5 Steps to Building an Accurate Target Market Profile

StrategyDriven Marketing and Sales Article |target market profile|5 Steps to Building an Accurate Target Market ProfileModern marketing today is a complex task with many moving parts, but the one thing that’s a constant in any marketing plan is defining the target customer.

In other words, there’s no successful marketing without a clearly defined buyer persona. For some businesses, this can be one single profile, while others can have several. In any case, knowing who exactly you’re selling to is crucial to your business success and sales.

Read on to learn how to create a target market profile and market to your customers the right way.

1. Dive Into the Data

To define your target market the right way, you need to dive into your marketing demographics. These include data from your website through Google Analytics, social media insights, and email marketing data. Then, you can look for similarities in customer profiles, devices used, demographics, and conversion rates.

This is the best way to determine whether you should focus your marketing efforts on desktop or mobile marketing, change your ad copy, or adjust some KPIs according to your buyer persona behaviors.

2. Analyze Your Competition

If you can’t define your own target market, opt for a target market analysis of your competitors. This is the quickest way to learn more about your ideal customer, what makes them buy, and what to avoid.

Your target market may be similar to the competition, but there are still some differences. These are worth exploring if you want to find a unique side to your brand and products.

3. Know Your Product’s Value

Your product is extremely valuable to you as a seller and business owner, but it doesn’t always translate to the customers. This is where storytelling comes into play, especially through branding and marketing.

How will customers benefit from your product? How does your product improve their lives, save them time or money, or make them happier? Highlighting the benefits rather than the features will help customers see why they need your product in their lives.

4. Know Your Product’s Purpose

Aside from knowing your product value, you also need to define your product’s purpose. This goes beyond its obvious purpose; in fact, you need to dig deeper. Why do your current customers choose your product over the competition? Is there a specific reason such as price, quality, performance, or ease of use?

You can also dive into your customers’ psychographics to learn about their habits, values, opinions, interests, lifestyles, and shopping preferences. This will help you understand the needs and expectations of your product.

5. Test and Optimize

If you’re new to the market and don’t have a clear vision about your target audience, test a few paid ads and see what happens. Set them to different audiences and follow the performance.

Typically, your target audience will have the most conversion rates, but there’s also potential in users who click but don’t buy yet. These may need a gentle push down the sales funnel, a little lead nurturing, or some adjustments to the ad in order to convert. This way, you can optimize your campaigns and start discovering what customers like.

Now You Know How to Create an Accurate Target Market Profile

Whether you’re starting a new business or want to understand your current customers better, you need to define a target market profile.

This will help you create more efficient marketing campaigns that’ll bring better results, conversion rates, and sales.

Need more marketing and business tips? Check out some of the other articles we’ve written on these topics and stay tuned for the latest industry trends and news.

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