One of our clients in the food wrapping paper industry was targeting housewives for his range of products. We proved to him that this unique product was not being bought by the housewives, rather it was being purchased mostly by married males over 30 years of age. This change in his target segment boosted his sales 10x times.
Yes, getting your target market right is important. Read on to know if you are on the right path.
Did you also begin planning your market research but then realized that you are uncertain about your target market just like our client above? Worry not. It happens. No matter what, whether you are a startup or an accomplished brand, if you ask the wrong people the right questions, then you will always end up with a flawed analysis. But we can help you with that. So, let's get started with the basics!
What is a target market?
A target market or the target audience is a group of people who are potential customers and the base of your market research analysis. They basically are those people who will give you the requisite information to move forward with your new product or service.
What's the need of a target market?
Any business, be it big or small just can’t target one and all. This way they won’t only waste their precious time but also a huge sum of money. If you have a target market then, you will have a defined audience to study and get the right feedback, queries, and perspectives of the service or product.
Now let’s explore a few tips for you to find your ideal target market –
Break Down Your Market
The very first step to find your ideal target market is to break it down into different demographic segments. This way you will have a basic idea of who your customers are, about their day-to-day tasks, etc. Some other factors to take into consideration are:
- Marital Status
- Employment Field
Majorly, these factors will determine who your target market can be. This market will create a huge impact when you put out advertisements on your product or service.
Consider Personal Characteristics
Once you have an idea about the basic audience, it’s time to narrow it down!Knowing who is buying your product or why are they buying it, isn’t enough knowledge. If your consumer isn’t interested in buying your product or service, then there is no point of projecting a study on them. Take a look at some of the psychographic factors you need to consider:
- Buying Behavior
- Style Of Living
These factors give a deeper insight into your target market’s lifestyle and their daily need for your services and products. You must immerse yourself in your target market’s purchasing motivation & other psychographic factors. This will help reveal trends and common aspects in their nature, interests, and attitudes.
Where is your target market located?
Different businesses set up their market in specific locations. All their services are not made available anywhere and everywhere. Therefore, it is important to consider these locations when you conduct a study unless your business tries hard to expand and increase its reach to new consumers.
Thoroughly Evaluate Your Target Market
Keep in mind that you must always recheck and evaluate your target market. Even though you have segmented your market based on age, gender, occupation, personalities, etc., all these factors must fulfill the criteria of your research. Try answering questions like will they be able to afford your product?
Focus on what all platforms or forms of advertising will help you effectively reach them. Ask these questions and make sure you have a decent as well as contrasting sample size based on all your research.
Look Into Your Existing Customers
If you are a brand that is already well accomplished, look into your existing customers. They are the perfect audience to conduct a study on as they are already a part of your consumer base. They meet your criteria and give you a good idea and feedback of how your market should look. The next step should be reaching them out using your social media handles, emailers, and asking them for feedback or issues while using your product or service.
There you go! It’s time that you implement these tips and tricks that will help you narrow down and boost your business by 10x times like our Food wrapping paper client. Once you’ve gathered all the information about your potential customers, make the necessary changes or improvements to your product or service, making it more appealing to them.
If all this looks overwhelming to you, then worry not. DigiDZN is here to help. Reach out to us today and our team of experts will help find the right market research strategy for your business! Visit us today at https://digidzn.com/or call us at +91–9289 745 760