How to find your Target Audience
All the expenses towards advertising would go to waste if it is not directed towards your targeted customers who form the backbone of your business. It is essential to find out the target group beneficial to your business which decides the success ratio of any business. The identification of the right group of customers is the trickiest and the most important part that must be pursued with total integrity for successful run of your business. The targeted customers can be found out by implementing the following simple steps.
Step # 1: Determine your target group on Price
You have to first determine the group you are targeting based on the price of your product. Some products are directed at the high end of the market with some at the lower end. Some more are towards mass consumption which is used on a daily basis. This identification of the type of market you are intending to conquer provides the basis from which further market segmentation can be done to pinpoint your targeted audience.
Step # 2: Market segmentation on specific factors
Once the product segmentation is done on the price factor, you can further define the market in terms of age, race, religion, income level, educational background, gender, life style, attitudes and beliefs. This enables you to get a realistic picture of the type of customers who are most likely to purchase your product and provides a niche market you can concentrate on for success.
Step # 3: Analysis of Competitors
Analyse the competitors in your segment and their mode of targeting their customers. This gives an idea of what is offered in the market and you can devise an appropriate strategy that offers better benefits to the customers. This helps to wean away customers from the competitors and creates new customers beneficial to you.
Step # 4:
From the market research find the market that provides the highest rate of return to your investments. This market can be focused extensively to increase sales and provide unwavering attention to retain the customers.
The determination of the target audience with the above measures will help you to successfully compete in the market place.