There’s something you need to understand when it comes to identifying your target market—your value proposition should be pertinent to the target market. Today, it’s not rare to see businesses being forced to refocus and revisit their target market, especially when they didn’t make it clear at the initial stages of the business.
When defining a target market, it’s essential to ensure that you find the right balance in a manner that causes your target audience to you are addressing them specifically. Mostly, this requires businesses to focus on a particular target market, as this makes the message strong, clear, and compelling.
The importance of target market in branding
Irrespective of your brand mission, identifying and attracting the attention of your target audience is the important step that you need to attain your brand objectives. That’s the reason why you need to have a better understanding of your target market, as this gives you all the information that you need to attain the goals you have set for your brand marketing. Doing a market analysis can assist you in achieving this.
One thing you should note is that you have the skills and ability to gather enough data to learn the important things that you need to know for you to successfully and effectively reach your target market. However, this all depends on the effort that you put into the market analysis. Understanding the target audience assists you in solidifying your message, as well as increasing your confidence in the steps that you need to take to connect with the audience.
Therefore, you need to understand that the power of your brand depends on your capability to focus and develop a market message that has the power to convert your target market into customers. This is the reason why you need to define your target market, as it plays an important role in strengthening the overall effectiveness of your brand.
How to conduct a market analysis
Market analysis requires you to do a lot of research. You should capitalize on the power of the internet when doing the research, as it will give you a lot of insights and data that you will need in this process. You can also read news and publications related to your target market. This can assist you in focusing your target market by demographics, interest, as well as common trends. The following 7 questions can assist you when conducting a market analysis.
- Who is your target audience?
- What’s the location of your target audience?
- What does your target audience think about your brand?
- What would you like your target market to think about your brand?
- How will you attract your target market to your services or products?
- Is there any other brand challenging you for their devotion and loyalty?
- Are you targeting consumer or business sectors?
Write the description of your target market
The following questions should act as a guide when writing a description for your target market. Make sure that you are as specific as possible, and this will give you a clear understanding of the target market.
- What’s the average age if your target market? Is it a child, teens, or adult? The last thing you would want to do is to market a service or product to teens that’s ideal for adults or children.
- What the gender of the target market? Here, you will be seeking to know whether you will be dealing with ladies or gentlemen. You cannot sell female products or services to males.
- What’s the average income level of your prospects? Do you want to market luxury items to them? It’s essential to determine the income level of your target market as this assists you to know that they can afford and what they cannot, and the way you can market your products or services to that market.
- What’s their family status? Are they single, married, divorced, high school students, or college graduates? Check to see if your product or service is a luxury or need.
- Is this a product or service that they are willing to save their money for or something that they need to purchase at this particular time?
- Does the product/service come with special features? If any, what are these features?
- What do the prospective customers like or dislike about the service/product—in general?
- Will the product/service be an impulse buy or something that they’ve been saving for?
When you manage to answer these questions, you will be ready to create an image of the type of target market you are after, and the kind of relationship you’d love to have with your clients and customers.