Menu
Prev Next
David Greenberg

David Greenberg

David Greenberg is the founder & CEO of Updater, the technology company revolutionizing how Am...

Danny Chavez

Danny Chavez

Danny Chavez is VP at SAEDF & Co-founder at Epux Dev – focused on creating jobs in San Antonio...

Daniel C. Rounds

Daniel C. Rounds

Daniel Rounds is an innovation strategist for Fortune 500 companies in biotechnology, tech, aerosp...

Chris Van Dusen

Chris Van Dusen

Chris Van Dusen is the CEO of Parcon Media, working with clients to concept, extend, implement and...

Mac Morgan

Mac Morgan

Mac Morgan is the President of Tonic Design Co., a design and development firm in Philadelphia. He...

Raad Ahmed

Raad Ahmed

Raad Ahmed is the Founder and CEO of LawTrades, a platform that connects businesses to world-class...

Mark Budgell

Mark Budgell

Mark Budgell Co-Founded Sparkcell Digital, a firm specializing in social media, digital and conten...

Nav Athwal

Nav Athwal

Nav Athwal is the Founder and CEO of RealtyShares, an online curated marketplace for real estate i...

Ajit Nawalkha

Ajit Nawalkha

Ajit Nawalkha is the Co-Founder of Mindvalley, an angel investor and the face of Zentrepreneur and...

Andrew Fischer

Andrew Fischer

A seasoned digital media entrepreneur, Andrew Fischer most recently co-founded and helms C...

Bill Lyons

Bill Lyons

Bill Lyons is the CEO of Revestor and an entrepreneur in the real estate tech space. Who is your ...

Tim Chaves

Tim Chaves

Tim Chaves is the founder and CEO at ZipBooks, free accounting software for small businesses with bu...

Matthew Paulson

Matthew Paulson

Matthew Paulson is the Founder of MarketBeat.com, Co-Founder at GoGo Photo Contest and USGolfTV, C...

Sharam Fouladgar-Mercer

Sharam Fouladgar-Mer…

Sharam Fouladgar-Mercer is the co-founder and CEO of AirPR, a technology platform to increase PR p...

Justin Sachs

Justin Sachs

Justin Sachs is the CEO of Motivational Press, an industry leading non-fiction book publishing com...

Kasey Kaplan

Kasey Kaplan

Kasey Kaplan is the Co-Founder, President and COO at Urban FT. Who is your hero? (In business, life...

Curtis Thornhill

Curtis Thornhill

Curtis Thornhill, CEO of Apt Marketing Solutions, has more than 15 years experience optimizing busin...

Verónica Sosa Córdova

Verónica Sosa Córdov…

Verónica Sosa Córdova is the Founder and CEO of Business Fit Academy, serial Entrepreneur, Interna...

5 Techniques to Hone in on Your Target Market

 

Finding a target market is not only helpful; it’s a critical part of the process of achieving lift-off for your company. After all, without customers, you have no business. When people ask, “How’s business?” they’re typically referring to the amount of customer turnover you’re receiving. So, it is eminently important to understand who you want to sell to, what they respond to, what they need from a product or a service such as yours and how much they’re willing to spend for it. Luckily, both in the real world and in the digital world, there are several tools that can help any entrepreneur and marketer figure out who their ideal customers are and how to get to them.

Leverage Your Demographics

When you’re planning your launch and trying to gain outside traction for your company, the best place to start looking for customers is the simplest place: wherever you are. After all, more people are likely to try to support a local small business than an unknown entity that exists purely online. And neighborhood/municipal demographics aren’t difficult to find. Look for the latest edition of “County and City Data Book” to find valuable census data about the people around you. You can pare the demographics down to population makeup, family circumstances, age, gender, income, occupation, education background and marital status. From there, you can highlight prominent groups in your community that would be interested in your service or product. 

Visualize Your Target Customer

Once you know who your customers are on a more general scale, you can begin to visualize your customer profiles more clearly. Among the existing potential demo groups in your pool, who would most benefit from your service? Is there a disproportionate number of customers in a particular industry or field? What about income level or age group? It’s at this stage that you can begin to consider your customer’s lifestyle habits. Are they urbanites who bike, walk or use public transportation, or do they prefer to drive to further reaches of the city to discover new things? Do they prioritize fitness, or do they love luxury indulgences? Do they cook or order in? While these details seem inconsequential, they help you tap into the real lives of your customers and fine-tune your product to suit their lifestyles, as well as show you how much they pay for services and products similar to yours.

Identify the Pain Points of Real People

Now that you’ve narrowed down the ordinary lifestyle patterns of your ideal customers, you begin to contextualize your company within your average customer’s daily life. Consider the different reasons they might be interested in your product or service. Would a “Cupcake of the Month” service make a great gift? Are people looking purely for a monthly pick-me-up, or are they more interested in specific recipes that you may think about attaching along with the monthly shipment? Are they looking for a more tailored experience — which maybe includes an online flavor profile? This is also the stage where you should consider their needs and potential problems that may prevent your customer from using your service. Are you lacking more vegan and gluten-free options? Is there a wholesale deal you can make to help bring in offices as clients? How’s the price of your goods? You can find out these answers if you reach out to a sample of your potential ideal customers and simply ask them.

Find Out Where They Hang Out

When it comes to customer acquisition, it helps to know where you can find your ideal customers. Sure, Facebook and Twitter are no-brainers when it comes to online marketing, but you can personalize the experience much more specifically to your target demographic when you find out what their online habits are. For example, does your target market fall within the range of 30- to 50-year-old female shoppers in their casual hours? In this case, you’ll probably want to direct your marketing efforts towards Pinterest and Facebook over Twitter and LinkedIn. Knowing when the best time to post is also just as critical as the platform you choose to market on. For a really targeted campaign, you can also reach out to blogs and media entities that are most popular amongst your target market. A campaign for a Cupcake of the Month club should encompass guest posts on recipe blogs, design blogs and women’s interests magazines. Knowing what type of content plays well is also hugely important to the process: posting unique recipes, dinner party ideas and other similar types of articles that include relevant keywords will take you much further than where you started.

Receive as Much Feedback as You Can

By now, you should have at least a small base of subscribers or customers, and you will be looking to finely tune your product to the needs of your growing followers. Your followers will appreciate the chance to give your company some feedback, which will be very valuable to you. Send mailings and surveys with a small promotional incentive and carefully deliberate over what they have to say. This insight will help you improve your current product and give you a direction for how to expand your product line and better understand your customers.

The Young Entrepreneur Council, Proud Media Partner of CEO GOLF: 

Murray Newlands is an entrepreneur, investor, business advisor and a contributor at Forbes.com and Entrepreneur.com. He is co-founder of Influence People.

Connect with Murray Newlands:

             

BusinessCollective, launched in partnership with Citi, is a virtual mentorship program powered by North America’s most ambitious young thought leaders, entrepreneurs, executives and small business owners.

Home  |  About Us  |  Partners  |  Members |  Events |  Advertise With Us  |  Contact Us