Owners of small business usually have some perception what their target audience is about and how to influence it effectively. But only feeling is not enough to handle the business properly.
How to identify your target audience? Answer the next questions or use Google Analytics.
1. Demographic (Gender, Age, Education Level, Monthly and Annual Income, Occupation/Profession, Marital Status, Nationality, Religion, Social Class, Number of children, Family lifecycle
2. Geographic (Region, Seasonality, Population size)
3. Buying Behaviors (Key benefits they are looking for, Usage rate or how often do they buy, Decision-making process, Key motivators for buying, Readiness to buy)
4. Psychographics or Lifestyle Factors (Activities/Hobbies, Interests, Opinions, Values)
Also In today’s article we are going to discuss the notion of target market, its main types and how segmentation may help in refining and developing them.
Definition of target market covers a particular group of people you may interest with your goods or services.
It seems too simple in words and not in deeds. The situation can become a bit more intricate if your client base is too versatile or your product may suit to “everybody” – where and how to find a target audience?
We strongly recommend not to mix such close notions but very different like demographic and target market.
The latter one is broader and influenced by storage life for food, buying cycles and others irrelevant to people’s interest to your brand.
Demographics, in its turn, is a subuniverse with certain characteristics. Bright example: a lot of online advertisers of air-conditioners usually target people in the demography 20-40 years old. People under or above this limit simply belong to another demography.
A key question for each business is “How can I define my target market?”.
First you should thoroughly examine the clients you have now. They may seem absolutely different, but after deep studies 1-3 similar characteristics will appear. This point of common touch will be your turning point for your brand evaluation and adapting.
What shall I do if target market doesn’t cover all potential clients?
Solution is in refining and segmentation of target market.
With the help of segmentation you will see how people in your target market treat your products or services in terms of several demographics. The categories for segmentation are based on the following principles:
Geographic – this segmentation is used to target people in a particular area. Include such criteria like: city, region, climate etc.
Demographic – covers not only age and gender, but also education, religion, profession and some other factors.
Psychographic – takes into account people’s hobbies, interests and others. In this criteria people from different demography can be of the same psychographic. This segmentation gives huge area for investigation and targeting.
Behavioral – reflect people’s behaviour. It is important to understand here the influence of people’s real experience on their behaviour.
We suppose this information has given a pause for thought. Effectiveness of your business, no matter the size of it, can be greatly improved by learning more about the people you sell to.