One of the biggest hurdles small business owners face is getting their message out to the right people who are most likely to become their customers. This is where defining your target market comes into play and ensuring you put a Target Marketing strategy in place for your business.
When starting a small business, people all too often (especially during the first year of their business) set-off randomly marketing to all and everyone until they suddenly realise that this way of operating really isn’t working for them. Prior to setting-up a business is an ideal time to take stock and really ‘drill down’ as to who are the most likely demographic to buy your products/service(s). However, even if your business is established, is it is never too late to carry out this exercise.
If you haven’t thought of this before, perhaps now is the time!
It is important to realise that your products/service(s) have a target audience that can be defined. One of the primary goals of your business should be to think of ways of identifying who these people are so that you can promote your business so that your marketing speaks directly to them.
It is no good assuming that your products will appeal to all and sundry. It would be great if this could be believed but, generally, it is not the case that everyone will like and want to buy from you.
- If you want people to sell products on your behalf, say, on a party plan basis then you need to be marketing your business in places where young parents will notice this opportunity to earn extra money as these are the type of people who are more likely to need an income which will fit around childcare so that they don’t have to return to work. Alternatively, the older generation who are retired could also be interested in this type of work in order to top-up their retirement income.
- If your product is a phone app, it is more likely that the younger generation will buy/promote an app like yours as they are more proficient in using their handheld devices so you need to be marketing where the younger generation will see it and be attracted to it.
If you have an existing customer base, look for common characteristics and interests which can give you an indication as to why these customers buy from you? What type of customer brings in the most business? Once you find a common denominator it is then easier to market your product/service to other people like them who will be more likely to buy.
This may seem obvious but often considerations like these are often overlooked. If this is something you’ve overlooked doing for your business, it’s not too late. Set to now and put the time aside to define who your perfect target audience is.
Until next time