What happens if you're a business that provides a product or service that can cater to everyone? Well firstly that's amazing but does your marketing campaign effectively target and engage with this broad audience? If you don't have a clear target market, this could be the reason why your marketing campaign is not successful.
What is a target market? What a great question. Ever played archery? There is a great big target with a black circle in the middle which is your bullseye. This is your target which becomes in marketing terms your target market. Whilst in archery you aim for the whole target, you are secretly aiming for the black bullseye. This can be likened to marketing because even though you're still targeting a large group of people (the archery target), your bullseye becomes the equivalent of your target market (the smaller market that you tailor your marketing campaign to).
Now that the archery analogy is out of the way let's actually define what a target market is. A target market is a dedicated group of people you want to target your product or service to. These people become the focus of your marketing campaign. Even though your product or service may cater to everyone, deep down you know that a mass marketing approach isn't going to work and actually encourage or engage people. You need a specific campaign for an identified group of people who you know based on research will make the commitment to buy your product or engage you for your service.
So, how do you define your target market? There are two main steps here.
1. Look at your product/service offering and break down what it is you actually provide - who will benefit etc.. If you'd like further details on this don't forget to click onto the resources section of our website for the download.
2. Break down your target market into a variety of categories - demographics, psychographics, behavioural and geographic. There is a process to this, and it does take time but being able to clearly identify your target market is such a critical step for your overall business strategy, but also for you to create a clear, effective marketing campaign.
Let's delve deeper into the breaking down of the target market.
1. Demographics - the main two areas here to focus on include age and gender. As outlined in the live video today (12th May) our key demographics are tailored to females, between the ages of 24-40. This is because generally they are the people who are the key decision makers, and our quirky, feminine instagram humour and colour scheme seems to predominantly attract females. What would your demographics be?
2. Psychographics - the key focus areas here are personality and attitude. For Pink Cow Promotions we are targeting the planners and busy bees with a sense of humour as well as the small to medium business owners who have drive and determination to make their vision become a reality. Our goal is to save you time by doing some of your Marketing and Communications work for you, whilst having some fun along the way. Who would you target here?
3. Geographics-As we are a service based business, we are able to provide most of our marketing and communications through the sharing of files, however our event management sector is slightly different therefore our geographics is broken down into two areas The event component of the business is primarily Sydney based, whereas the marketing element of the business can be targeted to the whole of Australia.
4. Behavioural - this focuses on a variety of topics including usage rates, but for us at Pink Cow Promotions we chose to focus on loyalty. We provide a superior service, and are looking for people to be loyal consumers and users of our service.
Don't forget that defining your target market is so crucial in business. There's no point having a mass marketing approach as it won't create the cut through that you require.
'To be most effective in business, you need to know who you're selling to' - quote by handmadeisbetter.
Hope this helps you with some clear ideas for how to segment your target market.