How to Determine Your Target Audience
In marketing, one of the crucial rules to be successful in the industry is to know exactly who will be interested in the product and focusing on that demographic. As surprising as it may be, we have found that over decades of combined experience, there are many businesses that have not yet determined their target audience, leading to spreading their resources too thin.
In this blog post, we will help you determine your target audience with a few steps.
Study the current customer base
Research. Research. Research: the crux of all things successful. You may be thinking you do not have enough data to analyse and draw definitive conclusions but you are wrong. If your product is already on the market, your first step should be to analyse your current customer base, segment it into different demographics, and start work on targeted marketing campaigns based on this data.
Analyse your competitors
Once you are done studying your customer base, you should move on to your competitors. Every business has competition unless you’re a blue ocean. You may not only be able to target a larger audience this way, but also find out there is a whole segment of the population that you did not think would have been interested in your product or service at all. By analysing the competition, you get a grasp of what similar businesses to you are doing to penetrate the market, understand their tactics and help to use that to your advantage. The more you know about your competitors, the better in your quest to be #1.
Understand your audience’s psychographics
By understanding your audience inside and out, you are always one step ahead of them. In order to be successful in the world of business, it is not only crucial to understand who your customers are but to also know exactly what they want, or even better, create what they want before they even thought of wanting it. Creativity and fresh ideas are key to becoming the leader in your field and you must be aware of all of the current developments and industry novelties to be ahead of your competitors and create top quality products.
If you are finding difficulty in discovering your target audience or should you have any questions, please do not hesitate to get in touch with Yay!Starter Marketing.