Me and my family were really passionate about my brother’s recently launched online store which provided customers with comfortable gym clothing. We all loved the idea and the product and thought it would definitely be a success in the near future. Good right? All set? Not quite. What we didn’t know was how important of a role targeting the right target market played in his business’s success. He didn’t know his largest segment like would it be men? What age group would most likely be attracted? Without knowing these basic answers, his business was severely damaged.
Many online stores drown because they fail to understand that just because they’ve built a product and created a website to sell it, they’re bound to succeed, but without targeting the right customers, there is no way a business can move towards success.
There are many factors you need to look at to achieve that perfect target market and, in this article, we’ll give you a good idea on how to go about it.
So, how do you achieve that perfect target market? You’d want to first think why your product exists and what good is it doing. Is it solving a problem? Is it offering a better solution than your competitors? Think it from the customer’s point of view and you’ll start to realize the importance of your product slowly. Once you figure out what type of people are in most need of your product, you’ll slowly be able to filter out your target market and reach that ideal goal.
You’re probably tired of hearing the importance data plays, but you can’t overlook its significance when you’re aiming for the perfect target market. There are many tools out there for you to use to analyze data. One of the most prominent ones is google analytics. Through Google analytics, you can see who’s visiting your online store, where are people placing orders from, what age group, etc. So, by knowing all these figures, you can have a clearer sense and ensure your product reaches the right target market.
Don’t just stop at Google analytics, the ideal way to find out your market would be gathering first-hand data. Go to the internet and post surveys, carry out interviews, make use of focus groups. It’s also highly recommended to make use of social media platforms like Facebook to get a better understanding of your market. These insights will help you figure out which segments would be most willing to buy the products you’re offering.
All this is great, but one other thing you need to put in a lot of time in is analyzing your competitors. This will help study and understand the market better. You can find out the different segments your competitors are selling to, where most of the sales are coming in from, etc. Through this research, you’ll know exactly who your potential customers are, and you’ll be able to minimize cost whilst hitting the perfect target market goal.
Many businesses are now inclining towards niche markets, focusing on a very specific target market. For example, there’s a lot of concern among customers about the environment in the modern world. One company that took full advantage of this would be Tesla with its electric vehicles, and they made their target market specific to the elite and the environment-conscious customers.
At this point, you’ve probably realized how important it is to get that right target market. You carefully need to go through all the steps and factors that have been mentioned above and you’ll see the results. You won’t have your time and money wasted if you’ve chosen the perfect target market so make sure not to take it lightly!