When we meet with new clients, one of the first things we ask is, “who is your target market?” Inevitably the answer is “everyone.” We get it. You’re new, and you want brand recognition; it feels like everyone is a potential for business. Plus, you don’t want to cut out new business opportunities when you’re a small enterprise watching your cash flow. But selecting your best target market isn’t cutting anyone out. It’s simply helping identify a priority customer, and it’s one of the most important steps in your marketing plan.
Having a specific demographic points you in the right direction for advertising, it can help you save money on marketing and it can save you time by selecting what social media to participate in. This same process can help you define target marketing for B2B too! You'll be identifying other kinds of companies rather than individuals.
Here are a few questions to help you define a target market.
- Who already spends the most money on products/services like mine?
- What do they have in common? (gender, age, occupation, education level)
- Who is most likely to be a repeat customer?
- What influence do beliefs, values and priorities have on their decisions?
- Where do these potential customers get information? (social media, blogs, friends, magazines, online reviews)
By identifying all the information above, you’ll have a much better grasp of your your defined target market and where you should direct your marketing dollars and messaging. If you don’t know the answers, that’s okay; many new and small businesses are still going through this process. Check out in our next blog how to identify missing demographic information.