7-steps-defining-target-market

7 Steps to Defining Your Target Market

7-steps-defining-target-market

 

The most effective way to ensure that your company stays at the forefront of its industry is to ensure you are tapped into the correct target audience. Defining your target market is no easy task that requires money, time, and a significant amount of effort for companies, both small and large. With the right tools, however, every business can find their niche audience.

Targeting Your Audience

Too often, businesses make the mistake of only targeting people that are interested in their business. However, this is hardly an effective way to intentionally reach a specific audience. To really help you understand how to define your target market, you need to explore seven tips commonly used in the business world.

1. Identify Your Customer Base

The first step in defining your target market is to understand what interests your current customers and identifying why they continue to support your company. As you review the numbers, you must be sure to pay attention to what type of customers generate the most business and what products and services they gravitate towards. This will help you understand how to better cater to your current customers as well as how to reach out to others like them.

2. Know Your Competition

You must make the time to thoroughly analyze your competition. While it may be distracting to spend too much time focusing on the competitors, it is important to know who else is competing for your business. Which companies are stealing customers away from you and why? Asking and answering this and similar questions will help you pinpoint where and how you should be reaching out to your audience.

3. Review Products and Services

As you look for ways to reach your target audience, it is incredibly important to review your business' products and services. In order to understand how to entice new customers, it is imperative that you know all the ins and outs of the services that you are offering. That means knowing what you're selling as well as knowing what the customer expects to receive. Similarly, you must understand what occurs in the aftermath of a customer's purchase from your company. Are they happy with the product? Are they displeased with the customer service? Knowing where your company currently stands with its products and services will help you determine how to better market yourself to potential customers. This will allow you to easily figure out the types of people that would most benefit from your business.

4. Identify the Demographics of Potential Customers

This step in your marketing process requires you to reach out to your community and new customers. By thinking about varying factors like location, gender, education level, income level, age, marital status, ethnic background, and the like, you will be able to better identify the types of customers that may be more inclined to do business with your company.

5. Target Potential Demographics

In order to understand which demographics are more likely to turn to your company, we should use polls, trials, samples and other methods of market research. This will help you effectively determine whether or not your company is the best match for your chosen demographic,

6. Analyze the Psychographics

The psychographics of a potential consumer include the values, attitudes, personalities, hobbies, interest,s behavior and lifestyle of the person. This will allow you to determine when and how a potential customer uses your service or product, as well as which method of marketing is most effective on a person by person basis.

7. Make a Decision

All of the research in the world will be of no help if you can't figure out how to use it. The last step in finding your target audience is making a decision on who you will reach out to. With the best data and analyses, you will be able to comfortably choose the correct demographic to market to. As you work on making a decision you must be sure that your audience can afford your company's products and services. Additionally, you must determine if there is a need for your company among the chosen demographic as well as enough diversity among your products and services that the target audience doesn't lose interest.

There is no secret formula to identifying a target audience. By following these seven steps, you will be able to use your resources to make the right decision. Keep in mind that you can always reach out to multiple markets, but you must make sure you do so after conducting the right research and spending time analyzing whether or not your company is the right fit for a chosen audience.

 

Phil Fisk - CEO/Digital Marketing Consultant - Coastline Marketing Group, Inc.


facebook-ads-generate-more-leads

How Facebook Advertising Can Help You Generate More Leads

facebook-ads-generate-more-leads

 

An incredible advertising opportunity

Facebook advertising is a unique marketing channel that businesses can use to drive traffic to their website. Much like Google Adwords, Facebook uses a pay per click platform. This allows you to purchase advertising freely, paying only when traffic is delivered to your website. If you're looking for new ways to increase leads or sales conversions, Facebook is the largest social network in the world. With over 1.8 billion users, Facebook is an incredible advertising opportunity for B2C businesses. By combining Facebook advertising campaigns with content marketing strategies, you can accelerate your online results.

