HOW TO CREATE YOUR TARGET MARKET
This blog is an excerpt from my upcoming book, being released in 2023
KNOW YOUR DEMOGRAPHICS
As you work on building and growing your business, you have probably been asked by a million people: who are your customers? This question could come from investors, vendors, friends, family, or even a landlord. You must know who will buy your service or product or how you will create any of your collateral? The answer should roll off your tongue within seconds of being asked.
If you don't know or have yet to figure it out, you're reading this blog, so you have an opportunity (and no more excuses) to start taking notes about who will buy what you sell.
Knowing your demographics is vital to your success. First, determine your target market and then create your buyer persona(s). Your buyer persona is a detailed description of an imaginary person within your target market.
HOW TO DETERMINE YOUR TARGET MARKET
Think about your business and answer these questions:
Who is your ideal customer?
Why will they buy from you?
What would make them buy from you again?
Why would they tell their friends?
What is their age range?
What is their income bracket?
Where do they live?
Why would they want what you have?
GENERALIZATIONS DON'T WORK
When you take a hard look at your business, new or otherwise, you should have a clear vision of who will buy your products or services. The more detailed you are, the more you understand whom you are, wait for it, targeting!
If you have watched "Shark Tank," they always chastise those business owners who say it's a $10B market meaning it's so huge they will have instant success. Or, the cooler guy says everyone who uses a cooler will buy my cooler. Generalizations don't work when it comes to choosing your target market.
Using this cooler as an example, we want to define who would use this cooler. Are they using it for tailgating at sporting events, music festivals, camping, or a family day at the beach? While any of those groups can use that cooler, you need to choose one as your primary target market and sell to them.
What about this demographic makes you confident they will buy your product or service? That's good information to know. Sometimes you think you know who your customer will be until you discover that your prices are too high or too low for that market. Also, your original demographic could be over-saturated with what you offer.
Remember you figured out your differentiators when you created your Brand DNA? Now is an excellent time to include that in your research to define your customer. If you still need to figure out your Brand DNA, sit down and do it!
THE THREE Rs
The three "r's" are your road to business success: more revenue from repeat business and referrals. It's simple mathematics. You get more business when your customers love you so much that they come back for more - there is your repeat sale. Then, they tell their friends, that's your referral. Both of those things add up to more revenue.
The point is this. Define whom you are selling to early on in the game, or you will struggle to speak your customers' language because you need to figure out who they are, where they live, and what they want.
If you need more tips about creating a solid business and brand presence, read my other blogs about creating your Brand Voice writing your Brand Story, and more. You can also find me on my new YouTube channel about luxury packaging, The Branding Samurai™
Until next time,
Keverne Keverne Denahan Luxury Brand Expert & Copywriter
The Branding Samurai™
Copyright © Keverne Denahan 2022