How to Define Your Target Market

Targeting a specific market for your business isn’t as easy as it seems.  Most businesses say their target market is anyone that is interested in their widget.  However, not all widgets are created equal or generate the same interest level to a potential customer.

A great example of this would be satellite TV programming.  A customer that loves movies might purchase a package upgrade based on additional movie channels offered even if the price is higher than other packages while at the same time ignoring offers for sports channel upgrades if they are not a sports fan.  Therefore, “Anyone” interested in your widget does not work.  Here are some ways to better define your target market.

Demographics and Psychographics

How to Use These Criteria to Help Define Your Target

Recently I helped a new fitness club with a direct mail project announcing their grand opening. The postcard included a coupon for one free exercise class. We created a targeted list by nailing down specific criteria that would yield a better response rate.  The list generated included an income of 100,000+, Age, radius of 2 miles from business location, interested in health and fitness.  The response was overwhelming and the customer was pleased.  However, if the mailing would have delivered to everyone within a 2 mile radius the additional expense would not have justified the return on investment (ROI). Mailing lists are a great way to target a specific group for a direct mail project.

Demographics can determine the need for your product.

Income Level

Gender

Age

Location

Occupation

Marital Status

Ethnic background

Home Owner

Psychographics details the characteristics of a person

Interests/hobbies

Values

Lifestyles

Behavior

Who Are Your Current Customers

Look for reasons why your customers buy from you.  Would other people like them also buy from you?  Think about a B2B customer base.  If your customer is a chiropractor and he buys widget #1 and widget #2 would it not stand to reason that another chiropractor might also be interested in Widget #1 and Widget #2? Look for common characteristics in your customer base. Who are your competitor’s customers?  Perhaps you can fill a niche that they are overlooking.

Evaluate Your Products and Services and Message

Your message should be targeted to each niche market for it to be most effective.  It is also a good idea to take each of your products and services and write out a defining feature next to each one.  Who might benefit from this feature?  Each feature may start to define a separate target audience for the same product as shown in the satellite TV programming example.

Once you figure out “who” your target market is it becomes easier to tailor your marketing effort to their specific need.  Unique marketing ideas are a great way to target those niche customers and perhaps discover some new ones.

4 Ways Print Can Grow Your Business

Unlike online advertising, print is a tangible product that a customer can hold in their hand or keep in front of them on their desk.  You don’t have to wait for the customer to come to you or find you online.  You go to the customer.  Because of this, print material is a great way to grow your business. Here are a few creative ways to utilize this tried and true marketing product.

1.      Newsletter To Existing Customers

Send your customers a monthly or bi-monthly newsletter through the mail.  Make it something to look forward to by including well written articles and tips. This is a good way to stay in front of them and to remind them to refer their friends.  Engage their interaction by holding a contest and announce the winner in the following issue.  I receive a monthly magazine that hides a symbol somewhere in the issue each month and it is fun to comb through the pages to see how fast I can find it.  Be creative and remember, make the newsletter worthy of receipt so that it doesn’t get tossed.  Keep it informative.

    

                                                                                                   

2.      Business Cards

Yes, we all know this is an obvious printed material.  However, are you making the most out of this mini billboard? Is it living up to its full potential? Your standard everyday run of the mill business cards unfortunately don’t stand out and aren’t that memorable. 

You can change this easily enough with a well designed card.  For instance, a brick mason may opt for a card that leaves no doubt to what he does.  Because of the unique design, you’ll remember the card.  Rounded corners are a nice touch.

Try something different than the typical rectangular card. 

Think about Circle business cards, half circle, leaf shaped, square and oval shapes. Use bold colors, creativity, and imagination to set yourself apart from the competition.  

 What about a plastic business card?  With several finishes available, a plastic card's texture and thickness automatically sets itself apart from the competition.

3.      Signs

Signs are means to communicate a message. Try some of these cool products to capture attention.  Have a store front?  Try static window cling or adhesive vinyl signs to advertise promotions, contests, events etc.  Make them interesting by giving your sign movement.  This can be done with custom shapes. Step out of the box and lose the rectangle. 

Make it fun and get noticed.  Utilize mobile advertising by using magnetic vehicle signs. Create a set for each season to showcase a special promotion.  For instance, if you are a florist you might want to put a big bouquet of roses in full color on the sign with a special sale price for Valentines’day or birthdays. Use magnetic signs to your advantage by advertising more than just your business name and phone number. Everywhere you go your message goes with you.

4.      Brochure

Think of a brochure as an appetizer for the main course. In this case, the main course would be your website.  It’s a good idea not to include every single product or service that you offer in a brochure.  Instead, think of a creative way to spoon feed the customer enough information that they will want to go to your website to learn more.  With folding, die cuts and creative design you can make an otherwise boring brochure into an imaginative work of art. A professional graphic designer can apply some of these techniques to create a piece that will be the attention getter you need to stand out from the crowd. 

If you are already using some of these printed marketing products, try jazzing them up and make them interesting by applying some of these ideas and say it in full color.

View more business card shapes at http://www.tumblr.com/blog/creativesoupthings