How Do You Identify Your Target Market & Target Audience?
Attempting to please everyone only wastes your business’s resources. Instead, you must target your marketing efforts on people more likely to purchase your products or services. So let’s talk about targeted marketing, the difference between Target Market and Audience, and how you define them.
Focusing on a particular market allows you to focus your promotions on a specific community. This way, you can center your branding around a handful of relevant, unique, and striking messages and increase Click-Through Rates. Digital Marketing Services from the Philippines can utilize targeted advertisements, which are “up to 5.3 times more effective” for boosting CTR.
A more targeted message may just resonate with their interests and get them to click “Add to Cart” or “Get a Free Quote!” You can stand out to potential customers much faster this way and ensure faster brand awareness and a sense of familiarity. As a result, you can foster customer loyalty.
What is Targeted Marketing?
Targeted marketing is a strategic advertising approach promoting products or services. Promotion campaigns for targeted marketing are aimed at a particular demographic within an intended market. Thus, marketers must narrow their scope to a specific group of target customers.
A targeted approach will result in more effective advertisements and better rapport with potential customers. After all, you’re communicating a message of interest to the right market, whether it’s about your products, services, or brand.
Understanding the difference between ‘Target Market’ and ‘Target Audience’ is crucial for any marketer! Effectively catering to the two allows businesses to reach their potential customers more effectively.
What’s the Difference Between Target Market and Audience?
‘Target Market’ and ‘Target Audience’ refer to groups of people interested in your brand, its products, or services. However, it has no relation to the buyer persona, which is a comprehensive description of your business’ ideal customer based on market research.
Professional Digital Marketing Services in the Philippines can tap into all these groups to maximize your brand’s success. So, let’s break them down:
- The Target Market is a broad group likely to be interested in your brand. It includes everyone likely to purchase your products or services, regardless of demographic. For example, if your business sells children’s toys, the Target Market is children ages three to six.
- Meanwhile, the Target Audience is a specific group of people within your market. Marketers focus on this audience segment in campaigns. Of course, because children can’t often purchase toys for themselves, your Target Audience includes parents.
How to Define Your Target Market and Audience:
Know What You’re Offering
Before crafting detailed profiles of your ideal customers, you must know your products and services like the back of your hand. Here’s how to accomplish that:
- When promoting your services, enumerate a few key features.
- Also, focus on your expertise and strengths.
- Highlight the benefits of your brand, products, or services.
You should be ready to create messages that clearly show your target market the benefits of buying your products and services.
Compare and Contrast During Research
Next, you must identify your close competitors at different price points. Digital Marketing Services from the Philippines can find out what kind of people they accommodate, as they may serve your ideal target market. Also, what similarities and differences do you have with them?
You face the crossroads once you’ve determined these and a few other factors. You can either pursue clients from the same market as them, from a completely different niche, or perhaps both.
Personify Your Target Market
The next step is identifying your chosen market’s characteristics, such as the following:
- Age group
- Income level
- Social class
- Attitude or purchasing behavior
So put yourselves in their shoes and imagine the problems they need to solve. How does your product or service fulfill their needs? Be as specific as you possibly can. For instance, 50% of the US population uses voice search — is your target market a part of such a demographic?
Additionally, you must determine your scope. For example, small businesses typically focus on local customers first. As they grow, they can expand to the national and international scopes.
Geography plays a significant role as businesses looking to expand must consider other factors. So, they must accomplish the following:
- Adjusting to time zones;
- Accommodating to other languages;
- Creating product shipping schedules, and
- Setting customer service hours.
Analyze Existing Data
Firstly, if you’ve been operating for quite some time, you must examine your sales performance by accomplishing the following:
- Review your transaction history.
- Use statistics to interpret your data objectively.
- Gather feedback left on your website and social media accounts.
- Don’t assume which products sold out the fastest at a given time, and instead look at the facts.
After all, different kinds of customers are drawn to different products. That’s why dividing your target market into customer segments is essential. Once groups are formed, you can further break down your marketing efforts into these subgroups. Digital Marketing Services in the Philippines can accomplish this for you.
Beyond analyzing your previous customers, consider doing the following:
- Firstly, evaluate your Digital Marketing aimed at your target customers.
- Next, separate what worked and what didn’t.
- Moving forward, utilize digital advertising strategies that appeal to your market.
- Look into Local SEO to reach the community they’re involved with.
Be More Specific with Your Target Audience
After you’ve established your target market, it’s time to create profiles of your target audience. After all, you want to appeal to your primary audience. But depending on your business, your Target Audience and Market can be the same entity or different groups. You must visualize them more concretely and establish their differences.
For instance, your chosen market is business owners who could collaborate with you. Thus, you can focus on businesses in a few specific industries as a Target Audience.
Otherwise, your target market may be businesses that want to expand their online reach. These involve marketing to individuals with a vague idea of the subject who are particularly interested in owning a website. They could also be intent on managing their social media accounts.
Another example: one target group has zero experience with web development, Search Engine Marketing, and Search Engine Optimization. Another might have prior knowledge. Finally, another group has web developers and SEM or SEO Experts. These can be your first three groups to identify as your target audience.
You can then promote an article on Search Engine Marketing basics to your first group while focusing on more in-depth topics with the other two.
Have Your Target Market and Audience in Mind?
It’s time to reach out to your intended audience! Put your strategies to the test, be open to the feedback you receive from your Target Market and Audience, and adjust your marketing strategies accordingly. For best results, team up with professional Digital Marketing Services from the Philippines now!