How to Identify your Target Audience
Every company should have an ideal group of people or type of person that they want to sell to. Its products, services and company values should interest that group of people and incline them to make a purchase. This group is known as your target audience. Targeting a specific audience allows you to use your advertising dollars wisely. This does not necessarily mean that you are excluding other people outside of your audience; you’re simply focusing on the people who are more likely to purchase your products and become loyal customers.
Here are a couple of key things to consider when identifying your target audience:
Look at Your Current Customer Base.
Your current customers are already interested in your company and your products. By doing some research about them, you can see what they have in common. This can help define your target market. The most important things to look at are their demographics and psychographics. This will allow for easy grouping.
There are tons of resources available for researching a specific demo in a specific space. At LoBo, we recommend social listening to many of our clients to find out what their potential and existing customers are saying about them and their competitors on social media platforms. Check out this case study here of a study we conducted for Zealand Pharma to help them better determine their target audience for a specific pharmaceutical drug.
Analyze Your Products.
By looking at your products and analyzing them, you can ask yourself several questions about who your target audience should be. What are you selling? Why is it unique? Who needs this product? Who can afford this product or service?
Determining the correct target audience is critical for effective advertising and marketing. Without a clearly determined audience, your ROI might suffer.
Contact LoBo & Petrocine today and let us help in researching and defining your target audience.
*This post was contributed by intern, Talia Cohen