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Find Your Target Market: How to Hit a Bullseye | WMI

Posted by Kerri Krom on Mar 3, 2015 4:02:17 AM

find-your-target-market-bullseyeAre you wasting the time, effort and budget that goes into your advertising by missing your key target? If your brand doesn’t reach the right audience, your marketing is missing the mark.
Make sure you find your target market and “hit the bullseye,” so that your message resonates with interested consumers, reaching only those who are in a need or want state for your product, as well as avoiding waste targeting those who will not convert to purchase.

Your Consumer’s Path-to-Purchase

Your approach to targeting your consumer will depend on whether or not they are existing customers of your brand: Acquiring new consumers will require branding tactics, while existing consumers will respond to purchase reminders. It’s also important to remember who will be using your product and who will be purchasing your product, as they are not always the same person. If, for example, you’re marketing a volume-creating mascara, the target is generally both the user and purchaser of the product. If you’re marketing a baby formula, the user and purchaser of the product is not the same person!

How to Find Your Ideal Consumer

When your brand has a broad target, like middle-aged women, you will have a general sense of who you’re reaching, but no further guidance. What kind of media do “middle-aged” women consume, what do they value, and where can you reach them? These can be tough questions to answer. If your target is unclear, pinpointing your ideal consumer by taking a shot in the dark will waste your marketing dollars.

When your brand has a defined target, you can uncover information about your consumer that will paint a clearer picture as to where you can reach them. So, how to find your ideal consumer? Syndicated research, found from sources including Mintel, Forrester, comScore, Nielsen and MRI are helpful tools to develop a consumer profile. Your target profile should highlight 3 aspects of the consumer:

  1. Demographic Analysis: What is his or her gender, age, income, marital status, education, family life?
  2. Behavior Analysis: What types of leisure activities, psychographics, buying styles, category attitudes, and product usage coincide with the behavior of your target?
  3. Media Consumption: How much time does he or she spend with media, how does he or she spend that time, what are his or her media attitudes, behaviors, engagements, and influence throughout the purchase cycle?

The final component to track when finding your target market is the category landscape surrounding your product or offering. A competitive landscape analysis will help you identify what current trends are popular, and where and how the competition is investing. With your message aimed in the right direction, you’re set for success.

Need guidance in finding your target market? Contact Women’s Marketing, Inc. today to get started!

Filed Under: Integrated, Digital