Defining your target market

Once you have a great idea for a new product or service, what comes next? Whether you're looking to expand your existing company or you're just starting your own business from the ground up, you'll need someone to sell to: In other words, a target market.

Your first instinct may be to try to use your advertising to reach as many people as possible. However, marketing efforts will prove to be significantly more effective if you take the time to carefully refine your campaigns for a specific pool of customers.

Read on to learn how to define your target market and the best way to reach these individuals.

Who is already buying your products?
There are several steps to follow when gathering the information you need to answer this important question.

First, Inc. recommends that small-business owners who are already in the market analyze their current pool of customers. Who are they, and why do they buy from you? Identify any common characteristics and interests, as well as patterns that may indicate which clients will drive the most business.

If you are just starting your own company, it can help to look toward your competitors for reference. Not only can this help you obtain a better understanding of your own customers, but you may be able to adapt your product offerings to reach a niche market that other businesses are missing.

One you have a general understanding of your customers, it is time to more specifically narrow your focus.

To better market to your customers, you need to take the time to gather a clear understanding of what drives them to purchase from you.

Create a buyer persona
SingleGrain defines a buyer persona as a document that describes everything from demographic information to hobbies, and from career history to family size — all written as if the persona were a real person.

Rather than just listing general groups you're trying to market toward, you create a lifelike character. For example, instead of saying you're selling to business professionals, your buyer persona would be Adam, an accountant who is looking for a customer management system to better organize his clients' data.

This exercise will help small-business owners understand their customers more clearly, allowing them to better acquire and retain new ones in the future.

Begin marketing
Once you understand who is interested in your products and have created a buyer persona, it's time to start marketing.

Create social ads that speak directly to the target audience you have already defined. Adlucent found that 71% of consumers actually prefer ads tailored to their own interests, and are twice as likely to click through an ad that reflects this. By specifically more targeting your audience, you'll be able to better serve your clients and create new business.

Need additional assistance with your small business? The Law Offices of Donald W. Hudspeth, P.C. assists businesses with corporate matters and various other types of legal concerns. Please call 866-696-2033 or contact the firm online to make an appointment.

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