Do you know your customers and where to find them?
Who are your clients?
If your company provides products or services and services, you must know WHO your clients or customers are. Is it possible to invest thousands of dollars in marketing and advertising campaigns to draw customers in however is happening? You could be contacting the wrong set of prospective customers and thus not receiving the right amount of leads and sales.
What’s your Target Audience or Target Market? What is the reason you need it?
A customer is any person that is looking for or purchases products or services from you. When we speak of Target Audience or Target Market, typically, we mean an audience segment, identifiable through certain features, which an organization targets when it comes to marketing initiatives. The group could be based on demographics (e.g., gender, age), or it could be based on specific behavior as well as psychographic segments (e.g., lifestyle, values, occasion). The general rule of thumb is your regular customers or customer segment. It is essential to define the target market so the business can decide the best place to focus its marketing efforts and how to draw in the customers who are the ones who buy the most items or services. The business should invest its advertising budget in attracting customers in areas that are in the most concentrated amount rather than advertising to everyone and hope that a few will turn into buyers.
How do you identify the target audience or Market?
One option is to make use of the customer base you already have. If your business keeps track of every sale and transaction and maintains records of each customer, it’s simple to determine which customers buy the most. The only thing you have to do is extract the demographics and other traits of your customers.
If you’re not collecting and storing details about your clients, now is the time to get started. If you don’t know who buys your services or products, then you are unable to create effective marketing strategies, understand your clients and reward them, or design strategies to pinpoint your customer’s needs at the most concentrated level.
Here are some potential customer traits your company might take into consideration taking note of. What kind of clusters do you want to choose? It is entirely dependent on the type of industry you’re involved in.
Income level / Earnings
Contact information (phone, email, address)
Race and nationality (primarily when you work internationally)
Religion and ethnic background
First time / Repeat customer
You are able to include as many categories as you think essential. Be aware that you’ll need to either collect the data directly from the customer using a questionnaire (verbal or in writing), or your employee needs to classify the clients according to their observations (e.g., gender, approx. age, etc.).
Another method to determine your client groups is by doing some investigation.
Contact your current customers. When a person is visiting your business, the customer service representative will take notes and collect information about the client. It is not advisable to inquire about income, nationality; however, reps are able to enter basic details into the database of the customer. It’s easy to note customer accounts with more information such as gender, age, etc. (approximate okay).
If you require specifics about the top percentage of your customers, you can conduct more thorough market research.
Review your competitors. If your company is brand new and you don’t have a client base, examine your competition. Find out who their customers are and the places they are.
The objective is to find the groups of customers that are the most interested in your product. The more specific strategy you adopt, the better-identified target audiences your company will reach.
Customers with needs Customers are grouped based on their requirements (e.g., families with young children or infants that require diapers)
Demographics (e.g., the age and location of parents with infants)
Psychology and Behaviors (e.g., the way you live, your routines, lifestyle, how likely you’ll need to buy in the near future and how often you use the product or service, etc.)
Select the appropriate Media or method to conduct your study:
Web-based surveys or questionnaires
Based on your needs and budget, your business can conduct research on its own or employ an agency for market research to complete the task.