Why is Identifying the Target Market so Important to a Company?

February 9, 2019 12:30 pm Published by Leave your thoughts

For most new e-commerce entrepreneurs, they’ll often try to target as many people as they can. This digital age makes it easy and affordable for online retail businesses to reach out to the masses. Though that wouldn’t necessarily be good for the webstore.

It’s important to realize that no matter how awesome your product is, it won’t appeal to everyone in the same way. If your product is mainly consumed by young women under 25 years old, your ads will likely be ignored if it reaches a 40-something woman or a man.

What that means is that although you spend a lot on marketing and blast your ad as far and wide to reach the maximum number of people, it won’t achieve cost-efficient results. When you cast your net too wide, you tend to reach out to people that are not the right audience for your brand.

 

Finding and identifying your brand’s target market

Creating an ad that appeals to everyone is costly and it usually generates fewer responses than targeted messages.

Before you begin any marketing campaigns, you’ll need to identify your target market in order to create effective ads for a targeted audience.

To get started, create your buyer personas (or ideal customer profiles) with these questions:

  • How old is the customer?
  • Is the customer male or female? Single or married? With children or without?
  • Where does your customer live?
  • What does your customer do for work?
  • What are their hobbies and what do they do for leisure?
  • Why does your customer need your product?

Once you’ve narrowed down your target market, you’ll find that your marketing efforts will result in much better response and engagement rate.

 

Segmenting and reaching out to your target market

After you’ve figured out your target audience and created their buyer personas, you can start to figure out how you to reach and target them.

Facebook Ads is your best bet. It’s easy to use, enables you to create various types of ad formats, and most importantly, it has very detailed targeting mechanisms. You can divide your target market into different buyer personas, for example – male, female, under 25 years old, housewives above 30 years old, and so on and so forth.

That way, you’ll end up maximizing your reach for the most relevant customers in a very cost-efficient manner.

Another understated benefit to identifying your target market is that you’ll be able to understand your customers better. It’ll aid in your efforts to improve your product offering or provide a specific type of service that caters well to your target market. In essence, the better you understand your buyers, the better you’ll be able to serve them.

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This post was written by Nina