November 15, 2014

Ways to Identify Your Target Market?

In order to market what it is that your business has to offer, it’s not only helpful, but imperative, to identify your target market. If you have a small business, and want to stay competitive with the bigger guys, you must zero in on those who will most benefit from what you are providing.

There are those who say that they are targeting whoever has an interest in their products. There are those who narrow it down slightly and say that they want to reach out to fathers, or college students, or homeowners. These are good first steps, but they are too ambiguous. In programmatic marketing, specificity is a must. This doesn’t mean that you need to leave out those that don’t fit within your realm, but the whole purpose for going after your specific demographics is to focus your branding and marketing budget on the crowd that is most likely to buy your services or products. You must play the odds in a wise fashion to achieve the most effective bang for your buck. 

As an example, there are those who send direct emails to those living in a certain zip code. Chances are, there will be somebody within that zip code that has an interest or need for what you offer, although that would only be the “luck of the draw.” But what if you could send that same mail to only those who are looking for what you sell, or who need what you can provide them? It’s like casting out a net and hoping that you will just catch one certain kind of fish. It’s actually possible to catch one type of fish, but you need to know what they eat and where they eat, where they hang out and when they are awake. With this knowledge you can bait your hook with the right enticement, rather than blindly casting your net. 

In order to determine your target demographic, you must start by identifying a sub-segment of an existing market that you feel would be interested in your offering. Here are a few factors to consider:

Psychographics are the result of demographic research that concentrates on groups, with a focus on psychological attributes. These include values and attitudes (as for marketing purposes).

The result of demographic research that studies population groups with respect to psychological attributes (such as values or attitudes) for marketing purposes is called psychographics. As a marketer, you must decide how your goods or services will benefit the lifestyle of your targeted demographic. How will they use your product? How will they conduct a search for your product? Here are some personal characteristics to consider:

Once you have identified your target market, review your decision by asking yourself these questions:

A business owner can have more than one target market, but it should be kept simple. Don’t start splitting hairs amongst the sub-segments. Use the same message to send out to all of your targets, otherwise it gets very complicated and can dilute the force of your programmatical marketing strategy. If you find that one message isn’t sufficient to cover your target audience, then consider the possibility that your audience is too diverse. Identify that fine balance that works for them all, and put it to use.

While finding your target market can be difficult for business startups, it is an essential element for success. Fortunately, once you have found it, the puzzle starts assembling itself, especially when you have the experts on your side. The intelligent primates of Genius Monkey can guide you through the process of finding and reaching out to your target market, and monitor the success that your programmatic marketing program brings to the table.

Interested in learning more about how Genius Monkey can boost your conversion rates today?

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