Marketing is a science. And while it might not be as complex as splitting the atom, knowing the primary rules of this science can go a long way in helping you build a successful marketing strategy. The first rule? Define your target market before getting started on any tactical executions.
First things first: what is a target market? While it’s defined as the particular group of consumers at which a product or service is aimed, that’s a rather simplistic way of looking at it. Why? Because the person who uses your product or service isn’t necessarily the person to whom your messaging should be directed.
For example, a children’s dentist wouldn’t run a commercial geared specifically to children, as children aren’t the decision makers. Parents (mostly moms ages 30-40) make decisions about their children’s dentistry, and thus marketing efforts should be geared toward them.
While marketing is a science, defining your target market doesn’t have to be. Here are 5 steps that can help you uncover the information you need to make better marketing decisions.
Talk to your customers: Talk to prospective customers and ask questions about their needs as it relates to your business. Ask them who makes decisions in your household and whether they would be inclined to use your product or service.
Go deeper: Don’t stop with the basics. Ask customers additional questions, such as their interests, favorite brands, education level, household earnings, martial status, etc. Ask these questions in the form of a survey and give customers incentives for completing them, such as coupons or the chance to win a prize. Record all of the data and analyze it after a significant amount is accumulated, as it will help tell the story of your target customer and inform future marketing decisions.
Test your theory: Once you’ve generated some working theories about your target market, test your theory with some minimally expensive campaigns, such as free samples or discounts to prospective customers. It shouldn’t cost you a huge amount of money but it’s an investment that could make you (or save you) a lot of money.
Look at your competition: What are your competitors doing? It’s pretty easy to discern whom your competitors are targeting by the tone and scope of their own messaging. If your theories about your target market align with your competitors’ approach, chances are your instincts are correct. But keep in mind that in some cases, your findings might reveal an opportunity to gear your messaging to consumers from a different and forgotten segment.
Get an agency: An agency like Rebuild Nation can help you discover other insights about your target market. From search analytics to social media behaviors, there’s a trove a data on the web that helps marketers make smarter and more efficient decisions when it comes to lead generation and customer acquisition. Give us a call and let the marketing experts at Rebuild Nation show you how we can help your business grow.