Last week, we introduced you to the basics of Business Development: Developing a Marketing Plan. Developing a marketing plan is one of the most important things you can do as a business owner to ensure the success and sustainability of your business. Over the next several weeks, we are going to delve deeper into each component of an effective marketing plan, beginning with Market Research and Identifying your Target Audience.
With the economy still in shambles, identifying your target market has never been more important. This is the only way to affectively direct your marketing campaign and compete with larger companies. After all, no one, especially small businesses, can afford to target everyone.
Targeting a specific audience and focusing your marketing efforts on that target audience is the most cost-effective, efficient, and effective way to generate business.
Identifying and Defining your Target Audience
- Look at your Current Customer Base: Are there any common characteristics, interests, traits, etc. between your current customer base? Is there a certain demographic that is more prevalent than any other?
- Study your Competition: Who is your biggest competition targeting? You probably do not want to target the same exact audience. It is best to find your own niche market.
- Analyze your Product or Service: What are the benefits of your product/service? What are the benefits of those benefits? Now, who could benefit from these benefits?
- Target Specific Demographics: So you have figured out who needs you product/service, but who is most likely to buy it? Consider different demographics, taking factors like age, location, gender, income, etc. into account.
- Consider the Psychographics of Your Target: What features of your product/service are most appealing to your key demographic? What media outlet would be best suited to reach out to this demographic?
- Evaluate your Decisions: Once you have chosen a target audience, be sure to evaluate your decision. Do you fully understand what motivates your target market? Are there enough people in the target audience to make this decision financially beneficial?
Trust The Marketing Showcase to help!
At The Marketing Showcase, our marketing and branding services concentrate on the strategic elements first. We never operate without a plan and our plans are always designed to target specific goals aligned to your long-term marketing goals.
Check back next week as we delve deeper into Business Development: Developing a Marketing Plan and discuss Understanding your competitive position in the market.
If you have any questions, please contact The Marketing Showcase by calling 202.329.3199 or visit TheMarketingShowcase.com today!
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