This year, 2012, each quarter we (you and TaylorAdams Marketing & MgMt) will engage one marketing exercise together. On January 15th let’s kick-off the year by zeroing in on our target audience. Let’s get more specific, more intimate, and stay updated on what’s significant to our target market.
Without reinventing the wheel, we’ll simply revisit the exercise from EMINENT DOMAIN: Know Your Target Audience. Jan 15 thru March 15, 2012 step by step we’ll complete the exercise, post our findings and feedback here supporting one another through the process while gaining a new intimacy with our individual target audiences.
Excerpt from EMINENT DOMAIN: Know Your Target Audience:
“There must be an understanding of the customer and their needs. It is most important to understand the target audience. Essentially a marketing strategy is built around the core values, vision and objectives of the organization. In development of market strategy, one becomes aware that in order to have product, price, promotion or placement, the organization must have done its research on the market and the consumer need for its service. Without an understanding of the targeted audience, the organization cannot market at all. It is important to build the product, its price, distribution and promotion around the needs of the people and of course, from there, work to persuade segments of the segment into wanting the product.
What many business people starting out really do not understand about marketing and understanding the average consumer is that more that likely the target is open to finding information about your product or service… Still it is your job and the purpose of the marketing strategy to define who should be looking for you.
Knowing your target audience is also eminent in developing your website. The variables that define your target audience also shape your site and how the search engines will guide potential clients to your virtual door.
Ask yourself these questions to help you better understand who your business is working for; your target audience:
1. Who does your product appeal to, and what are their general characteristics? Start out broad. General attributes to consider are your target audience’s age, sex, location, income level, and marital status.
2. What is their motivation for buying your product or services? In short, what is your customer’s pain? Why do they so badly need you? The point is your product adds some sort of value to their lives. Figure out what that value is.
Is your product something they need or something they want? Does having your product elevate their social status somehow? Does it make them feel better about themselves? Or is it something that merely entertains them?
3. How does your target audience shop? To best market to your ideal customer, you need to figure out their purchasing habits.
- Do they tend to make impulse purchases, or are they more rational, logical consumers?
- Where do they shop? Online or in person?
- Are they loyal to particular brands or are they always susceptible to jump ship?
4. Where does your target audience congregate? In order to communicate with your target audience, you need to first know where they are. By knowing exactly where your target audience is, you can focus your marketing efforts into those areas so that you have a better chance of capturing their attention.
Figure out which social networks and other websites they frequent most. Which type of physical establishments do they hang out in? Which TV and radio stations do they tune into? Which magazines do they read?
January 15th here we come! Post your questions and feedback as comments below. You may also contact me, Jacqueline Taylor-Adams at (215) 774-1237 or email dobusiness@tayloradams4me.com.
Looking forward to learning so much from you. Great info.
Great and valuable information!!! Often times as a new business owner we tend to have macro approach so that we can generate the most profit. Focusing on a target market is very important to the successful development and implementation of an effective marketing strategy. This was a great post and I am looking forward to learning more.
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Hi Chris, I asked David Risley the same question, but ettiresned in your view.How do you decide how to price a product when you start to monetize.My site has grown really fast in 11 weeks and in April I want to monetize it, but how do you decide what to price the products at?I’m thinking low is good to sell more, but too low could have a negative effect? Interested in your opinionAdded by Chris: First look at the norm for your niche, second start low and put the price up in stages until your sales slow. Your first product should be less about profit and more about establishing your percieved value in the marketplace so people know that you offer good stuff, grow your testimonials, reviews (and optionally, affiliates), and anticipation for your next product.
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“There must be an understanding of the customer and their needs. It is most important to understand the target audience.”, I really agree with this. In the first place, why would you sell or market something if you don’t know who’s your target audience or customer ayt? Thanks for sharing.
Nika, I totally agree with you, but surprisingly so many entrepreneurs embark on their ventures without a substantial understanding of their target audience and the audience behavior.
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