After finishing a business market plan it is important to then focus on who the target audience will be. Obviously the better a business knows its customers, the faster that business will grow. Many business owners make the mistake of assuming who the target audience is. No matter how much is spent on advertising, having too broad of an audience or an incorrect audience can hurt the sales of a business’ services or products.
First, a business should try to understand what their product or service can solve. Does it fulfill a need or solve a problem for a potential client? What makes this particular product or service unique or better than the competitor’s version? Then they need to determine who would be willing to pay for their solution. One way to figure this out is by using Google’s keyword tool to see how many customers are searching for words related to the business’ idea.
There are multiple ways to find a target audience but there are a few basic questions that should be answered. It is essential to figure out the demographic and psychographic information of a business’ customers. This can help find who the target audience is and how to reach them. To find the demographics determine the age, gender, location, education, ethnic background, marital status and income of customers. This information will help to pin point who may purchase the product or service. This particular data can also be obtained from Google Analytics. Google Analytics can break down website visitors into groups, for example, by location, browsers used, age/gender and much more. Psychographic aspects include a customer’s interests, hobbies, attitudes, beliefs and lifestyle. This particular information can indicate why a potential customer would buy. Once this information is obtained, it is a good idea to create a target audience profile. Simply put, take the answers that have been provided by the demographic and psychographic questions and create a prototype person that can be used as a target audience model for marketing and advertising plans.
Some of the ways a company can reach out to potential customers is by conducting surveys, on-the-street interviews and focus groups. There are also more cost efficient ways thanks to the internet and social media sites. Existing information or research may have already been conducted on the company’s specific topic. If so, this can save research time but it still may need to be narrowed to the company’s exact focus. Social networks are a great starting place to get free feedback. Ask fans to give their opinions, advice and thoughts on products or services. It can be beneficial to research a competitor’s marketing strategy to help find a personal target audience. Though it is important to remember not to copy a competitor because it is vital to stay original and show customer’s how a business is different from others.
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