Need more customers? Ask yourself, “Who am I Target Marketing?”
Let me quickly drop the intelligent quote made by Robert Hisrich, the director of the Walker Center for Global Entrepreneurship, which says:
“We often overestimate the market size, and in many cases there may not be one at all,”
The very simple truth you must know is that the business of conversion is only achievable when you launch an effective content marketing strategy to your target market. The question will then be – what is a target market?
Defining a target market or customer base increases your cost efficiency and helps you strategically focus on your marketing efforts to potential customers who you deemed fit and qualified for your target criteria, which is customers who will likely buy your product or service.
A short definition you can use for target marketing is – a clear and well defined group of customers.
Markets are broadly categorized, which simply means that markets can be found anywhere. It becomes a target market when you pick and pursue a particular type of it. Consumers, industries, businesses, institutions and so on are all types or categories of market, so picking one from the list and working towards hitting the fortune in it makes it a target marketing.
You can stop overestimating the market size and start hitting the right market while writing that desired income statement for your marketing ROI.
I am sure you are aware that every fortune has a price? Just to let you know, businesses that are successful paid their price by filling their sales funnel with contacts from a well-defined target market.
What this simply means is that they know exactly who they are selling to and that single knowledge fuels their marketing effort which results to an effective and strategic marketing to the said group.
There are two marketing factors to always have in mind when defining your target market or potential customers. They are:
DEMOGRAPHICS: Age, location, gender, income, education, occupation, marital status
PSYCHOGRAPHICS: Personality, attitudes, values, lifestyle, interests/hobbies
These two factors are paramount to your marketing effort and so I have them covered in the 50 questions you will be asking yourself in this article.
I really want to make it simple and right for you, so the only price you will be paying to get more customers for your business is by answering the 50 questions contained in this article. These are for certain; questions that will help you define your target market.
Aha, let’s dig deep right away…
Study the Demographic Profile of Ideal Customers (the WHAT)
When it comes to defining who your customers are, the very first thing to do is to study the characteristics or demographic profile of ideal customers. This single characteristic forms up 50% of the questions you need to ask yourself when in the quest of getting more customers. It comes with the “WHAT” questions:
The “WHAT” Question to Defining Your Target Market
Q1. What is the age range of your target market?
Businessmen and women aged 25-40 years are ideal customers plus this age range accommodates the ages of most CEOs and other entrepreneurs that exists. In other words, it means the class of people who can fit in your target criteria.
Q2. What is the gender (male or female) of your target market?
Q3. What is the ethnic group of your target market?
Q4. What is the official or primary language of your target market?
This is very important in terms of knowing the channel or medium through which products and services can be discussed or delivered.
Q5. What is the geographic location of your target market like?
You can go ahead to ask yourself, where on earth does your target market live?
In this case, you consider where your target market lives or the geopolitical boundaries that defines where they lives and where they don’t live.
Q6. What is their marital status?
Marketing strategies differs for both singles and married. In this case you ask yourself if your business is best suited for singles, Moms or Dads with children.
Q7. What kind of education does your target market have?
Dealing with customers who are already enlightened makes the job pretty easier for you.
Q8. What is their primary job like? (Secondary job is also inclusive)
Q9. What is the income level of your target market like?
Knowing the income range or earning level of your target market will help you to effectively throw your marketing arsenal at them.
Q10. What is the buying habit or spending nature of your target market?
Getting to know your target market’s relationship with your brand
If you are sure you have answered the above 10 questions, then now is the time to dig more deep into finding out what relationship your potential customers may have with your brand.
Q11. What do you know about the first customer who has spent his cash on you?
The Sterling Bank one customer concept can help you narrow who your ideal customers or target market is/are.
Q12. What do they think when they think of you, your product or service?
Q13. What do they “feel” when they consider your product or service?
Q14. What do they gain for buying or using your product or service? [Think of the benefits your product or services offers]
Q15. What media do they turn to for information about what you offer?
Study the Psychographic Profile of Ideal Customers (the WHO, HOW, WHEN, and WHERE?)
The “WHO” Question to Defining Your Target Market
Q16. Who can afford your products and services?
Q17. Who does your target market aspire to be like?
Q18. Who influences your target market in terms of “strategic call to action?”
Q19. Who in return does your target market influence?
Q20. Who gains the most from your product or service?
Q22. Who in your niche has identified and shared his/her story about getting more customers?
Q23. Who among your subjects contacts you daily and occasionally with product or service suggestions?
Q24. Who will your target market have to convince if they want to buy your product or service? (i.e., do they need a third party or just themselves?)
The “HOW” Question to Defining Your Target Market
Q25. How does your product or service fits into your potential customer’s lifestyle?
Q26. How does your target market evaluate price and value?
Q27. How does your target market react to changes in your products and services especially one involving price increase?
Q28. How do they define happiness and success?
Q29. How hard do they try to reach you?
Customers who go out of their way to get a message across to you are your target market.
Q30. How fast do they comprehend and apply your newly introduced products?
Q31. How familiar is your target market with the solution you offer?
Q32. How long does it take your target market to flip open his wallet for your products and services?
Q33. How often does your target market change in terms of monthly or yearly decision making?
Q34. How does your target market react to the problems in your niche and how gladly do they welcome proffered solutions?
Q35. How optimistic are your target market when they hear of your plans to solve a problem?
Q36. How often does your target market attend seminars, training sessions or conferences when asked to attend?
Q37. How often do they participate in forums and social media?
Q38. How often do they respond to your “call to action?”
The “WHEN” Question to Defining Your Target Market
Q39. When they think of your product or service, do they tell you?
Q40. When your proposed newsletters, products or services are not forth coming do they contact you to find out why?
Q41. When they consider buying your product or service, do they tell you what motivated them to do so?
Q42. When contacting you, do they mention how great or bad your last offer was?
Q43. When you ask for suggestions, opinions or discussion mediums as regards your business, do they gladly want to participate?
Q44. When you ask them to buy, how quickly or slowly do they respond?
Q45. When your target market goes online, what are the top 5 sites they would likely visit?
The “WHERE” Question to Defining Your Target Market
Q46. Where does your target market hang out? [Social wise and for networking]
Q47. Where do they normally like to go for information relating to what you offer?
Q48. Where does your target market like to spend their time?
Q49. Where do you think your target market can easily go for a substitute to your product or service?
Q50. Where in your niche do you think your business can reach the best market at the least cost?
Like I said earlier, you need two marketing factors to be able to define who your target market is and as well get more customers.
I have integrated in all of the 50 questions, the demographic and psychographic profiles of what an ideal target market should be.
Now is the time to start answering the questions one after the other to get started with defining your target market.
As usual, I am not a know-it-all, so I will be expecting your contribution to the list.
Here comes the last question- what other marketing strategies other than the ones above do you use to define your target market?
Let’s get the knowledge sharing session started…
Photo credit: Target Market