Let’s say that you are in the weight loss market. It’s a big market, worth some $60 billion per year and is very profitable for a lot of businesses. And that’s the problem. A lot of businesses are involved in this industry.
You may have some great products and services but how do you get your business noticed in a crowded marketplace?
Segment Your Market
Rather than concentrating on a huge market, like weight loss, use a market segmentation system. This where you target your marketing to a smaller sized, specific segment of that large group. For example, your marketing initiatives and tactics are targeted to single women over 40 years old, or another more specific group.
Your Customer Avatar
To establish your target market you need a very clear idea of your ideal customer. This potential customer is known as your customer avatar. How old are they, where do they live, what are their likes and dislikes? What are all of the characteristics that make that individual your dream customer.
When you focus on a smaller sized target market rather than a general market, it is much easier to connect with an individual. Always remember you are marketing to one individual at a time, not a group. Target your marketing to a smaller subset of a larger group and your marketing efforts have a much better chance of giving you the results you want.
Should You Ever Change Your Target Market?
If your marketing efforts are not providing results, may need to change the focus or target market of your business.
Sometimes, despite the fact that you have done a lot of research, you end up marketing to the wrong group of people. Your target market may not want to spend any money on your product and service and may just be looking for free advice. That’s when you need to refine your market and look for a segment of people who have expressed a serious interest in spending money.
Analyze Your Marketing Tactics
Another situation could be that your target market is just fine, and you just need to change your strategy and marketing techniques. For example, your audience may not be responding to your social media messages but may be more responsive to email?
At other times, if you’re not achieving the success you’re looking for after a lot of time and effort, it may be your target market that needs changing, and not your marketing itself.