If you have developed a product or service that you intend to market, it is essential that you identify the target audience group for your marketing strategy. This is equally important whether you market your products and services through physical media services such as leafleting, posters and flyers or online via, for example, video technology.
Here are some ideas as to how to identify and reach your desired target audience.
- Who is likely to want or need your product or service?
This is the first and most important step in identifying your target market. You should consider a range of different factors including gender, age, financial means, employment type, location, family structure and marital status.
- Filter your target
You can filter your target audience by reference to the above factors. Certain products are gender specific and your target market could immediately be halved. If your product is relatively inexpensive, the target audience might include a wider range of people whereas, if it is of a high value the target audience is unlikely to include those in poorly paid employment or with several dependent children. It is important to find the correct balance when filtering the demographics of the target audience. Too strict a filtering may well result in such a significant narrowing of your audience that it makes achieving a large amount of business unlikely.
- How specific do you want your target audience to be?
Obviously, the wider the parameters you set, the larger the target audience is likely to be. However, this is not necessarily the most effective way to market a product or service. For example, a construction company that specialises in property renovations could target homeowners with properties of a certain value – a relatively wide audience. To narrow this down, the company might decide to concentrate only on those homeowners who are interested in kitchen remodelling. This will reduce the target audience but may well result in a greater likelihood of attracting customers for that one particular speciality.
- Look at your existing customer base.
Carrying out a detailed analysis of the demographics of your existing customer base can provide useful information to assist in identifying your target audience for future products. If you have a body of customers who share the same or similar characteristics, the likelihood is that others who share these will also be interested in the product or service that you are offering.
- Consider who your competitors are targeting
Checking out your competitors’ marketing strategies can be useful in two ways. Clearly, if they are successfully targeting their products to a particular audience you may elect to go to the same audience yourself. Conversely, you may decide, when you analyse who they are targeting, that they have overlooked a gap in the market that you are able to plug.
Identifying your target audience group is not always easy. It requires a great deal of time, effort, research and thought. It is, however, essential to the effective marketing of a product or service and is also likely to be a key indicator of the type(s) of media that you employ within your marketing strategy. TallBoy are experts in finding the right audiences for your business and creating excellent brand videos to reach the gaps identifies. For a discussion on how we can help you contact us today.