In order to determine your target market, ask questions about who you want to communicate with:
- Who is your target market?
- What are the characteristics of the market?
- What is their biggest problem, need or desire?
If you know your business well enough, these should be easy enough to answer.
Beware here: what you think is your target market may in fact not be at all, so I suggest you take a look at the characteristics of your current clients and jot down some notes. Which ones on the client list:
- pay your invoices on time
- are no bother for your team to deal with
- buy from you repeatedly (if applicable)
- give you referrals
- love your product or service
- have the potential for growth?
With those characteristics in mind, what do they all have in common to become your target market? Is it turnover, location, industry or something else? But are they your most profitable clients?
Have a quick look at the clients who:
- pay your invoices late
- take up too much of your time
- squeeze you dry of margin
- whine and gripe at your team.
You may not want too many of those clients. In fact, you may want to drop a few of those if you have them! Likewise, if your clients are in a dying market such as video rental stores, there is no potential for growth for them and so your client base may also be diminishing.
Once you have answered these questions, you are ready to decide how to run your marketing campaign and where the resources will come from.
Ref: Marketing with Social Media: 10 Easy Steps to Success for Business, Linda Coles (2015)
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