Weekly Wrap-Up: The Best Ways to Identify Your Target Market
This week’s wrap-up will go through the best practices of identifying your target market.
Identifying your target market, also known as your target audience, may seem like a simple task but it is crucial that the identification process is efficiently completed from the start in order to ensure that you are consistently aiming your marketing efforts at the correct group of individuals. Your target market will then allow you to effectively construct a marketing plan that encompasses the correct media vehicles that will be used to carry out each of your company’s campaigns, or individual messages. Below are the best ways to identify your target market:
- Demographics – The first step is to generally get all of the demographic information out of the way. This can be done with market research that is conducted within your particular industry, or through in-house exercises. You need to fully understand your consumers’ sex, age, income, location, purchasing habits and interests. The best way to do this is to create a visual representation of your company’s “persona” that describes the above information. Hey, even give your persona a name. This way you can always refer back and continue to make sure everything lines up.
- Business Goals – If these goals are not already obvious, you need to make sure that you successfully identify what you are trying to accomplish from the specific campaign or brand message. These goals need to directly relate and identify with who you are trying to reach. For example, your target market will vary based on whether you are launching a new product or re-branding a component of your brand. Consider using the S.M.A.R.T. goals to frame your idea.
- Competition – It is always useful to look at your competition and see how they are successfully (or unsuccessfully) targeting a specific audience and which areas your brand can improve upon. Competition is a great asset in market research to differentiate your brand from the rest.
- Brand Message – What is your brand’s voice and style? These both need to be identified before creating your brand message. This will ensure that you are using the most effective content to grab the attention of your audience.
Identifying your target market is a key component to your marketing and content strategy and should never be skipped. Do you need help identifying who your brand should target? Are you launching a new aspect to the company and want to branch into a new market? Contact the Serendipit Consulting team to help you through every step of the way.