Determining Your Target Market
This month is all about using the power of celebrity to boost your brand—but celebrity doesn’t necessarily mean “red carpet.” In fact, “celebrity” is simply defined as “the state of being well known.” So, this week, we’re going to focus on utilizing well-known media sources to boost your own celebrity status! But before you decide which source is right for you and your business, you have to define your target market. After all, your target market determines which type of advertising you can use, where to use it, and even how it’s phrased (you wouldn’t rely on Facebook or hashtags to reach a demographic of 50- to 60-year-old-men, just like you wouldn’t use a newspaper ad to reach a demographic of teenage girls—it simply won’t work). But defining that demographic is oftentimes easier said than done. How do you establish exactly who you’re trying to reach?
Start with the basics; ask yourself the simple question, “Who are my customers?” Find the answer by examining your sales data and segmenting your customers into groups based on age, gender, income level, education level, family status, and geographic location. (Don’t have that info? You’re not collecting enough data!) In doing this, you might discover that one group stands out among the rest—this is good, but not quite good enough. In order to reach and communicate effectively with that group, you need dig a little deeper. What are their motivations? Are there any commonalities within their lifestyles? Try to see your product or service from their eyes; make a list that includes every possible reason that demographic might want your product or service and use that list to determine your demographic’s core focus (hint: that should be your core focus when communicating with them!)
While you’re at it, consider their daily routines. Do they read the paper every morning? Do they spend a lot of time listening to the radio? If they’re looking to catch up on the daily news, do they turn to the TV or the internet? Is the majority of their time spent surfing social media platforms? This information is critical in determining how to capture their attention. But you’re not done yet! Digging even deeper can mean the difference between a close hit and a bullseye when it comes to aiming your marketing at your target audience. Now that you have a good idea of who they are and how to reach them, try to identify which group can offer you the most bang for your buck—of all the people who are likely to invest in your company, which group is the most profitable? Who sends you the most referrals? These groups represent the bullseye of your target market.
Now that you’ve discovered who you’re really aiming for, you can easily determine which media sources to keep in your quiver. Using the correct sources will not only boost your celebrity status among your ideal demographic, but glomming on to already popular media can transform you into a well-known enterprise in no time! In our next blog we’ll be discussing the benefits of using “promoted posts” to not only reach but make a celebrity splash in your target market, stay tuned!