Narrowing Down Your Target Market

Identifying your target customers is one of the most important parts of creating a successful business. After creating a perfect product, getting your product to customers is the next step. It is quite easy to create a general advertisement to the masses, but taking time to break your market into manageable groups rather than trying to serve everyone will increase your success when getting your message across to new consumers.  Narrowing down your target market will not only make your business a success, but it will also prevent your company from becoming a generic, all in one solution for everyone. Ways to narrow down your target market are listed below.

Know the Customer Problem You Solve

To narrow down your target market, you have to understand the customers’ problem that needs to be solved. By identifying these, you will get a clearer picture the consumer you can provide solutions for.

Visualize Your Target Audience

After you have identified the customers looking out for your product, try to paint a picture of your target customers. You can start by grouping them by location, market sector (manufacturers, distributors, retailers or consumer), likes and interests. By defining them in as many useful ways as possible, you will spend less time marketing your product to the wrong consumer and you may increase your sales conversion.

Conduct Surveys Among Customers

Getting the opinion of your current customers will help a great deal in identifying your target market. Conduct an online survey or have your employees carry out the study. Use information from focus groups to generate your questionnaire.  You can ask people on a scale of 1 to 5 the importance of various sizes and features of your product; 5 being considered highest. Ask about why they purchased your product, how often they would like to buy your product, and also how likely they will buy your product with additional features. Obtain essential information such as age, gender, income, interest, and location. With a survey, you will be able to focus your marketing and advertising campaigns to people who need your product most.

Find Out Your Competitors Target Customers

Competitors can give you a peek into the type of customers that may patronize you. Evaluating their customers will help you can find out if the people they are targeting will be interested in your product. If there is any group they are missing out on, focus on that group and this will give you a competitive edge.

Focus On Your Ideal Buyer

To be the best in your industry, choose a target audience and turn them into your loyal customers. Even if you are offering a product or service that is beneficial to multiple customer types, it is worth it to commit to one ideal buyer. In order to dominate your target market;

The more exact you can be about your target audience, the easier it is to create products and marketing strategies that will entice them. You will also spend less time trying to sell your products to groups of customers that are not in your target market.