Without a Target Market is Without a Direction
99.99% of the time, you, as a business owner have a clear understanding of who you’re targeting and what niche they’re in. You know exactly what their demographic, social, and economic background is and you’re using that to your advantage to better target those who you want your product to reach.
Along with all the other key steps and activities you need to figure out and decide on before your business is even actualized, pinpointing who your target market is one of them (or at least should be!) I mean, if YOU don’t know who your product is catered for, who is going to be inclined to purchase it? If you don’t know, they don’t know. It’s like shooting a dart without any sense of direction … what makes you think that a directionless shot is going to reach the bullseye? In fact, chances of that dart reaching anywhere near the bullseyes are slim to none.
And as a business owner, you would never want to spearhead and build the foundation of a business aimlessly wandering, hoping that you’ll attract just about anyone 😳.
The Importance of Target Marketing
Target marketing is a strategy that breaks large markets into smaller segments to concentrate on a specific group of customers within that audience. Most often, businesses segment based on characteristics such as demographics, psychographics, business industries, and geographic areas. Demographics consist of age, gender, education, marital status, race, and religion. Psychographics consist of values, beliefs, interests, personality, and lifestyle. Business industries consist of the actual industry. And finally, geographic areas consist of neighbourhood, area code, city, region, and country.
Now, some of you might be asking, “why is it important to have a target market?” Don’t you want to be able to serve everyone, and not just a specific and limited niche of customers? Won’t you get more customers if you attract everyone? The more the better, right? Well … not really.
When it comes to the world the marketing, things work a little differently around here. If you’re trying to attract everyone, it’s going to be challenging reaching anyone. Why? Because vague and generic messages that could appeal to anyone aren’t going to resonate as well with everyone. Are you starting to get the pattern here hehe 🤭? People like feeling special and personal, so specific and direct communication is the way to go if you want to reach your optimal audience. Having a personal message also means that you are more likely to attract and convert high-quality leads and bridge stronger customer relationships, which is always good 😌!
Target Marketing: Part of a Bigger Puzzle
As a business, you have priorities and constraints on your resources. Most likely, you don’t have the capacity or capability to effectively reach everyone with your message. With these limitations, target marketing allows you to focus on your best potential customers and compete successfully.
Because of its importance, target marketing is part and parcel of a comprehensive and inclusive marketing strategy. It’s one of the key puzzle pieces to your complete strategy, and a puzzle is never complete with even one piece missing. So, make sure you don’t lose that one critical piece 🙂!