First and foremost, we must correctly understand the concept of “target” so that we can apply it more effectively and appropriately when defining your target market.
We will use the word “target” to refer to our target audience, that is, the group of people we will be addressing as a brand or company, or the group of people to whom we will direct a specific marketing campaign.
It is important to clarify this last point, since sometimes we will find people who may be the target audience for certain actions, products, or services, but not for others. Logical segmentation will be essential in this case, ensuring that our target audience reaches the right place and the right person.
If, due to error or lack of knowledge, your target market is not defined, any marketing action we undertake will lack the necessary depth to engage that audience and, therefore, will be ineffective.
To define market criteria, it’s essential to consult our digital marketing professionals at the Madrid-based design studio Salago, where they know all the keys to launching your new marketing strategy.
Why define your target market?
First, clearly defining your target market will help you define your specific marketing strategy, helping you set your objectives.
Furthermore, having this so clear (target audience and objectives) will allow you to optimize all resources, both personal and financial. You won’t waste a single minute on actions that aren’t aimed at a potential consumer of your products or services, ensuring they fully achieve their purpose.
If you have a well-defined audience, you’ll always be able to satisfy their needs and solve their problems, which in the long run will give you an unbeatable brand image.
As you can see, defining your target market before any marketing action optimizes not only the action itself but also directly impacts greater profits for your company.
How do you define your target market?
Undoubtedly, one of the ways you can begin to define your market segment is to delve deeper into your existing customers and your own products. You’ve probably already noticed that certain types of people with similar characteristics tend to buy a specific product or service and not another. You may know what appeals to young people, women, certain types of men, or even personal details such as children, job, hobbies… well, that’s the starting point. The more you know about each of them, even on a more personal level, the better.
If your company is present on social media in addition to having a website (if not, you’re missing out!), you can also analyze the type of audience that interacts with you to identify common patterns that will give you a broader and more comprehensive view of your business. Furthermore, you can research your competitors’ social media and how their followers interact, which will show you if this pattern is repeated or if it’s unique to you. Knowing this will provide you with essential information: what differentiates you from the rest and, therefore, what your greatest strength is.
Likewise, a detailed look at your competition can help you implement new strategies or even broaden the audience segmentation of your own campaigns, reaching a new audience you hadn’t previously considered.
Problem vs. Solution
A fundamental question for defining your target market is: what is the true value of what you offer? Not the economic value, but that intangible value that translates into a clear benefit for the consumer. Making a list of the benefits of your service or product allows you to almost immediately identify the needs of the person who buys it—that is, problem versus solution.
Include in that list the feelings and sensations you perceive from your customers. When you clearly understand how you can benefit your consumers, you’ll see in greater detail who you should target.
Obviously, with all the data at hand—the more data, the better—you should begin to synthesize or group it by behavioral patterns and needs until you confirm your market. Then, you can define very different strategies that will result in different campaigns, always appropriate and precise for your target audience.
