In order to successfully market your business product, you need to know who you’re marketing to — but how do you define your target market when you are a new business that hasn’t yet made substantial sales? How do you know who to invest your time in and who to direct your campaigns towards?
Here are six ways to define your target market and find the answer to these questions.
1. Get to Know Your Product
This is the first important step, as you can’t hope to match your product with the right people if you don’t know your product inside and out. Take the time to really analyze your product or service, what it does within the market, who would best use it, and its benefits.
2. Think About the People Your Product Would Appeal To
Once you’ve fully got to grips with your product and service, think about the type of consumer who is likely to buy it. It may not even be a very specific target market if it’s a general product with universal appeal, but alternatively, it could also be a very niche target market. Knowing who it’s likely to appeal to is key in identifying how you’re going to market to them.
3. Conduct Market Research
Market research is important in many different ways for all businesses. One of these benefits is to understand feedback from consumers about what you’re offering. Conducting market research will help you to identify who said they loved your product and who didn’t.
Having an idea of who your product might appeal to is a good thing, but without market research, you won’t know if you’re on the right track; and it may even be that the consumers who love your product are the last demographic group you expected.
4. Look into Websites Your Consumers are Interacting With
Once you have a starting idea of your target market to build upon, you can look into how consumers are acting on the web. This could be through their social media or through well-known sites that your target market is likely to take an interest in.
Understanding the type of websites and online content which your target market enjoys means you can know how your product or service will fit into that. It’s also important for link building within your marketing strategy because if you can gain backlinks to your site from authoritative sites your target market is already interacting with, this will help you to be found. You can liaise with link building experts for more on this.
5. Take a Look at Your First Customers
Once your orders start to come in, no matter how small, you can dig a little deeper into who has already chosen to invest in you. You can look at things such as their age range, gender, or location base. This will help you to get an idea of who you’re attracting.
6. Research Established Competition
Find the brands out there that have been established for a long time and are selling a product or service similar to yours. Take a look at who their customers are. Who is following them on social media, buying their product, and reviewing their product? Find out what you can about the target market they have already established and use this as a basis for yours.
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