You run a business. You have a great product. You’ve hired the best talent in the industry as well. Plus, you are spending truck loads of money on marketing. But the returns are not something you could be proud of. What could possibly be wrong here? The most suitable answer here would be targeting the wrong audience.
Finding the right audience can be a daunting task, but there’s no need to reinvent the wheel or over complicate the process.
Here are a few things to consider when defining your target audience:
Look at Your Current Customer Base
There’s no need to hire a research company to help find your audience. There’s a high probability that you have access to most important source of data and you can find what could you ask for on based on your existing clients espanolfarm.com!
Factors to consider:
- Income Level
- Education Level
- Why they purchased your service in the first place
- How they found out about your brand.
What’s next? Use lookalike targeting and find time to understand your target audience, Lookalike targeting models, such as those offered by Facebook, do all the heavy lifting for you. Find more here.
Check out your competition.
Here are two options to consider:
- Replicate the targeting your competition is using, or
- Find the niche that they’re overlooking
If you’re competing against large companies, the chances are they’ve done their homework and are targeting specific audiences/channels for a good reason. If you copy them, consider that you’ll be competing for the same users, so your value proposition will have to be stronger than ever to ensure that potential customers choose your brand. However, if you’re targeting a niche that your competitor is overlooking, there’s no need to oversell. Simply cater your message and value proposition to that niche audience, and you’re all set.
Evaluate your decision.
- You’ve researched your existing client base, and have checked out what your competition is doing. You now have a game plan to go forth and target! Not so fast!!
- Once you’ve decided on a target market, be sure to ask yourself these questions:
- If you’re targeting a wider audience: is it too wide and does a majority of this audience need my service/product?
- If you’re targeting a niche audience: Are there enough people who fit my criteria?
- Will my target audience really benefit from my product/service? Will they see a need for it?
- Do I understand what drives my target to make decisions?
- Can they afford my product/service?
- Can I reach them with my message? What message should I give them?