Given the current state of the economy, having a well-defined target market is more important than ever. No one can afford to go after everyone at once.
Beach brands can effectively compete with larger company networks by focusing on a specific niche.
You are not excluding individuals who do not match your criteria when you select target markets. On the other hand, target marketing allows you to focus your marketing efforts and brand messaging on a certain market that is more likely to buy from you than others. This is a significantly more cost-effective, efficient, and productive technique of acquiring new clients and leads.
What’s A Target Audience?
“Target market” and “target audience” are terms that are used interchangeably.
The social media target audience is the specific group of people you want to attract through your social media channels. They’ll be the most interested in your information, goods, and services. Some common characteristics, such as demography and behaviors, are likely to unite them.
When identifying your target demographic, don’t be afraid to be really specific. Start with broad categories like millennials or single fathers. However, conducting extensive social media audience research will allow you to dive further.
Steps To Identify Target Market
1. Take a look at your current customer base
What types of customers do you currently have, and why do they choose to do business with you? Look for common interests and traits. Which ones bring in the most money? Others who are similar to them will almost certainly benefit from your product or service.
On social media, who do you want to engage with the most? Begin with people who have purchased from you in the past, followed you on social media, and commented on your posts.
2. Scout your competitors
Who do your competitors want to go after? Who have been their most recent customers? Don’t go after the same market as them. You could stumble upon a niche market that they’re overlooking.
It’s probable that your social media audience will overlap with those of your competitors. As a consequence, it’s critical to keep an eye on what they’re doing so you can benefit from what they’ve already learned. Is it possible that they’re reaching out to people you hadn’t considered? What are they doing to put themselves in a better position?
3. Analyze your brand
Make a list of all the benefits and features that your brand offers. Next to each feature, provide a list of its benefits (and the benefits of those benefits).
Begin by doing market research to evaluate all aspects of the market. A SWOT analysis, which exposes your brand’s strengths and weaknesses, as well as opportunities and threats, can help you achieve this.
Once you’ve discovered your perks, make a list of people who have a need that your benefit satisfies.
4. Segment your Target Market into Their Demographics
Make a list of all of your brand’s advantages and characteristics. List the advantages of each feature next to it (and the benefits of those benefits).
To begin, do market research to assess all elements of the industry. You may do this by conducting a SWOT analysis, which reveals your brand’s strengths and weaknesses, as well as opportunities and threats.
Make a list of persons who have a need that your benefit meets once you’ve found your benefits.
- Age – You don’t have to be very precise here. Concentrate on determining which decade or generation your social media target audience belongs to.
- Location – What part of the globe does your target customers call home? This will assist you in determining which geographic regions to focus on. You’ll also discover when it’s most vital for your customer support and sales representatives to be available online. When you should schedule your social advertising and posts for maximum exposure.
- Income level – How much money does your target audience have to spend? How do they go about making purchases in your pricing range? Do you need to address any special financial worries or preferences they have?
- Education level – What education level did your target market obtain?
- Marital status – Are your target markets married or single?
- Occupation – Does their job have a high-stress level? Can they work remotely?
- Language – Which languages do they understand? How would you communicate with them primarily?
- Interests – What are the interests of your target audience? What shows do they watch on television? What other companies do they work with?
- Stage of life – Are they taking care of their own family or living a single life? Are they newlyweds or just graduated? Are your target market retiring any time soon?
5. Determine purchase path and pain points
Determine how your brand will fit into your target market’s lifestyle. What will your brand’s target audience do? Which do you believe your target audience will find most appealing? What information sources does your target consider to be useful?
Don’t break down your target demographic too much! Keep in mind that you might have many niche markets. Consider whether each specialty’s marketing message should be separate. Your target market may have been split down too far if you can effectively reach both categories with the same message.
This article will assist you in developing personas and framing content to identify your target audience, all while keeping the buying cycle in mind (awareness, consideration and decision).
Personas are fictional characters created based on research to assist you depict the many sorts of users that may engage with your brand in a similar way. Personas will help you better grasp the needs and pain points of your target audience. Key messaging and material tailored to those profiles will enhance the likelihood of them progressing through the sales funnel.