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Target Market Profiling: Everything You Have to Know

target market profiling

At several stages of a business, owners usually have several questions they must answer to succeed. Businesses could have a hard time trying to know your target audience without adequate knowledge. Some of the most pressing questions are:

  • What kind of products/services should I offer,
  • Where are my customers located,
  • What section of the market should my business target, etc.

In the hunt for answers to these questions, target market profiling becomes a necessity. Targeting a market doesn’t mean you’ll abandon other potential customers but focuses on who will most likely buy your products. 

When your target market gets a complete definition, you get to spend less and make more money.  Targeting the right leads to advance your business also gets a lot easier. 

But here’s the thing – to maximize your target market, several steps have to be taken. That’s why this post looks at how to spot your target market for maximum results. With the information this guide offers, reeling in leads will never be hard again. 

What is a Target Market?

A target market can be defined as a group of individuals or businesses your products may appeal to. 

In digital marketing, a target market is a finite crop of potential customers that are open to patronize a business. Target markets differ based on several factors. One of the major shortfalls of a business stems from failures to define its strongest potential client base. 

Types of Target Market

Businesses can get consumers from three target markets. Here’s a brief look at each one:

Local target market

Big brands currently have the monopoly when it comes to targeting customers over a wider area with their marketing. Most small businesses can’t just put in enough funds to turn the tide in their favor. 

Since it is difficult for small and medium businesses to advertise to a wider market, targeted marketing is important. 

A local target market refers to a group of potential customers domiciled in a small area. Small businesses usually leverage the local target market to boost their brand presence and generate more leads

Brands focused on a local market can tailor their services to suit their potential clientele with ease. And advertising to a small market is the best for fledgling business interests. 

Age target market

People’s ages tend to affect several aspects of their life. Age can determine the tastes, preferences, and desires of most consumers. For example, an audience feasibility study on game consoles will focus on Millennials and younger people. If a marketer of gaming consoles targets Boomers, no one may buy the product. 

An age target audience focuses on potential customers based on their ages. Age target markets are easier to advertise too when a product up for sale is generic or has features that appeal to age-specific groups. 

Interest (or personality) target market

Any potent marketing effort has to consider the personality of its target audience. The personality your products aim to appeal to should be a focal point in all your ad campaigns. Advertising what your customer may not value makes no sense. 

Tailor your advertising efforts to meet customers personal needs by determining:

  • What your potential customers find attractive or valuable
  • How your potential consumers like their products
  • What turns your clients on or off, etc.

Engaging a target audience with your ads while keeping their interest at the forefront is always productive. An interest target market deals with potential consumers’ personalities and preferences. Marketing your products or services to suit customers’ desires is always a winning strategy. 

How to Design a Scheme for Target Market Profiling

As you may know by now, the target market for your business is never going to fall on your lap. You have to design a suitable scheme for your target market from ground up most times, but not every time. Here’s a look at smart steps to take when you need to specify a target audience for your business:

  • Get case studies of your competition

Collect case studies of your competition when you’re just starting your business. But if you have an existing business interest, collect your customers’ stats along with these case studies. Compare any common metrics between that of your consumers and clients of competitors. Note all differences and similarities.

  • Assess psychographics of potential customers

Regardless of how dynamic a market is, there is a high chance that all potential consumers have similar psychographic leanings. In simpler terms, people with like interests are likely to buy from a market with different brands selling similar goods. 

Assessing these psychographic interests make it easier to tailor your marketing to attract more customers. The most popular psychographics are:

  • Spending habits,
  • Common interests, 
  • Lifestyles, and
  • Attitudes

Pinpointing these elements makes it easy for businesses to target a specific audience with higher chances of patronage.

  • Compare results with the case studies

When your collation is complete, proceed to compare all your findings with the case studies of competitors. If you have an existing business, you can engage further research by providing your customers with a questionnaire. Comparing the information on that questionnaire with the customer metrics of competitors reveals vital information. 

When there are no common paths between your target audience profiling and that of competitors, changes must be made. When your profiling strategy seems to be alien to that of consumers, it has a broader scope than it should. 

Final Thoughts

Target market profiling could be exhausting for owners of new businesses. However, it’s one of the most rewarding steps when carried out right from a business’ inception. Engage correct analysis to ensure your target audiences are encompassed in your marketing campaign. When your business can reach out to its intended clients, massive ROI is easier to amass.

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