Who Is Your Perfect Target Customer?

SteveStraitSteveStrait subscriber Posts: 13 Bronze Level Member
edited November 2016 in Marketing
Heya Startup Nation Community!

I’ve seen several threads here that would benefit from a simple framework I’ve been using to help my decision making in my business. So if you are an owner and you offer any sort of service or product for money, hopefully this is of some value.

The framework - in all entirety is very simple:

Who Is Your Target Market

That’s really it.

It’s impossible to make a great product or provide a great service if you’re not sure who you’re doing this for. Each type of market is unique and they each have their own set of needs. If you are unfocused and you try to cater to everybody, you’ll end up filling your product with too many features - features that your audience never asked for.

You should be focusing on one core audience. They are the group that shares a common pain point. Your job is to make a product that addresses that pain point.

That’s it.

There is no need to solve a bunch of problems for several different groups.

This is NOT what a great product looks like:

Microsoft_Features.png

A great product looks like this:

Great_Features.png

You should know your market like you know the back of your hand.
And your market should guide your decision making like a laser guided missile.

By focusing on one market to start, you only need to evaluate your decisions against one point of view.

Let’s say you have a product business -
    Should I advertise in Instagram or Pinterest? What should I write in my ad? How much should I charge for a unit?
Easy.

Choose the answer that's most suited for that one core audience.

Subaru turned their flat sales in the 90s into steady growth by focusing their marketing to one untapped market.

They originally identified 4 core markets who were interested in buying a “no-frills,” dependable all wheel drives:
    Teachers and Professors Healthcare Professionals IT Professionals Outdoorist
And they identified a fifth - Lesbians.

They went all-in to target this core group:

Subaru_Targetting_Lesbians.png

Subaru_Targetting_Lesbians2.png

As a result, other than Tesla, they grew the fastest in the 2010s out of all the other car brands.
(Priceonomics did a write up on this a few months ago and it’s a fascinating read.)

Getting focused doesn’t just benefit your sales. It’ll improve your operations because it’s your business’ “True North.”
It’s the filter through which all your business decisions can be made. If you are thinking of a new product or service, ask yourself whether this is going to add value to your target market.

If not, leave it.
If yes, implement as soon as possible.


Now, what are some techniques do you all use to find your target market?
Want to find a profitable niche market for your product biz? Download my free report to learn how.

Comments

  • Steffi DsouzaSteffi Dsouza Punesubscriber Posts: 98 Silver Level Member
    One of the most important elements of a marketing strategy is the development of an ideal target customer profile.
    A customer avatar is a fictional character that represents your ideal prospect. When complete, it will help you understand the motivating beliefs, fears and secret desires that influence your customer's buying decisions.
  • arjun123arjun123 subscriber Posts: 114 Silver Level Member
    Effectively understand who makes an ideal customer allows you to build your entire business, message, product, services, sales and support around attracting and serving this narrowly defined customer group.
  • Aditi RaoAditi Rao subscriber Posts: 27 Bronze Level Member

    Customers are the lifeblood of every business. You need to find targeted customers, if you want to increase your marketing experience. To find out your ideal customers, you have to know:

    • They'll appreciate you and your services
    • They'll pay happily to buy your services.
    • They'll come again and again to your site and make purchases.
    • They Recommend You to Others
  • alexamathewalexamathew USAsubscriber Posts: 1 Member

    Defining your target market is one of a marketer’s most important tasks. It’s the foundation of all elements of your marketing strategy, from how you develop and name your products or services right through to the marketing channels you use to promote them.

    Check out the following tips to reach your target audience for every business

    1. Compile data on your current customers

    2. Look to website and social media analytics

    3. Check out the competition

    4. Be clear about the value of your product or service

    5. Create a target market statement

    6. Test social ads on your target market

    7. Revisit your audience research as needed


    I hope this will helpful to find out your target audience as per your business.


    Regards

    😀Alex Mathew

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