Imagine you’re an archer preparing for an archery competition. You have your bow, your arrows, and your unyielding determination. You step up to the line, aim for the target… and realize there isn’t one. A quizzical eyebrow raised worthy of Spock himself wouldn’t be amiss in this situation, right? After all, how can you hit a target audience that doesn’t exist?
This, my friends, is precisely the predicament businesses often find themselves in. They have their product (their arrow), their sales and marketing strategy (their bow), and their drive to succeed (their determination). But without a clearly defined target market, they’re effectively shooting arrows into the ether, hoping for a miraculous bullseye.
Now, let’s dive deeper into the tantalizing world of target markets.
Your target market is the most likely to buy your product in business. They are the ones who will appreciate your finely tuned puns about coffee (if you’re a quirky café) or the ones who will marvel at the sheer audacity of your neon running shoes (if you’re a bold sports brand).
To illustrate this, imagine you are launching a new line of eco-friendly yoga mats. Your niche market might be health-conscious individuals who practice yoga regularly and are keenly interested in sustainability. Unless they also love eco-friendly yoga, you wouldn’t be marketing to hardcore gamers or car enthusiasts.
It’s been famously said by John Lydgate, and later reiterated by none other than Abraham Lincoln, “You can please some of the people all of the time, you can please all of the people some of the time, but you can’t please all of the people all of the time.”
So, why try to sell yoga mats to car enthusiasts when there are a lot of yoga enthusiasts aplenty? Trying to please everyone is like teaching a fish to climb a tree. Yes, it’s as fruitless and absurd as it sounds.
To define your target market, you must understand your customers as intimately as Mr Darcy knew Elizabeth Bennet’s fine eyes. What are their wants, needs, and interests? What are their challenges, and how can your product help them overcome these?
Anecdote time! Once upon a time, there was a brand called Tesla. When they first launched their electric cars, they didn’t try to sell them to every Tom, Dick, and Harry. Instead, they recognized that their ideal customer would be environmentally conscious, tech-savvy, and capable of affording a premium product. They targeted this market, and the rest, as they say, is history.
How can you define your target market as effectively as Tesla did? Through the delightful process of market segmentation. This involves dividing the broad consumer market into sub-groups, or segments, based on shared characteristics.
For instance, you might segment your market based on demographics (age, gender, income level, etc.), psychographics (interests, hobbies, lifestyle, etc.), geographic location, or even behaviour (spending habits, brand loyalty, etc.).
In 2021, Harvard Business Review reported that businesses using segmented marketing saw up to a 760% increase in revenue. If that doesn’t convince you of the importance of defining your target market, I don’t know what will.
Who said, “There is only one boss. The customer.”
If you said Sam Walton, the founder of Walmart, pat yourself on the back! Understanding that the customer is the boss is the first step to defining your target market.
Now that we’ve established the importance of defining your target market let’s embark on a symbolic journey to make this happen. Imagine you’re planning a road trip. The destination? Your target market. Your vehicle? Your product. The road you take, the stops you make, and the passengers you pick up along the way, depending on where you’re going.
That journey is your social media marketing strategy, and defining specific target market is equivalent to setting your GPS. You would only set off with knowing where you’re going, would you?
Let’s say you’re selling premium dog food. You might think, “Easy! I’ll target dog owners.” But can you see the issue here? Not all dog owners will be interested in or able to afford premium dog food.
So, you adjust your GPS. You’re now targeting affluent dog owners who value high-quality, organic ingredients. Suddenly, your journey becomes more apparent. You know the roads you need to take (channels to advertise on), the stops to make (points to highlight in your target marketing), and the passengers to pick up (partnerships to make).
Dialogue with your customers is critical to defining your target market. You can hypothesize about your customers’ wants and needs all day, but you might need to talk to them.
Here’s a hypothetical conversation:
Business: “We noticed you purchased our premium dog food. What made you choose our product?”
Customer: “Well, I appreciate the organic ingredients. The personalized meal plans based on my dog’s breed and age were a big selling point.”
Bingo! You’ve just gained insight into what your target market values.
As you receive feedback, notice changes in market trends, or launch new products, you may need to redefine your target market. Defining your target market is more than just a one-and-done deal. It’s an ongoing process that requires constant monitoring and adjusting.
Remember, it’s a dance, not a tug of war. You lead, they follow, but if your partner steps on your toes, it’s time to recalibrate your moves.
Defining a target market helps businesses focus their marketing efforts more effectively. It allows them to better understand their customers’ needs and wants, leading to more successful marketing campaigns and, ultimately, increased sales.
Absolutely! Many businesses have multiple target markets, each with different needs and wants. For example, a clothing brand might target teenagers and young adults but with varying lines of products and marketing strategies for each group.
There’s no hard and fast rule, but reviewing your target market at least once a year is a good idea. Also, keep an eye on market trends and customer feedback, which can indicate when a review might be needed.
Defining your target market is like setting the coordinates for your journey to success. Without it, you’re essentially sailing your business ship into the vast unknown. But with it, you’re charting a course for success – full steam ahead. Happy targeting! And remember, in the wise words of Peter Drucker, “Marketing aims to know and understand the customer so well the product or service fits him and sells itself.
Up until working with Casey, we had only had poor to mediocre experiences outsourcing work to agencies. Casey & the team at CJ&CO are the exception to the rule.
Communication was beyond great, his understanding of our vision was phenomenal, and instead of needing babysitting like the other agencies we worked with, he was not only completely dependable but also gave us sound suggestions on how to get better results, at the risk of us not needing him for the initial job we requested (absolute gem).
This has truly been the first time we worked with someone outside of our business that quickly grasped our vision, and that I could completely forget about and would still deliver above expectations.
I honestly can't wait to work in many more projects together!
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*The information this blog provides is for general informational purposes only and is not intended as financial or professional advice. The information may not reflect current developments and may be changed or updated without notice. Any opinions expressed on this blog are the author’s own and do not necessarily reflect the views of the author’s employer or any other organization. You should not act or rely on any information contained in this blog without first seeking the advice of a professional. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained in this blog. The author and affiliated parties assume no liability for any errors or omissions.