Nov 24, 2020
Segmenting Your Market: How to Define and Reach Your Target Market
A target market seems straightforward, and for the most part it is. But there are certain details that are important to narrow down in order to maximize your efforts. If you are going to take the time to learn about your audience, why cheat yourself out of the full experience?
What is a Target Market?
You have an audience. And off the top of your head you would think it makes the most sense to try to market to as many people as possible, right? Not exactly. Targeting everyone is targeting far too many. Think of your family. In pre-COVID you would all get together for the holidays to celebrate and enjoy each other’s company, and chances are that in most families there would likely be some bickering. Think of all the different personalities in just one family. Think of all your cousins and relatives and how their interests vary. You can give everyone at the table the same buffet options, but it is very unlikely that everyone will end up with the same exact meal on their plate. Everyone is not going to be interested in the same thing, and that’s okay.
So doesn’t it make more sense to cater to the group that you know is interested in what you have to offer? Narrowing down a more precise market will not only save you money, but your efforts will go further because you are marketing yourself to people that actually want to hear what you have to say. In more direct terms as defined by Bizfluent, market segmentation is the process of categorizing the market into different groups, while the target market is the market segment that a business is focusing on for a specific product or campaign.
Knowing who you are Marketing to
So how do you narrow down your audience? There are several factors that should be taken into consideration and they are all important.
Identify who is currently interested in the service you are offering
Chances are you already have followers, clients, or leads that are interested in the service you provide purely because they are genuinely interested. It’s important to take a look at who these consumers are. Asking questions is necessary, and to figure this out Inc.com suggests you take a look at:
Decide who you want to gear your services towards
Take a look at your current audience, is this who you want to market your services to? If the current leads are lining up with your goal, that is great and you should probably be the one writing about segmenting your market. If not, it may be wise to adjust your marketing strategy accordingly. Look at the difference between your current market and your target market, are they completely polarized or are they fairly similar? If the two groups are pretty similar, your marketing strategy may not need too much adjusting. Regardless, it is wise to look at these segmented audiences and figure out:
- What social media platforms do they use most?
- What do they do in their free time?
- What is a problem that they are currently dealing with?
- How does your service solve that problem for them?
- What sets you apart?
Knowing where (and how) to Market
Different people have different buying habits, and this can depend on a variety of factors, such as the previously mentioned: age range, gender, location, educational standing, profession, and the list goes on and on and on… There are nuances to each segment. For instance, a baby boomer is much more likely to sit and read through all the content in this article than a gen-z consumer, who is going to go straight for the bullet points. The younger generation grew up on instant gratification and quickly updated subjects, giving them a shorter attention span.
Differences like this make it important to decide what kind of content you want to provide in order to entice your target audience. This makes the difference between writing an extensive blog post, or posting a thread of fast, eye-catching tweets. Here are some the facts to keep in mind, as provided by HubSpot’s 2020 Marketing Statistics article:
- Around 43% of US adults get news from Facebook.
- LinkedIn is the second most popular social media platform used by B2B (business to business) marketers, ranking only behind Facebook.
- Over two-thirds of total Instagram audiences are 34-years-old or younger, as of April 2020.
- Twitter is amongst the top three social channels used by marketers with the highest ROI (return on investment).
With all these tools, you’ll be able to segment your market, identify your target market, and adjust your strategy to increase return on investment. How can you lose when you are maximizing efforts and saving money?