marketing your business to the general public is a waste of time, especially if the goods you are offering are tailored to a specific group of people. The key to building a successful business, whether online or off, is to identify a target market for your product or services. Targeting your advertising campaigns towards your target market will not only increase your conversion rate but will save you money as well.
Survey Your Existing Market
The easiest way to target your market best is to start by surveying people who already use your products. If your product hasn’t launched yet, survey a group of people who use a similar product. The results of your surveys will clearly indicate which group you should be targeting. You may be surprised to find that a product you thought would be suitable for single college students in their early 20’s is actually well-liked by high school teens. The data you collect will help you to create a new marketing campaign or make changes to your existing campaign.
Know Your Product Demographic
Before you begin surveying your existing market, you’ll need to sit down and take a hard look at the product you are trying to promote. What group of people (age, gender, marital status) did you have in mind when you created the product?
You’ll want to know more about the demographics of the market you’re aiming for. Take the following factors into consideration as you conduct your survey:
· Age
· Gender
· Education Level
· Type of work (self-employed, unemployed, underemployed)
· Marital Status (single, newlywed, or married for years)
· Family status (children, grandchildren, etc)
· Ethnic and religious backgrounds (often don’t make a difference but can sometimes impact buying habits)
· Social class (low, middle, upper)
· Spending habits (thrifty, conservative, open spenders)
· Activities and interests
High school graduates with no college education will spend money differently than married couples with children. All of the above factors, and others, can help you to carve out a very targeted niche market.
Identify Shopping Patterns
Once you’ve determined your target market based on income, education, and other lifestyle factors you will want to narrow the group down a little bit further. Does the majority of the group like shopping online, ordering products over the phone, or picking things up in a store? Will your product inspire a need for instant gratification or will your potential market be willing to wait a few days for your product to arrive in the mail?
Target the market that fits the needs of the product or service you offer. By doing so, you’ll save money on advertising costs and will automatically see a better ROI because you’re putting your product in front of people you know are interested in what you have to offer. You can always expand your market later on if you find a need.
