The importance of a target audience cannot be overstressed. Target marketing allows your company to focus its money and efforts on a specific type of customer that is likely to use your products or services. This is a highly effective way to reach potential clients and generate business.
Businesses can become stuck in their perception of their target audience. Something that was true of a demographic ten years ago may not be true in 2019. Businesses must adapt their target market if they find their audience to be too small, too big, to have no buying power or possibility for expansion. Nintendo is a great example. Despite their games being a staple in the homes of teenagers during the 1980s and 1990s, when they launched their Wii in 2007, they shifted their target audience to include older men and women and sold over 100 million consoles.
Here we suggest 5 ways for you to tap into a new target audience without expanding your business and incurring high costs.
Define your ideal customer
Thoroughly research what your target audience looks like. If you already have successful products and services, you probably have a good assumption of your ideal consumer. However, it never hurts to rethink this and pour over demographics. Consider your consumer’s age, gender, location, and income, online habits, the type of content they consume regularly, and the problems they face on a day-to-day basis.
Take advantage of social media
Analyse trending topics amongst your demographic and see which types of content are generating the most likes and shares. Research the use of hashtags and take opportunities to become part of online conversations. Find out which social media platforms your target customer frequents the most. Some brands benefit from using Facebook, whereas others may utilise Snapchat or Pinterest.
Rethink your branding
If you operate a successful business, chances are that you are already putting money into branding and advertising. There are many ways you can rethink these marketing strategies and generate new interest in your business. Think about what kind of advertising you currently do, where your adverts are, what your packaging looks like and whether your logo is appropriate. Minor adjustments to these can make a big difference to the type of customer you attract.
Check out the competition
Analyse your competitors and the type of customer they are currently targeting; it is unwise to chase the exact same market. Go door-to-door visiting similar businesses and make some cheap international calls to see who they’re targeting abroad. If you dedicate time to this research, you may identify a niche market that other companies are overlooking.
Participate in events
Be aware of local events that your company can participate in. There are often seminars, conferences, and festivals where your business can pay a small rent to showcase itself. This is a great way for a new target consumer to notice you. Also, by hosting events in the community, you may find that you make business connections and secure investments.