Your Target Market
Finding Those Who Matter Most To Your Business
For those of you who have had the fortune to talk to the L&L team (Ed. Wow, right off the bat!), you will know that boy, do we love banging on about targeting - followed closely by the importance of strategy (see previous Pitch Reports). We stand opposed to the often-used “strategy” of blasting away with a marketing blunderbuss hoping to hit your target audience. We work to establish who they are and why you are targeting them before we start anything – meaning more efficient and effective results.
As always, we’re happy to help so here are a few tips to guide you on your way to identifying your target audience…
Step 1: Identify Your Key Targets
List all of your potential customers, whether corporate or individual and then break them up into sub-groups. For example, Corporate could be split into small, medium or large businesses, or by the type of business they conduct with you. Then, carefully consider:
a) Who is most likely to buy my product/service and
b) Who would be most beneficial towards me achieving my strategy?
With an answer to both of these, you can then identify your target audience.
Note: To target does not mean to exclude all others. It may well be that your marketing appeals to other groups, but they will not be your key focus.
Step 2: Meaningful Details - Demographics
When examining your target audience, look for factors that could influence behaviour, motivation or need states. Example demographics for individuals could be age, gender, marital status, annual income, occupation, religion, family size etc. Obviously details for corporate customers should be easier to categorise, e.g. revenue, number of employees, average stock holding etc.
Step 3: Get Inside Their Heads
This step means looking at what is important to your customer, be they individuals or corporate. This means looking for the scary sounding ‘psycho graphics’ of your target audience. This information should tell you the emotional interactions, values, attitudes and beliefs of your target audience.
These are neither easily identifiable nor qualified, particularly for individuals as they include family stage, types of hobbies/interests and other lifestyle indicators. Often, you can source these through surveys, member profiles and the like.
Step 4: Behavioural Issues
This is a critical step as it will help you understand purchase motivation, decision making processes and why or how much your customers spend. By understanding behavioural elements, you will be able to directly influence your target on the path-to-purchase (see the next Pitch Report). To source this information, you may need to use an automated programme to look at purchase behaviours or patterns, or it could be as simple as just observing them in-store.
Step 5: Here’s The Profile, Now What?
By identifying your target market and understanding why they are on your hit list (fit to strategy), you are in the ideal position to start marketing to them. More importantly, you can now brief the L&L team clearly and accurately, to get an even better result for your campaign.