Target Market, Why Bother?
What is your target market?
It’s a term we hear thrown around, but do we really understand the importance of target markets?
Understanding your target market is vital when creating and publishing marketing communications. As an example, your business may have 1000 customers in a given period. These customers may have very few similar characteristics or you may begin to see patterns in the type of customer you serve. You might have two types of customer (mostly), e.g. 400 people aged between 21 and 35 (Group A) and 300 customers who tend to buy in the afternoons (Group B), with the other 300 showing only a few similarities. These could be considered target markets and getting to know these two group’s characteristics better can help you to create more effective messages which communicate to each group.
Getting To Know Your Customers
Looking more closely at these two groups over time, you may begin to notice more similarities of these customers within each group/target market. For example, Group A might also tend to linger and socialise in your business premises and spend more than Group B who tend to purchase takeaway and make small purchases. These details are relevant, but only have limited relevance to your marketing efforts.
In this example we could say that the Group A are Uni Students and the Group B are High School students at a cafe. As well as the business owner’s relationships with their customers, employee insights from customer relationships are an important source of information about the target market. It is unlikely that this will be enough information to develop effective marketing communications messages. Other possible sources of information are Bureau of Statistics reports, Industry reports and Marketing Consultants.
Getting a Better Understanding of Your Customers for FREE!
Your social media relationships are one of the best ways to get to know your customer better for free. They also have many tools to increase your understanding. As well as analytics which arise over time telling you what got seen and how frequently by whom you can conduct surveys. Surveys can be especially useful for understanding what types of content your customers value most.
For people who are new to social media engagement, I would recommend a 3 month getting to know you goal for your first strategy. Three months is the minimum time it will take to develop insightful and relevant analytics. That will be three months of experimenting and learning the ropes.
After that, your knowledge of your target market/s will start to serve you better in terms of assisting you in creating meaningful points of contact with your customer that create value for both parties. This is not really a free option, as it will cost you your time or the cost of paying someone to implement your social media presence however it is a free option for small businesses or startups who have time to generate the social media presence.
Pinterest, Google+, Facebook and Twitter also have many marketing specialists linking to great free content to assist in your message development.
Creating Great Marketing Communications that Increase Sales
How will you get to know your customers better?
Do you have a marketing strategy in place?
Do you want to know more?