Segment & Target Your Market

 

Segment & Target Your Market

Think of one product or service whose target market is ‘everyone’. Not even the most expensive super bowl ad will appeal to 100% of the viewers, no matter how cute those puppies are. And while these mega-ads are created with brand awareness in mind, most viewers can’t recall the brand of the product advertised, but boy were those puppies cute! 
The good news is you don’t need to promote your business to millions of people. And as cute as they are, you don’t need to wrangle together a group of puppies to promote your company.

Rather than trying to reach the most consumers possible, narrow your focus to reach only those consumers who are most likely to need/buy your product or service.

Consider this simple example.

A mass email campaign to 1,000,000 ‘sort of’ targeted people, resulted in 100 customers (a .01% conversion rate). Rather than sending another campaign of 2,000,000 emails to get 200 conversions, consider the fact that you likely annoyed the 999,900 people who did not respond to your message.

Rather, launch a campaign to 50,000 highly targeted prospects and acquire 500 customers (a 1% conversion rate). Makes more sense, right?

To identify your target market, considering the following:

  • What is the service you offer/problem you solve
  • Who is most likely to need your product or service (your target customer)
  • What are the demographics of your target customer (age, gender, income, etc.)
  • What geographic area can you adequately service (if applicable)
  • What psychographic traits do your potential customers share (attitudes, values, lifestyle)
  • What are common behavioral characteristics (how do they feel, what do they think)
  • Most importantly: how can your content engage them so they feel a part of what you are providing?

A brainstorming session with your team can be a fun and effective way to identify who your current consumer is, what makes them ‘tick’, and how you can reach more clients like them.

Target marketing will take more time and effort to identify and refine. Narrowing your marketing focus will be a far more effective way to expand your customer base.

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