Well executed brand positioning can increase your business revenue by one-third. Brand positioning is at the intersection of what you offer and what your target customer wants, all relative to the competition.
But now you're probably wondering how to find your target audience? In this guide, we'll define what is a target audience and provide four ways to find them. Keep reading to learn more!
What Is a Target Audience?
You've probably heard of a target audience and a target market. They're not the same. It's important to understand the differences.
Your target market is the entire set of consumers your company plans to reach via marketing and awareness. A target audience is a smaller subset within your target market who are interested in a product or service you offer and that you are directing certain advertisements towards.
Anyone who is a part of your target audience is a part of your target market, But not everyone in your target market is a part of your target audience.
An easy example is Nike. Their target market is athletes. If they design a new women's tennis shoe, the advertisements would face a target audience of athletic female tennis players, not their entire target market.
How to Find Your Target Audience
Sometimes planning and research helps you define your target audience. Other times a target audience is defined through trial and error or based off of existing customer data. We have four unique steps to learn how to find target customers:
1. Create An Ideal Buyer Persona
This is a fictional character who shops your brand. The persona should specify the person's demographics, income, habits, interests, and connection to your brand. Characterizing these attributes will help you better understand your consumers and know where to target them.
To make things easier, you should also create a brand persona.
2. Analyze Current Customer Data
Once your business takes off the ground, and you have a sufficient customer base, you can switch fictional data for real data. Dive deep into your customer analytics and understand why customers choose you and not your competitors.
You can discover this information by using customer feedback surveys and CRM or analyzing visitor data.
3. Define Your Solution
A great way to connect with the right audience is to define what your unique value proposition is. What do you offer that competitors don't?
Find the people who need that and advertise to them what they can only get from you. You can do this with strong brand positioning. Check out this guide if you want to learn what is brand positioning.
4. Test and Revise
There are so many analytical tools to help you understand what advertisements are working. The bounce rate, click-through rate, and conversion rates are great tools to see if your products, services, and marketing are connecting with the right people.
If they're not, that's ok. Use the data to reposition your messaging.
Grow Your Business by Defining Your Target Audience
It takes many failed ads, a few mediocre products, and a whole lot of learning to finally know how to find your target audience. Once you do start to connect with your target audience, revenue will increase and that means more data to better understand actual customers.
Keep putting your business out there to grow! For more tips, head to our "business" tab.