Generate more profit by identifying your target market

Posted by Exubra on 3/02/2011

 

identify your target audienceIn marketing, one size does NOT fit all. Know your audience and address their concerns.

Who are your customers? The whole world isn't your market, you know. You need to get specific.

Knowing your target audience will minimise the risks of doing business. It will uncover and identify potential problems. It will help you recognise opportunities in the marketplace that otherwise would be missed. It can save you time and money by focusing your energy on the potential buyers.

Are you marketing products or services over the internet? Surveys have shown that internet industry is growing at 40-50% per year! Now an even larger market is easily accessible to us - but the internet contains so much information! How will our customers find us unless we figure our who needs our product or service in the first place, how they will look for us on the internet -- and then target them!

Establish parameters of your target market:

1. What are their demographics?
2. What are their needs and requirements?
3. What benefits do they want?
4. What are their concerns about your type of product or service?
5. Who is your competition?

Analyse your current customers:

1. Are your current programs attracting qualified leads?
2.
What kinds of customers visit your website? What are their characteristics?
3. What is the size of your potential market? Is it growing or shrinking?
4. Is your pricing strategy helping or hurting profits?
5. In which area of your business have you been the most successful?

There are many target marketing companies you can find on the internet that will help you pinpoint your target market. There are also several free resources you can use to find the information yourself.

So now you know who your target market is. How do you reach them?

Find out where your target market is so you can effectively communicate with them. Locate industry-specific search engines, message boards, opt-in e-mail groups and newsgroups that focus on the market you are targeting. Once you have discovered the most effective places to reach your target market, take the following steps:

1. Register a domain name (www.yourbusinessname.com). Include words that pertain on your particular market.
2. Submit your website to the search engines. Use industry-specific search engines in addition to the main search engines.
3. Link to areas where your target market 'hangs out'. (i.e. newsgroups, message boards, other high traffic websites)
4. If you already have a business with an established customer base, learn what you're doing right with your current customers by conducting a simple survey to reveal data on their demographics, interests, etc.

Reach your target market online with information.

Studies have shown that the primary activity of people on the internet is RESEARCH - online shopping comes in at only 1%. This doesn't necessarily mean that people don't buy online -- it just lets you know that when people get online - they are looking for INFORMATION - and you need to offer your target market what they're looking for in order to get their attention.

By understanding your customer, you will be better able to serve them. By meeting their needs, you will generate more sales. By targeting your market you can substantially shorten your sales cycle and increase your profits.

If you would like assistance in identifying your target audience and how to stand out from the crowd for all the right reasons get in touch today to speak with one of our creative and marketing specialists on 020 3078 6969.

Topics: Marketing, Target Audience, Customer Loyalty, Exubra Blogs