Don’t know how to find your target market? Don’t worry, you’re not alone! Many aspiring business owners have no idea where to begin when it comes to knowing who their target market is or how to attract them. This guide will walk you through steps you can take to find your target market and start attracting clients and customers that are the ideal fit for your business idea!
You can also learn more from our blog, “The Benefits of Marketing Research: How Companies Can Gain a Competitive Edge.”
A Tirade from a Marketing Expert
If you want to see your marketer’s head pop off, spin around, and come back down, tell them that “everyone” is your target market.
So often, I will start a conversation with a new client and this happens:
Me: “So who is your target market for this app?”
Client: “Everyone. Everyone can use it.”
Me: “No. Not everyone. For example, only people who own a smartphone can use it.”
Client: “Well, that’s everyone.”
Me: “No. Not everyone has a smartphone. Not everyone has the high-speed mobile internet needed. Not everyone wants your app.”
It’s usually at this point I put myself on mute, scream for 10 seconds, and get back on the phone calmly.
Unless you are the world’s only source for oxygen or water, there is nothing that everyone needs. Period.
That means that you have to find a target market.
Once you’ve admitted that you have a target market, you can use the tools below to figure out who that market is.
Who cares about your product?
What is a target market? A target market is a group of customers that has similar needs and wants, making them more receptive to your products or services. You can segment a market by different demographic characteristics, such as age, gender, ethnicity, education level and income. Target markets are also segmented by their product usage and the number of times they buy a product or service in a given time period. There are four types of market segmentation: demographic segmentation, geographic segmentation, psychographic segmentation and behavioral segmentation.
Why should they care?
Marketing can feel like a daunting task, but the more you do it the easier it will become. And when you know what you’re talking about, your customers can sense that too. It’s not enough to just have a good idea and jump in – you need to know what your target market wants and needs. And that’s where target market segmentation comes in. Demographic segmentation, geographic segmentation, psychographic segmentation, and behavioral segmentation are all types of segmentation. And no matter which one you choose they will all help bring clarity to who is your target market and what type of marketing tactic works best for them.
How will your product help them?
Know your target market first. Why do they need you and how will your product help them?
Think about this, who are they? What are their age groups and genders? What are their hobbies and interests? Where do they spend time in the world? What is something that has happened in the last month that has challenged them in their lives?
The more time you take to consider these questions, the easier it will be for you to create an original target market strategy so you know where to promote your products or services because marketing isn’t just advertising, it’s also personalizing your brand (check how in this article), which increases customer confidence and connections which strengthens customer retention through long-term relationships with your target market.
Why should they trust you?
Customer trust is key to any business’s success, and in order to have a successful business, you have to find your target market. Each type of market segmentation has its own advantages and disadvantages that make it great for different purposes. Target markets are made up of those customers who meet the criteria of the targeted group by which they are being targeted so that their needs may be better met through targeted products or services offered to them specifically.
Hubspot is always a great resource for marketing information. Here’s a list from them of tools for market research.