Do you know how to define and reach your target market? If not, your company’s marketing efforts may not be successful. Taking the time to designate a target market will aid in deciding where to advertise, how to sell and even how to price your products or services. We have compiled a “how-to” guide for businesses that target consumers (B to C) and businesses that target other businesses (B to B):
Figure out who your buyers are. It is important to look for common ground within your current customer base to define who is most likely to buy your product. This includes factors such as age, gender, income, race, marital status, etc. By creating a list of common demographics, you start to get a better picture of who your customers are.
• For B to C (such as home builders to buyers) – Identify demographic common ground on who is buying your homes. When looking at your sales history, if the majority of your buyers are married couples in their late 20s to 30s with young children, you might want to focus on this demographic.
Define who your buyers are. Identify the personality and lifestyle characteristics of your buyers. These include factors such as attitudes, values, lifestyles, interests and opinions. By defining these characteristics, you gain valuable insight on why and how they are buying/using your products and the benefits they are seeking from it.
• For B to C (such as a business selling coffee) – Pinpoint common lifestyle characteristics among your buyers. Are they looking for convenience to shopping, dining and entertainment? Do they seek a specific location or hours of operations? What types of amenities do they value (do they want to sit outside and listen to live music), etc.?
Define what makes your products unique. It is important to emphasize what makes your brand different from the competition. Capitalizing on these advantages and differences will make customers choose your company over your competitors.
• For B to B (such as construction suppliers to home builders) – Distinguish and capitalize on the qualities your product or service offers that competition does not. For example, do you offer any buyer loyalty programs, warranties, discounts, etc.? Do you have a product or service that none of your competitors offer? Do you have financing or special terms?
How will your product serve their needs? This is the most crucial step in reaching your target market. Buyers are ultimately most concerned with how your product or service will make their life better or easier. Therefore, it is important to make sure they understand why your company is the best fit for their individual needs.
• For B to B (such as construction suppliers to home builders) – Emphasize how your specific product or service will benefit their businesses. For example, if you offer next day delivery, emphasize how you will save them time and stress of getting a shipment to a job site on time.
Many companies make the mistake of keeping their target market too broad and wasting energy on segments of a large group that simply are not interested. To remain most efficient, focus on the core of your target market, and promote specifically to them.
mRELEVANCE can help you focus on delivering your product to who needs it most. We will also help you determine and reach a market large enough to gain market share, yet small enough to be specific.
For more information about target markets and how to communicate to them, contact us today!