Here's WHY You Need To Define Your Target Market

SO, I'm sure if you're a business owner, you've heard all about finding your target market, target audience, customer avatar, etc, etc. We hear about it often, but no one talks about WHY it's important, and it is a GAME CHANGER. Our next post will be HOW to find your target market so stay tuned, and read on.....

 

{ A "Target Market" is a specific group of consumers that a product or service is geared towards. }

 

1. It will help you to define and design your products and services. 

And it will help you build your website, and create the content you put on your social media, andddd decide how to market your products, the list goes on and on and on. In todays day and age, with a TON of businesses just like yours, you're not selling a product or service, your'e selling YOURSELF. Your UNIQUE brand. 

I like to describe it this way, McDonalds and In-N-Out both serve burgers, but I guarantee their target consumer is not the same. McDonalds markets inexpensive, fast, on-the-go meals. In - N - Out's slogan is "Quality is Everything." See the difference? McDonald's is targeting consumers on the go, that want to spend very little money for a bite to eat. In-N-Out's target market is going to be geared more towards health conscious consumers, that don't mind spending a little extra for a meal. 

 

{ Defining YOUR target market will help you develop products and services based on the problems you want to solve for them. }

 

McDonalds wants to target those seeking budget friendly options, In-N-Out wants to provide quality.

What problem do you want to solve, what products and services can you develop to solve them, and WHO will they help? That's your target market, and that is how your create your brand. 

2. You can make more moneeeey! 

Money, that is the name of the game. Sure, many of us are passionate about what we do and would gladly do it for free, but we have to pay the bills and keep the lights on to continue to help others! So, I'm going to use a comparison similar to above, this time using Walmart and Nordstrom. Let's think about it, how many products does Walmart have to sell to make $1 million dollars, and how many does Nordstrom have to sell to make $1 million dollars? They sell very similar products; clothes, office supplies, luggage, jewelry, etc. The difference is obviously quality and price. And this article is not to bash more affordable products because I LOVE WALMART and I am definitely a target consumer for them as of now. Why? I'm a 26-year-old, with student loans, on a budget. I do not need a $300 side table, although it is VERY tempting. :) Walmart is smart to offer affordable products, and they are a $230 BILLION dollar company. Impressive. However, they have to sell A LOT to hit those numbers. 

Nordstrom's, which is high end, can hit those numbers and sell less. Although they do have a smaller net worth..but we're not going to get into numbers right now because that's a WHOLE other ball game.

 

{ The point is, both of these companies know who their target market is, and they do what is necessary to attract them! }

 

Walmart does not promise open cash registers, great customer service, and quality products that last forever; they promise affordability and that's who they market towards..VERY well, thus creating high revenues. Nordstrom's knows that their products are NOT designed for everyone and market as such, like Bentley or Rolls Royce. 

Sooo, if you're a makeup artist, and have a price range of $200-$500 a face, your website, social media, content, should be marketing towards a more mature audience, because if it looks like you only do prom makeup you might be missing out on revenue!

Make sense? 

3. It will make your job easier (Trust Us)

Yes, some projects and clients will be more difficult than others, but we don't HAVE to make it harder on ourselves. We see this happen often for start-up companies and entrepreneurs. We're so eager to make a sale or gain a client, we accept ANYONE. We quickly learn all clients are not created equal. When you are working with clients that are not a good fit for your brand, it makes your job a LOT harder. 

For example, a young, hip, social media agency might not be the best for a traditional legal firm. 

 

{ Why exert energy to a project that you are not passionate about when someone is SEARCHING for your expertise and vision! }

 

The. money. is. not. worth. it. I hear horror stories all the time and have personally experienced it. You will regret working with someone that is not a good fit for your brand. 

Working with your target market will be most benficial to you AND your consumer because you will be able be catering direclty to their needs based on your expertise. 

 

I hope this was helpful for someone! Our next post will be focusing on HOW to find your target market.

In the meantime, be sure to check out our prodcuts and services here, we may be a good fit ;)