Do you have a clear, defined target market for your business? 👥
Many business owners resist defining a target market because they see their business and brand as being “for everyone”, or struggle to define who they’re targeting in a meaningful way.
But when you try to target everyone you often end up appealing to no one. Just because you can’t define your target market based on obvious demographics like age, gender, or location, it doesn’t mean you don’t have a target market.
Here are some things that can help you define a clearer market:
✔️ Look at your product. Who has the most need for this? Who does it help? What do the people who buy it have in common?
✔️ Who buys from you already? Look at your existing customer base. Are there any commonalities? You could gain some important insights here: For example, your products may be for men but you find it’s mainly women who are actually purchasing as gifts for men. This can totally change the way you market your products!
✔️ Consider your competition. Who are they targeting? Are there any weaknesses or gaps you could capitalise on?
✔️ Find the biggest problem & narrow the demographics. Not everyone who has the ‘problem’ you solve will actually do anything about it. Find the segment MOST LIKELY to actually put their money where their problem is!
✔️ Consider their values & desires. Consumers are much more likely to shop from a business they share values with! What values do your customers hold? These can form a huge part of your brand and marketing.
Want to learn more about defining your target market & building your brand? Head on over to our blog to read more!
