Every business has the aim of attracting customers. When creating a product or service, there is usually a clear idea of who will be most likely to buy. However, not every business takes this research seriously, and that can result in a complicated marketing strategy.
A Target Audience is a clearly defined, specific group of people with shared characteristics. Who are also most likely to be interested in your product or service.
Information such as
- Education level
- Marital status
Why is it Important to know your target audience
The rise of technology and social media has created an extremely differentiated market. Gone are the days of a one size fits all approach to targeting customers. Having a clear target allows you to create an effective marketing strategy. You can speak directly to people who are more likely to convert. If your brand is focused on teenagers, then you can use teenage lingo and themes in your marketing.
Instead of casting a very wide net to a very wide ocean, you can cast a wide net to a very nice swimming pool. That means, you can spend your resources (Labour, time, money) more efficiently.
As time goes on, knowing your target audience will enable you plan for future products and services you can offer them. Getting feedback from them and seeing how they use your product can enable you to tweak your offerings to their demands. Future rollouts can tick all the boxes they highlight.
How to define your Target Audience
You can ask yourself these questions
- Are your target customers male or female?
- About how old are they?
- Where do they live?
- What are their interests?
You can answer these questions by following these steps:
- Take a close look at your current customers: How old are they? Are they mostly male or female? How much do they spend on purchase?
- Research your competition: Find out who your competition are. Who are they selling to? What can you learn from them and their marketing strategy.
- Evaluate your product or service: Is your product too cheap or too expensive for the audience you are targeting. Do you need to improve it to attract your target. Will your target find it useful.
- Create buyer personas: A buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers. When creating your buyer persona, consider customer demographics, behavior patterns, motivations, and goals.
In order for people to buy into a product or service, they need to relate to the tone and messaging. Even the advertising methods you use depends on knowing your target audience. If you are targeting adults between the ages of 21-35, then you can use digital channels. However, If you are targeting 50 and above, you might want to use print media. This clearly shows that knowing your target audience is a critical ingredient to the marketing mix. Product, price, place and promotion all depend on who the audience is.