A common death trap within marketing is to assume that anyone remotely interested in your services is your ideal customer. The theory behind "casting your net far and wide" to touch as many people as possible works to a degree, but you can't escape the fact that you still have to waste your precious time and resources eliminating the riffraff. Taking the time to define your target market is an excellent way to solve this problem from the get-go.
Making grand statements like "anyone interested in my business is my customer" is inaccurate and frankly silly. No brand on earth can afford to target every type of customer. Marketing is like a game of chess - in order to outfox your competition you need to plan your moves wisely. Targeting a more niche audience will reap greater rewards in the long run.
Your target market is a reflection of your buyer personas. In short, a buyer persona is a semi-fictional representation of your company's ideal customer. Buyer personas provide tremendous structure and insight for your business because they allow you to focus your efforts on what truly matters, guide product development as well as ensure every member of your team is on the same page, targeting the same people.
The qualities and characteristics of your buyer personas must be supported by research. Basing your buyer personas on personal theories or opinion is a surefire way to shoot yourself in the foot. The latest trends and local economy is always changing which likely means the tastes and interests of your ideal market is shifting too.
Most businesses will have more than one ideal customer, so don't be afraid to flesh out different personas – although 4 or 5 personas should be more than enough!
Any solid marketing strategy starts with communication. Arrange a meeting with your entire team to discuss who your ideal market is. Your CEO might have a very different picture of your ideal customer compared to your sales team. You should discuss the following:
This type of information allows you to fine-tune your advertising which will ultimately increase your annual profit margins. Below is a list of ways to refine your marketing:
One rookie mistake when defining your target market is failing to create any negative buyer personas. As the name suggests, a negative buyer persona is the type of person you don't want to target. This could be because they can't afford your service or if they have no intention of actually buying from you. For instance, students can sometimes contact a business pretending to want a quote when they are actually conducting research for their university dissertation.
Creating negative personas helps you focus on the individuals that genuinely matter.
At the moment, Britain has a very saturated market with various businesses all competing for the same selection of people. You can't afford to blend in. It's no longer enough to say "our business has over 40 years' experience" or "we have exceptionally high standards of service". You need to prove yourself, otherwise your customers won't give you the time of day.
Ways to help you stand out:
Defining your target market is like looking at the view through a pair of binoculars - everything suddenly becomes clearer! Knowing who your ideal customer is allows you to shape every aspect of your marketing, which in the long run will drastically improve your annual sales.
Here at the JDR Group our marketing specialist Andy Gibbins offers FREE 20 minute marketing audits. Andy can take a look at your business' online presence and help you pinpoint potential areas for improvement. Contact us today to book an appointment at no cost and no obligation.