Identifying the people who need (or will benefit from) what you’re offering
Gathering intel on your target clients and their demographic and psychographic data
Better understanding how and where to reach your best prospects
Define and understand your niche so you can dominate it.
Identifying your target market is a crucial task for a small business owner—it builds the foundation of your marketing strategy and helps you answer the questions “who will benefit most from the product or service that I offer?” and “what channels should I use to reach them?” In order to find this information, all businesses should begin their target market research with persona development.
A common misconception is that having a “target market” leads to the exclusion of anyone outside of that group. While it is possible to sell to anyone and everyone, the goal of researching your target market is to manage limited (monetary, human, or time) resources more effectively, reducing cost of acquisition and promoting conversion rates.
Finally, remember that your target market isn’t set in stone—it is important to continually evaluate and evolve your product/service offering as your clients change over time.
WMDM conducts extensive target market research into your audience, presenting the information in a professional and readable document. First, we gather demographic and psychographic data on your current clients and audience through consumer segmentation systems, website and social media analytics (who is interacting with your social accounts?) and a competitive analysis (who are your competitors targeting and how are they positioning themselves?) Then, we compile all this information into one simple statement that defines your target market.
Talk to a Wingman today for further consultation on how we can conduct target market research, understand them, and identify the appropriate marketing channels to reach them.