Why should you use Facebook advertising for generating leads?

The biggest websites in the world are obviously an attraction for advertising. They have more users, allowing your ads to have the greatest reach possible. With Facebook, there's an extremely good chance that your prospects and customers are using this social network. Here are 5 reasons why Facebook advertising for generating leads is a smart move for your business:

  1. - Facebook ads can be targeted by a variety of demographic-based preferences. This includes their location, interests, the type of device they are using, the types of pages they like, specific behaviors, and more. There are dozens of useful criteria for filtering and targeting your advertising on Facebook.
  2. - You can control your spending limit easily. This allows you to keep costs well within your marketing budget.
  3. - Many different types of ads and layouts are available.
  4. - Facebook advertising can be analyzed, split tested, and perfected over time. This allows you to optimize conversions and get the best possible results.
  5. - Facebook advertising is a remarketing goldmine. Remarketing allows you to re-target viewers of your website on the Facebook platform. If you are driving traffic to your website through other advertising or marketing efforts, you can re-target the viewers that did not convert and continue to capitalize on those leads through Facebook. Remarketing provides far better results than a standard marketing campaign.

Use Facebook for promoting downloadable content

Your audience is automatically attracted to anything that's free. Downloadable content is an example of a low-cost giveaway that you can provide and use as a way to attract visitors and leads. When you create quality content that can be easily downloaded by your target audience, you can integrate this into your Facebook advertising to build a buzz and interest around your business.

Use high quality blog content for content marketing

Another method that is extremely powerful is to utilize your existing blog content for a content marketing campaign on Facebook. You can share this content and use it as a funnel for more traffic and conversions on your website. Facebook and other social networks are great places to advertise your articles. Users spend hours a day browsing through articles and consuming content. Sort the articles on your website by highest conversion rates and use those articles for sharing on Facebook.

Create and share engaging video content

A video is one of the best ways to connect with your audience and build a relationship. It taps into their emotions and interests in a way that text-based content can't. You can use videos as a quick-hitting tactic that makes a powerful and lasting impression on your audience. The best type of video content attempts to solve a problem and address a pain point of your audience. You can produce a how-to video, explainer video, or even record yourself. It's best to stay away from testimonials and other types of business-related content, as these can be viewed as inauthentic and promotional.

Offer a free trial

Users love to be able to try something before they commit to a purchase. If you can offer a free trial that allows your product or service to be tested, prior to the user having to spend any money, this can greatly increase your conversion rates. It gives the user an opportunity to experiment and test the features firsthand. It's a powerful way to engage interest and create a community of active users. Studies show that products or services with free trial offers performed considerably better.

Create a buzz around upcoming events and networking opportunities

Events and networking opportunities can be great ways to promote business, or even get job opportunities as an individual. Your target audience is probably already aware of this. You can use upcoming events and networking opportunities to create a buzz around your business and offer something exciting for your target audience to take advantage of. These events don't have to be local gatherings, they can be online events such as webinars, live chats, hangouts, or other types of group environments. Boost attendance by using Facebook to get the word out about your event and creating a buzz that generates interest and subtly promotes your brand.

Conclusion : important practices to follow

Remember, Facebook advertising can quickly drain your budget if you're not careful. It's important to set campaign goals, never set and forget a PPC advertising campaign. Similarly, continue to refine and optimize your ads using new ad copy, split testing, and other analytical practices to get more out of your advertising budget. For instance, using an enticing headline can make a significant difference in your click-through rate. It's easy to try out new advertising strategies and this is an ongoing process that should continue through the life of your marketing efforts on Facebook.

digital marketing consultant phil fiskWant to know more about Facebook advertising? I've been successfully marketing local businesses for several years using Facebook ads. In fact, you may have come across this blog due to a Facebook Ad :) - Contact Me

Phil Fisk
CEO/Digital Marketing Consultant
Coastline Marketing Group, Inc.
831-759-2273
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