You Need to Know: 5 Digital Marketing TermsJanuary 17, 2016
Identifying a target market is crucial to gain exposure and increase conversions within your operations. While your business may view itself as a “serve all” entity, most of the time this isn’t true. Using this sample list of questions and examples provided, you will have a better idea of where your target market lies.
- Are there distance limitations? If this is a service or a product that is not going to be shipped, then the decision to add, or not to add distance limitations to your target market could have direct implications on your marketing efforts. Afterall, no one is going to drive 100 miles to have their oil changed.
Capturing your Ideal Customer Isn’t as Hard as You Think
- Are you targeting a group within a specific marital status, or family status? This should influence business decisions in various ways, such as when events or promotions are offered, and what extracurricular activities you should consider bringing in. (e.g. A car dealership targeting families should provide an activity station such as coloring pages so the children won’t pull their parents away as you are trying to close.)
- Is there a specific age that your product is best for? A higher priced service, such as a new type of massage shouldn’t focus targeting teenagers as they don’t have the discretionary income to be able to afford these services on a recurring basis.
- What are their values? More likely than not, if you promote yourself as an all-natural store, it is important that you carry these values throughout your business practices, since your target consumer is more likely to care about sustainability.
- What is their lifestyle like? This will help you to determine where they will be. A pool and spa company might want to host a booth at a home expo, since their ideal consumer is looking for ways to upgrade or improve their home.
While this sample list touches upon some of the most important characteristics for identifying your target market, there are other factors that can help to hone in on your target market. This will include looking at your products/services, as well as your current customer base, and demographics and psychographics you want to target. Consistent with marketing, defining your target market is an important marketing strategy that should be reevaluated throughout the life of your business to ensure maximum conversion.