Despite the irony, there is an advantage to narrowing down your target customers. When you run a business, yes, your main goal is to sell your products or services to as many people as possible. However, marketing your products to the whole population is not only tedious and costly but also counter-productive.
To become more profitable, you need to narrow down and thoroughly define your target market. But, how do you figure out your target customers? Here are some tips.
Look at your current customer base
The first thing you should do is to know your customer base better. Find out why they like your products and what similarities they have with each other. By knowing these people, you will be able to figure out what kind of individuals would benefit from your products. Use customer feedback to learn more about your customer base.
Check your competition
Do some research and learn more about your competitors. Determine the customers they are targeting and try to avoid them at first. Otherwise, you will just waste money trying to steal a customer base that they have already secured. Instead, target a niche market that your competitors might have neglected.
Identify your demographics
When thinking about your target customers, you should also figure out the demographics of the people you want to sell your products to. By identifying these things, it will be much easier for you to formulate a marketing strategy. Those details are:
- Education level
- Income level
- Civil status
Consider the characteristics of your customers
Learn what your customers are like in terms of behavior and lifestyle habits. If you think that most of them are in the high-income earner bracket, then perhaps you might want to adjust your marketing strategy to cater to posh people.
If your customers seem to be millennials, meanwhile, then perhaps you might want to focus your marketing heavily on social media platforms because this is where they immerse themselves. Take advantage of PPC services to really find your target customers.
Analyze your products
You should also study your products and see what benefits they can bring. Make a list of your products along with their benefits. After that, visualize what kind of people will benefit from each item.
For example, your company in Denver is selling pure organic cotton shirts. After listing down the benefits of this type of shirts, you realize that they are beneficial to people with sensitive skin. By using that information, you can then come up with a marketing plan geared towards individuals with highly sensitive skin.
In the end, you have found a niche market wherein your products benefit people who are allergic to traditional clothing. That is because non-cotton clothes have many fabric and synthetic materials that have been exposed to harsh chemicals.
Narrowing down your target market can do wonders for your business. Your marketing plans are now more focused, assuring you that your products will be bought and your brand will be recognized.