Who Is Your Target Market | Slim Digital

Who Is Your Target Market


October 16, 2017

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Who Is Your Target Market?

 

 

 

This question is the basis for any good business plan and then of course, marketing plan.  Knowing who your customers are, or will be is crucial to the success of your product or service.  But not just knowing some facts about them, but knowing their emotional triggers is key to making use of the information.  With a good target market analysis you can pretty much write your marketing plan.

 

Knowing Who They Are

First things first.  Knowing who your current clients are is basic.  This is 101 for any business.  And then knowing the rudimentary demographic information about them in the first instance; age, education level, occupation, ethnicity, marital status, income, net worth, geographical location, political party and gender.  But this is only the beginning.

If you’re a startup or your product is new technology, or you’re in the NFP sector, sometimes this part is hard to do.  Without paying a mint for market testing, you’re just doing a best guess scenario.  Remember what Henry Ford didn‘t say (but still a good quote)

“If I’d asked people what they wanted, they would’ve said a faster horse.”

There is a case to be made for people who don’t know what they want until they’ve been offered it.  Unlike getting in your target market and catering to their every desire.  Remember The Homer?  If not check out what could go wrong when you only listen to your clients:

 

 

Decision Makers and Influencers

Another key aspect of knowing your target market, is knowing who the purchaser is, who the decision maker is, and who the influencer is. If young kids are your TM, then parents are the decision makers (they’re the ones paying for it).  If baby-boomer couples are your TM then perhaps the wife is the influencer, and the person you need to win over.  These are important in nailing down who you’re going to market to.

 

Think Feel Do

Once you’ve worked out who you’re marketing too, and everyone is not often the answer, work out what connects them.  Here is the money moment; it should be something emotional, some common feeling or thinking about the problem you’re solving, or the service you’re selling or about your brand.

What people think, impacts how they feel, which impacts what they do. What do people Think Feel Do about your industry, your product or service, your business, and about you.  How does that impact what they buy? We’ve spoken more about emotional marketing, to Real Estate Agents here.

Answering these questions are crucial to your success in making a marketing plan that will target the emotional levers of your target market.

For More Information on other marketing topics check out these blogs:

 

  Branding

 

  Marketing Plans

 

  12 Marketing Archetypes.

 

 

 

For any other questions, please drop us an email at hi@slimdigital.com.au

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