In the previous two blogs in this series, we looked at why you should define a target market, what your target market should look like, and the benefits that knowing your target market will bring to your business. We then looked at the steps you should take to define your target market.
In this third and final blog in the series, we are going to look at the things you should do once you have defined your target market. In other words, what you should do to ensure you appeal to the right audience as well as how to get the best results from your main customers.
Look at Your Products or Services
Start by evaluating your products or services. Are they focused on your target market? Will your target market use them, and do they have all the features, functions, and/or elements your target market needs or wants?
In addition, do you have products or services your target market doesn’t buy and are there products or services you don’t currently offer that they would buy?
When looking at your products or services, you should consider your overall offering. This includes the packaging of products, for example, or the unique elements of the services you offer. Crucially, it also includes your pricing strategy – are you charging too much for your target market or could you charge more.
Analyse Your Marketing and Advertising Strategy
Next, you should look at the strategies you have to reach your target market through advertising and marketing, as well as the message you present them with. Start by making sure your strategy does reach your target market. This includes analysing statistics you have such as analytics on your website or the audience you have on social media.
You should also look at the audience of the platforms and media you advertise on. For example, does your target market listen to the radio station, read the publication, or visit the website you advertise with? Also, are there any other platforms or channels you don’t currently use but that would reach your target market effectively.
Finally, look at the messages in your advertising and marketing. Do those messages appeal to your target market or are they designed with a different type of customer in mind? Do they appeal to your target market’s buying triggers?
Knowledge is Power
Remember with all the above, you should not abandon customers who do not fit into your target market definition. For example, just because an advertising message doesn’t appeal to your target market doesn’t necessarily mean you should change it. You might, in fact, decide to keep it because it delivers a return from a different audience.
The crucial thing, however, is that you understand what is going on rather than strategies working by accident. Understanding what’s going on gives you an opportunity to make changes when it is justified. In addition, you can ensure you don’t alienate or ignore your target market by understanding how the things you do relates to them.
For more help and advice with your business, including with your accounts, please contact a member of the Gilroy Gannon team today.