If you are starting a new business or launching a new product, chances are you need to figure out the ideal customer who is going to use your product or service. Where do they live, what is their age, and what do they do for work? These customers and all of their characteristics are known as your target market. According to Investopedia, "Identifying the target market is an essential step for any company in the development of a marketing plan."
It is important to take time to research your target market since blindly marketing your product or service may end up costing you a lot of time and money.
So where do you start? How do you determine who is the ideal customer who will love your brand, product, and become a regular customer? Marketing professionals have several tools to help determine the best target market. Here are a few examples:
Defining Demographics with the United States Census: The United States Census Bureau created this database which pools U.S. citizen census information (age, race, education, income, location, etc.)
Social Media: Your business is likely sitting on a gold mine of data - your social media accounts. Check out the analytics of social media, such as Facebook, to learn more about the customers who like your page, where they live, how old they are, and their gender.
Your Website: if your website is is linked with Google Analytics, you have access to learning about the visitors to your businesses page. Google Analytics provides information on viewers age, location, and even their interests.
Take Our Survey: if you are still seeking more information on defining your target customer, it is a good idea to create a quick survey to gauge the consumer's interest. Several tools are available, such as: Google Forms, SurveyMonkey, and GetFeedback.
Once you have gathered some initial data on your new target customer, it is time to start creating your marketing plan. Your marketing plan is a roadmap for launching and producing your product or service to the right customers. (Lake, 2020).
So, what is a marketing plan? A marketing plan is the combination of your strategy's, goals, and actions that will help you promote your new product or service. Here are the basic pieces to include in your new marketing plan:
Mission statement
SWOT analysis (strengths, weaknesses, opportunities, threats)
Creative strategy (combining your target market research, purpose of your advertising, the problem you solve, and why a customer would use your product/service)
Your target market and the buyer persona
Content initiatives and strategies to achieve goals
Key performance indicators
If you need assistance identifying your ideal target market and creating a marketing plan for your new product or service, please contact KLG Designs for a complimentary meeting.
References:
Kenton, W. (2020, July 19). Investopedia. Target Market. https://www.investopedia.com/terms/t/target-market.asp
Lake, L. (2020, September 12). The Balance Small Business. What is a marketing plan? https://www.thebalancesmb.com/what-is-a-marketing-plan-2295831