There is no one product or service that everyone would buy. Even if you think about famous worldwide brands like Coca-Cola, not everyone buys it. One of the most significant business blunders of failed enterprise is assuming that a product or service is a great idea but not understanding the people who will give you the money to pay for it. Your target audience is the type of customer who will spend money on your product or service.
Firstly, think about the traits that your customers share in terms of:
Demographics
Age, gender, income, family, business, location, education level. How do they spend their day and spare time, their interests, do they have children, and how old? Include the traits which define your market.
Psychographics
Think about the values, attitudes, and lifestyle of your market. Are they health-conscious or motivated by keeping up with peers in their group? What are their dreams for the future, their worries, and their concerns? How will your service help them achieve their goals or overcome their fears? Values and attitudes of elderly groups are likely to be radically different from groups with teenage children, which will again differ from those with young children or no children.
Beliefs
Consider what this group may feel about your industry. Make sure you create a brand that goes against any negative beliefs and all the positives. For example, tradespeople can have a reputation for faulty dishonest work, of beauticians for unnatural appearances. Also, consider what people are likely to believe about your firm. Are you a small company competing against large organizations so you don’t have the same equipment, but you may provide a friendlier customized service that the large firm cannot compete with?
Sources of Information
Where does your customer go to get advice? Facebook, newspapers, classifieds, word of mouth?
Collecting this information will enable you to design products, services, branding, and experiences that perfectly match that customer. You are not developing a product to hope customers will fit with you; you adapt your product and service to meet the customer’s needs and desires. A great example of this is JD Sports Anthony Joshua campaign. The campaign was designed to meet the aspirations of young men. Every touchpoint of the website, clothing, brand logo, slogans, shops created an experience that met with young men. Instead of being generic, you will be in touch with the minds of your customers.
You only need to observe Gordon Ramsey’s Kitchen Nightmare TV show to see how often restaurant owners overlook their key audience and their business effects. If you don’t address your key audience needs, they will go elsewhere. Customers don’t just buy coffee; they buy the aroma’s experience and the friendly face behind the counter.
10 Top Tips for Your Market
- Find your competitors online and analyze them. Do not assume you do not have competition; consider both direct and indirect competition.
- Consider value above all. Using price as a competing point is not always feasible. You may be more expensive than your competitor, but you give your customers a more personalized experience or higher quality product, or maybe your product lasts longer.
- Give a clear perspective on how you can offer something unique to your audience. I have maintained business relationships because I trust them, and I know they listen to my needs. That alone can provide immense value.
- Ensure your product/service serves a need of your customer.
- Consider how it makes their life more comfortable and more interesting.
- Why would they give their money to you and not to your competitor?
- How will you build relationships with customers? People are always better for knowing. Videos, telephone calls, meetings, and especially recommendations are far more engaging than advertisements.
- Experience is key. Think about you have lost faith in a company and the companies you have maintained loyalty with. You have an experience that stands in your mind. Think of the ease of use, personalized, friendly experience, enriching someone’s day, solving a problem, and keeping in touch with them when you can’t solve the problem immediately. Even when you are dissatisfied, think about how they manage to maintain loyalty.