Target of perfection, standing out from the crowd

 

There’s a lot of legwork and planning that business needs to do before you launch your next big product. Namely, you need to figure out who your target market is. Who do you expect to buy your product or use your service?

Below is our five-step process to finding the right target market for your company. This is useful for both new companies as well as established companies looking to retarget.

  1. Look closely at similar products from competitors – Unless your product is completely unique and there’s nothing else like it, you WILL have competitors with established target markets. Take a look at whom their ads and commercials are targeting and see if any of that applies to your product. We recommend looking at a number of competitors to help paint a better picture of your target market.
  2. Do your research – There are many resources available for businesses to figure out who would be a good match. Look at customer reviews of similar products on eBay and Amazon. Research popular bloggers in your industry for ideas. If you have the budget for it, hire a marketing research company to conduct surveys and focus groups to help you determine your perfect target market.
  3. Build a target market profile – The more detailed you can be with your target market, the easier it will be to start advertising. Look at the demographics, geographics, behaviours, income, employment, and hobbies of your target market at the bare minimum. Make a couple of potential profiles for testing purposes.
  4. Test the market – Use the profiles you created as the foundation for a few test ads. Online advertisements like Facebook and Twitter are recommended because they are by far the cheapest form of advertising and give you a lot of control over your targeting.
  5. Review and Refine – Your target market is constantly changing and evolving. With every successful campaign, you should look back to see if the type of people who bought your product actually matched up to your target market profile. If not, take this chance to re-evaluate your targeting. Every failed campaign is an opportunity for your business to improve.