If your target market is "everyone" then you need to read this
For new start-up businesses, some business owners might feel that their target market is “everyone” and there is potential revenue to be there for the taking.
However, with this business mindset of the target market being “everyone” and “anyone”, there are certain factors that might end up being stagnant and can be improved upon.
Read on as we’ll talk about some factors that can help your business be laser-focused and fully maximize your growth potential.
Find your Niche
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Firstly, your target market must be determined as it will really help your business in the long-run.
By knowing your niche and the product you’re selling to the audience, you can easily figure out who and where your customer base is.
You may think that there is a greater potential of revenue earned if you don’t have a specific target market, however, in the long run, the return on investment (ROI) on focusing on a very specific target market will eventually triumph and get you a better return in general.
Think about it from the perspective of a company that sells T-shirts with themes aimed at pet owners. If the company has a budget of $50 a day and choses to market on Facebook with a worldwide audience to all the people that are interested in T-shirts, that budget will be wasted without the right targeting because you are trying to target as many people and at the same time, not targeting anyone at all. Instead, if they focus on a particular market, lets say, US or Australia, and further targets people in a particular age group or people that are pet owners and those that wear T-shirts, they are more likely to click on the ad and eventually make a purchase.
Then from there onwards, as their business grows and they are able to spend more on marketing they can gradually add more locations and scale their business.
Knowing your Competitors
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When you determine your target market, you’re not competing against “everyone” and you’ll have a better idea of who your competitors are.
If you know your competition and have an idea of how they are marketing their product to their audience, you can have a gauge on where your business is at.
Heck, you can even see what your competitors are missing out on and use it to your advantage by implementing new ideas and business models to your own.
Having a specific target market can lead you to targeted marketing.
By using any marketing strategy, be it social media, or Search Engine Optimization (SEO), you can employ targeted marketing to engage your niche market.
By doing this, you can provide and adapt to what your target market needs and wants, which gradually leads to a greater return.
With no specific marketing strategy, you may not be engaging as many customers as you wish, and probably resulting in a lower lead generation like in the case of the T-shirt company in the example above.
If you’re looking for an affordable but effective marketing strategy, you can engage in many of Inncelerator’s marketing services and choose your preferred package without the pressure of any sales guy trying to push you into signing on for more services than you need. If you know what you want, like low cost SEO services, google ads management or even just Instagram account management, just go online and sign up.
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After implementing targeted marketing and or other marketing strategies, you’re bound to have captured some data analysis from your customers.
By further analyzing your sales data, you can figure your customer base demographics such as age, gender, location, interests, and preferences and using them to further improve your marketing strategy.
Knowing your target audience well enough and knowing what tendencies they have can help you engage with them on a more personal level and potentially gain return customers.
I hope this short read has helped you in a way or another and all the best in your business!
If you require further assistance on marketing or business-related issues, you can check out Inncelerator or reach out to us via our online chat.