Read any book or blog on marketing and the first tip you’ll get is to find your target market.
But what is a target market? Do you really need to target a certain group of people? Wouldn’t it be better to try and appeal to everyone?
To many people, this type of marketing makes sense. After all, you’re more likely to draw more people to your business if you appeal to a larger group, right?
Really, though, it’s extremely difficult to get results this way.
Today, you’ll learn about demographic segmentation and what a market segment is. We’ll also explain why defining your target is so important and give you some tips to help you narrow your search for a more successful marketing campaign.
What Is a Target Market and Why Is It So Important?
The first question we’re going to consider is: What is a target market?
Imagine every single person in the world is in the same pool called “the marketplace.” Within that pool are individuals who will be interested in what you have to offer.
Take of that group of people and put them into another pool. Inside this new pool are people who are willing to put forth the effort to implement your coaching suggestions, and those who are not.
Take those who are willing to do the workout and put them into yet another pool. In this pool, there will be people who are willing and able to invest in your services and those who are not. Which group do you want to attract?
Here’s a breakdown of your market segment. You want to target people who:
- Are interested in what you have to offer
- Are willing to implement the suggestions you provide
- Are willing and able to invest in your coaching services.
If you don’t narrow your focus, you’ll end up like an archer without a target. Their arrows are going all over the place, but they never really accomplish anything.
You want to be like an archer who has a clear target in their line of sight.
Should you be worried that you’re targeting a smaller audience? Not really because your audience is made up of people who are more likely to buy what you’re selling.
Additionally, when you work on your target, customer service will be more personalized and effective. And that makes for happy clients.
Using Market and Demographic Segmentation to Define Your Target Market
More and more entrepreneurs recognize the importance of market and demographic segmentation. But when it comes to actually define their target market they have a really difficult time.
Is this how you feel? If someone asked you who your ideal client was, would you be able to describe them?
Getting as clear as possible will help you create more personalized products, services, and marketing campaigns that attract your ideal customer. Here are some tips that will help you define your target so that you can truly make a difference in their lives.
1. Who Are Your Current Customers?
If you already have customers, this is a great place to start.
Look at your customer list. Who do you really enjoy working with? Are there one or two clients that stick out to you?
If so, think about the characteristics these people have in common. When you have that figured out you’ll be able to cater your marketing efforts to more like-minded individuals.
2. List the Benefits of Your Product or Service
What kind of coaching services do you offer? Do you sell any products?
Write down all of the benefits your products or services provide to potential clients.
This list will help you determine who your product or service will benefit the most.
3. What Demographic Do You Want to Attract?
Next, think about demographics. Do you enjoy coaching single mothers who work in the corporate world? Or do you prefer working with married couples?
Consider the following when making your demographics list.
- Marital status
- Income level
- Geographic location.
4. Psychographics Are Really Important
In addition to demographics, you want to look at psychographics or characteristics. These include:
This list will not only help you appeal to a certain type of person, they’ll ensure that you work with people who inspire you and who you enjoy being around.
Appealing to Your Target Market: The Path to a Successful Marketing Campaign
A marketing campaign requires a lot of time and effort. You want to make sure your efforts count!
And that is why you need to identify and appeal to your target market.
Remember the example of the archer. They don’t just randomly shoot arrows into the air – they aim them at a specific target.
Similarly, you can’t have a successful campaign if you don’t have a target in which to aim your efforts. You can save yourself a lot of time, money, and frustration by always aiming toward your target market.