Know Your Target Market | Part 1
Updated: May 21, 2019
The Who, What, and Why of Starting a Business
By Kendra Beahm
Starting a business can be overwhelming. There are many aspects to be considered, such as creating a business plan, building a dream team, or figuring out a location. Before any of these things can be implemented there is one very important factor, you MUST consider your target market. Marketing can appear to be a never-ending possibility of stress, but taking it slow and trying to build each piece of your foundation intricately you will succeed. In this two-part blog series we will forge the path of Knowing Your Market. Simply start by asking yourself What, Who, When, and How when it comes to determining your audience.
What is your product/service? If someone wanted to know more about what you offer do you have a prepped and ready 2 min pitch? You should always take the time to get to know your product/service on a personal level, consider pitching to your friends and family or to yourself in the mirror [you will actually listen the full 2 min]. By doing so you can essentially kill two birds with one stone: you gain confidence in your offering when you talk to yourself and your friends and family will offer honest feedback with multiple points of view. You need to ensure that the product you are selling is needed and valued in the market. Consider hiring a firm to conduct market research so that you have data to back up why your product or service should be success and within its market.
“More and more, companies are recognizing just how much customer happiness impacts revenue, and they’re focusing on transforming their customer experience to meet modern expectations.” - Chris Boeckelman
Who do I want to sell product/service to? Who does this product or service benefit? While some products can benefit a large number of people, there is no such thing as a one size fits all marketing strategy
It can be helpful to visualize; paint a picture of the ideal consumer for your product and build around "her". After you are effectively communicating with "her" you can now identify a way to appeal to another subset of your target demographic. It is crucial to create Buyer Personas, by doing so it ensures that you are reaching your potential and current customer and speaking directly to their needs, wants and desires in mind. Getting to know your market helps you to anticipate upcoming trends, purchase behavior, and how your potential consumer would like to be communicated with. Does she want coupons in the mail or via email? Does she purchase items they see on Instagram or from the Mall? Listening to your consumers can be one of the best ways to continue to grow your brand.
When is the best time to launch your product/service? When can I market my product to reach the most consumers effectively? Think of the “when” as if you were releasing a sweater in the summer or flip flops in the winter, it just doesn’t work. When it comes to preparing for the season it can be CRUCIAL to launch an initial campaign preemptively just to generate the necessary buzz for the launch at the right time. Remember there’s a season for everything! Coordinate your launch plan with a full on Social Media Assault. By monitoring the traffic across your website, social media pages, and what drove them to those sources you can clearly and effectively figure out when the best time to engage current and potential consumers. By learning how to anticipate and appeal to your consumers you can be there right when they need you.
"It is better to fail in originality than to succeed in imitation." - Herman Melville