Ways to Define Your Target Market

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  1. Look at your current customer base. …

Who are your current customers, and why do they buy from you? Look for common characteristics and interests. Which ones bring in the most business? It is very likely that other people like them could also benefit from your product/service.

2. Analyze your product/service. …

Your customers do not buy what you do, they buy what you can do for them.

It is important to be able to articulate what it is that your business offers, in a clear and direct way.  Being able to clearly define what you do will have a positive effect on your marketing activities.  Clearly defining the products or services that you sell will help you differentiate your offering in the marketplace, which is key to growing sales.

Being able to define what you do will help you to define what you do not do.

This is important because many businesses lose money by spending too much time and resources serving customers who do not have a good fit with their primary product offering.  Extra time and resources are used in facilitating the sale and supporting those customers when the business could be serving more ideal and profitable customers.

Being able to clearly define your product or service is an important first step as we later progress onto defining the features and benefits.

In essence, your customers do not pay for what you do, they pay for what you can do for them. 

3. Check out your competition. …

Who are your competitors targeting? Who are their current customers? Don’t go after the same market. You may find a niche market that they are overlooking.

  • Choose specific demographics to target. …
  • Set up demographics for your whole domain. Create an audience for your top-level domain to gain insight into the professional makeup of your entire website.
  • Create audiences by relevant themes. Think of interesting pages that can be grouped together as an audience. For example, a “cloud products” audience that maps to every cloud product. Or a “Help center” audience that maps to every support page on your website.
  • Filter by date range after you run a marketing campaign. Adjust by date in Website Demographics to see who visited your pages over a time period. Imagine if you ran a marketing campaign to a page in the last 2 months.
  • See a snapshot of prospects in your marketing funnel. Website Demographics can give you snapshots on your buyer’s journey as they move around your site.
  • Validate audiences from different ad channels. The tool can help you confirm if your ad channels are sending the right demographics of visitors to your site. For example, using “Contains” and “source=linkedin” in your audience creation, you can highlight traffic that arrives from LinkedIn ads.

4. Consider the psychographics of your target. …

Psychographics are kind of like demographics. Psychographic information might be your buyer’s habits, hobbies, spending habits and values. Demographics explain “who” your buyer is, while psychographics explain “why” they buy. Demographic information includes gender, age, income, and marital status.  You can only effectively reach your target audience when you understand both their demographics and psychographics. The combination of both sets of data starts to form your buyer persona – a detailed picture of the people you work with now, and would like to work with in the future.

5.Evaluate your decision. …

 Steps to Better Decision Making

Ø  Define Your Questions

Ø  Set Clear Measurement Priorities

Ø  Collect Data

Ø  Analyze Data

Ø  Interpret Results.