7 Questions for Defining Your Target Audience
ABC of marketing is Define Your Target Audience.
If you wish to sell more you’ll have to be specific who is your target audience. I know that YOU know it, but if you are still struggling with your sales it’s mean you have not defined it enough
The biggest struggle women entrepreneurs have is finding and defining their target audience. If you are like many of them it sometimes feels as if it goes against every fiber in your body, which says that you want to help EVERYONE.
The problem with EVERYONE is that it is expensive and impossible to reach. Trying to reach EVERYONE would lead you to reach NO-ONE.
If you’ve done any training with me before, or read any of my other blog posts, you know how passionate I am about the need to define your target audience.
Therefore, if you wish to be successful you’ll need to define your target audience and choose them wisely. That might be the most important decision that you’ll have to make in order to be successful.
Here are 7 questions that would help you in defining your target audience:
1. Who would pay for my product or service?
The definition of an entrepreneur is: “Someone who sells solutions for problems for a profit”. Therefore you’ll need first to make sure that you are offering a solution to a problem that your customers are aware that they have.
The first step is to understand the problem that your product or service can solve, Then, use that information to help determine who would be willing to pay for a solution. You’ll need to check that your potential customer is aware of the problem that your product or service is offering and is willing to pay for it.
Using Google’s keyword tool to see how many people are searching for words related to your business idea can be a great place to find out if there is a need for your solution.
2. Who has already bought from me?
Returned customers are the best customers you can have. It’s also the easiest way to grow your business. Therefore check who has already bought your product or service. You can gain valuable insights by releasing the product or service in a test phase and ask your previous clients to check it out for a discount and then get their insights, testimonials and ask for referrals for that product.
3. Am I making assumptions based on my personal knowledge and experience?
There is nothing as damaging as basing your marketing on the basis of assumptions. The fact that you had a good experience with something has nothing to do with your target audience, even if they are just like you. For example, if you’re a fitness buff and want to start a business related to personal health, you may assume you know your customer.
In order to know your audience you’ll need to speak to them and ASK them what they are looking for.
4. What does my network think?
The best and cheapest way to ASK and talk to your target group is to tap into your social networks to get free feedback. Many people in your extended network will likely be willing to take the time to give you opinions and advice.
5. How will I monetize on my product or service?
Figuring out how you’ll reap revenue can help you find your target market. Without a stream of revenue your business is going to last very short time. Therefore you’ll need from the start to figure out how would you monetize it. This would also indicate for you who could be your target audience.
6. How will I sell my product or service?
Women have a love/hate relationship with the whole concept of making money. In business your revenues are your Lifeline. You have to think how would you sell your product or service. This would help you determine your target market. Will you have a store, a website or both? Will you be marketing only in your home country or globally? For example, an online-only business may have a younger customer than one with stores. A brick-and-mortar business may narrow your target market to people in the neighborhood.
7. How will I find my customers?
As you start defining your target customers, try to determine whether you can efficiently market to them. You’ll need to do some market research and study your target audience’s demographic, geographic and purchasing patterns. If you’re selling from a storefront, you need to know how many people in your target market live nearby. If you’re selling from a website, you need to learn about your prospective customers’ online behavior. Understanding how to locate your customers early on can help you establish a game plan once you start building a marketing strategy.
Now I’m curious….
What are your tips in defining your target audience?.
Share with us your tips and advice in how you managed to define your target audience? Share with us in, the comment box below.
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Have a magical week! Vered
