Finding Your Target Market
When you start working with Cornerstone Your Business, the first thing we will establish about your company is ‘who is your target market?’.
What is a target market?
Your target market is the customers that you direct your marketing activities at to drive awareness of your products or services. What we mean by that is what does your typical client look like? And are there particular clients you want your business to gain more of – presumably those who will spend more and be loyal to you long-term.
Why is knowing your target audience so important?
Defining your target audience is the first and most essential step when building a solid marketing strategy, as all marketing and communication is written with your target audience at the forefront of your mind. Basically, you want to communicate to the people that want to spend money with you and not waste your time and marketing budget on those that won’t.
“From a marketing perspective,” says Jess, “We need to know whose eyes to put your brand in front of, and what tools we should use to do so.
“For example, if your business sells equipment for elderly people to use in the home, one might think your marketing should target over 75s who need that equipment, perhaps with a branded ‘through the door’ catalogue. But actually, when looking at your customer database in detail, we could discover that in fact it’s the children of this age bracket who are purchasing the equipment on behalf of their parents, not the person using your products. So your target audience is more in the age range of 50-65.
“Increasing numbers of people in this age group use Facebook, so our marketing plan could start with targeted Facebook advertising along the lines of: ‘Do your parents need support in the home?’. Not only does this cost a lot less than printing brochures, but it can also be adapted and adjusted throughout the campaign as we learn more about its success.
“By finding your target audience, we can make your marketing effective for the unique needs of your business, rather than a scattergun approach which can be costly and ineffective. For small businesses in particular who don't have the resource to cast their marketing net wide, knowing who to market to is essential.”
How to discover your target market?
Forget what you’re selling for a moment, you are the expert and very clear on this, and think about who you are selling to.
When you imagine a customer searching for your product or service, what are they like? Age, hobbies, interests, job type, salary range, marital and family status. Where do they live and what sort of home do they live in? What are the biggest three problems, difficulties or desires these people face? And how does what you do or sell solve these problems?
A few weeks back we explored the importance of a CRM, and if you have one in place already then this is the easiest way to build this picture of your client base quickly, as you will have a lot of these details to hand ready to collate. If you don’t, then engage with your sales team and colleagues. How do they view the customers they work with?
Once we know your target market/audience, our Outsourced Marketing Manager Jessica can put together a bespoke marketing plan that channels your marketing output at that market specifically; ensuring the new clients coming through your door are the ones who will spend money with you.
To find out more about how Cornerstone Your Business can support your marketing strategy, give Jessica a call on 07929 905229.