Is there really anything that is awesome in business than knowing your target audience and effectively marketing to them, there is actually nothing as the popular saying goes the riches is in the niches, selling to everyone is really not the way to go as it is a complete waste of time, Ad spend and efforts.
Above all there are 4 essential parts of market opportunities.
Four essential parts of marketing opportunities.
- Large quantity of potential customers for your startup,
- There is evidence for future growth in a market that is rapid and predictable, and
- There is the opportunity to attract more customers or users.
- You can easily repeat the business with your targeted customers.
Important processes to identifying your target market.
You will always need to start with a top-down estimate as to the first step. For this purpose, we can use industry analysis reports, market research reports, competitors’ press releases, and every available statistic we can find in units, currency, page views, etc.
Let’s explain these market numbers with a target market example for a new startup importing blenders and juicers.
In such a case, I still don’t know any number related to the market. Because of that, for the total addressable market, I will start my homework and research with Google dataset search. Whenever I don’t know where to find some data, I will use this tool simply as a search engine for statistical data. As you can see, I can start writing “juicers” and look at possible results that Google shows me. Currently, I found the report titled “Orange juicers and juice extractors sales worldwide by country 2015″, so this will be a good starting point for me to find a total addressable market.
Evaluating Information sources:
I want to mention that you will need to use some system to help you evaluate each information you get. I always propose a “4×4” system, a method generally accepted by police and intelligence forces worldwide. We use estimates like A, B, C, and D for information source and 1, 2, 3, and 4 about the information, or how the source comes to that exact information directly or indirectly. So, the fact is A1, and it is reliable information, but the estimate of D4 is information that we need to take with reserve.
Research on their interests and demography:
Target audiences center around a specific group of people with each person having their own fantasies likes and even dislikes another great way to research on the interests of your target audience is by evaluating your previous clients also knowing what attracted them to using your services the most would greatly go a long way.
Creating personas is a great way to drill down into the specific segments that make up your target audience. This is especially helpful if you have a product that appeals to a wide swath of consumers. Personas allow you to determine the general demographics, personalities and needs of your target consumers. The persona of “Fran First-Time Runner” will speak to different needs than “Sam Seasoned Pro.” Personas are created based on data, surveys, digital engagements and any other information marketers can pull from to give a more complete view of the buyers. This might include favorite hobbies, television shows, publications, etc. It is recommended that marketers develop between three and five personas.
Define who is not your target audience:
This is also as important as knowing who your target audience is. There will certainly be consumers who are close to your target demographic, but who will not act on messaging. Try to be specific in determining who your audience is and who it isn’t. Is your demographic women, or women between the ages of 20 and 40? Knowing this will keep your teams from devoting ad spend to segments that will not yield returns.