Your product is excellent, helpful, and affordable — there’s no doubt about it. But that’s only true from your perspective. Will your customers feel the same way, too? It is a good question if you want to succeed in business.
In fact, no matter how good your product is, it’s always a bad idea to target everybody. You should understand who your target audience is and what they want. Once you understand it, you will be able to fine-tune your product offering, increase your sales, and earn more profit.
Let’s take a look at one example. Academic writing services primarily target students that write something like “do my case study” because writing help is what they usually need. In the end, both parties benefit — the writing agencies reach only their target audience while the students get exactly what they were looking for.
Now that you realize how serious it is to know your target audience, we suggest you pay close attention to the below information.
1. Gather Relevant Data
In order to define your TA, you will need to gather all the necessary data about your potential clients. In fact, that’s the most important thing to do before launching a new business. Whether these are college students, office clerks, bachelors, or Instagram bloggers, you should offer them precisely what they expect to get from you.
Here is the list of questions you should answer to avoid difficulties promoting your brand:
- How big is the potential demand for your goods or services?
- Do you need to introduce any changes to your product to make it more appealing to your target audience?
- In which ways can you reach out to your potential customers?
2. Create a Generalized Picture of Your Customer
All customers interested in your product or service have a lot of things in common. Your task is, therefore, to figure out what they are. If you do it the right way, you will be able to target your potential clients with surgical precision. It’s also important to keep in mind the following criteria:
- Income level
- Family status
- Personal preferences
Certainly, this is not a complete list of options you should consider when analyzing your customer’s profile. Every business has its own peculiarities that may influence the choice of these criteria. Don’t limit yourself and add other points to this list if necessary. Remember, the better you know your customers, the easier time you’ll have selling your products or services to them.
3. Learn about Competition
Besides determining your TA, you should research your potential competitors. That’s another vital part of your TA analysis that will help you figure out how to outperform your business rivals.
But first, there’s a list of questions you must answer before you can do it, namely:
- What specifically do customers buy from your competitors?
- What is their pricing policy like? Is there anything your customers are ready to buy for more?
- What social media channels do your rivals use to communicate with their audience? Learn what others say about your competitors. Use social media as a means for learning more about your TA (their hobbies, interests, occupation, etc.).
- What weaknesses can be found after coming up with the answers to the above-mentioned questions?
If your competitors are doing well, you should not work with their target audience but concentrate on an entirely different portion of the market. By doing so, you will increase your chances of success and gain your own audience.
Conversely, if your competitors aren’t doing well, you can try “squeezing them out” of the market. A good businessperson should always be ready to capitalize on the drawbacks of their competitors.
4. Carry out Primary Research
This step will help you find out heaps of information about your target audience. It will let you know what they really think about your product or service. Basically, it involves collecting information directly from your customers. Although it can be a costly way to learn more about your potential clients, it will provide you with the most reliable information.
It’s always a good idea to communicate with your customers through e-mail or just call them on the phone. However, you should not be overly intrusive. Nobody likes being called and told about the superiority of somebody’s product or service, right?
Another option is to pick a crowded place and ask people there some questions about your offering. It is an excellent opportunity to meet your audience and establish a trusting relationship with them.
5. Take a Fresh Look at Your Business
Now it’s time to take a fresh look at what you offer to your clients. Having answered the following questions, you will understand whether you are ready to start your business or not.
- Are there enough possible clients who could purchase your product or service?
- How will the market benefit from your business?
- Will your customers come back to you to make another purchase?
- How often can your customers afford to buy your product or service?
- Is the message you’re trying to get across capable of attracting potential customers?
Markets never stay the same, which means you should always keep tabs on it and react to all (even the slightest) changes. It is, therefore, advisable to carry out primary research every year to keep your customer profile up-to-date.