Last Updated on March 28, 2022 by Dave Schoenbeck
So many of the entrepreneurs that I work with are stunned when I point out that they’re wasting a large portion of their marketing budget. The question that trips them up is this: “Specifically who are you trying to sell to?”
What happens next is a stuttering, one-size-fits-all description of all possible markets. This is so wrong and let me show you why.
The Most Important Marketing Techniques
The most effective marketing tactic is for the CEO to clearly define, in agonizing detail, precisely who the target audience is. This shouldn’t be a generic “we sell to everyone” but a clear highly granular description of the suspects.
You might be wondering why you wouldn’t want to cast a wide net to attract more customers. The fact is that every company has a marketing budget, and it’s best to use those dollars wisely. What’s the point of marketing to a large group of people when maybe only 5% of them will buy your product?
If you get specific about who your target audience is, you have a higher chance of spending your marketing money on appealing to demographics that are more likely to purchase your product or service, leading to a higher ROI. The most effective marketing is highly specialized to bring in the customers you want.
How to Identify Your Target Market
Think about who needs your product. It’s not enough to say something like “men” or “teens.” You want to be able to visualize your ideal customer. Maybe she’s a married woman in her mid-thirties or a young man in college. Who specifically has a use for your product or service? Who has been your most significant client base in the past?
When planning your ideal customer, include traits like demographics, geography, buying attributes, what they’re like, what they look like, what they drive, how they think, what they wear, what their interests are, what magazines they read, what they like to buy online, etc. Always plan out more than you think will be necessary—most effective marketing is highly detailed. Your goal is to create a persona for your target.
It can also help to accurately identify who is not your target audience. The most effective marketing leaves no stone unturned. For example, a company that makes diapers likely wouldn’t want to target middle-aged bachelors.
If you’re stumped, it can help to look at who your competition is targeting. What demographics make up the majority of their customer base, their social media followers? This can help you get specific about who to aim your services at.
If you want to get the most out of your marketing investment, start with a world-class exhausting analysis of who that target market is. The message and the call to action offer are insignificant to the work that you do here; this is the most effective marketing approach. And by the way, an efficient way to save your marketing dollars is to hire me to help you figure it out.
Identifying your target audience is the first step towards effective marketing. If you’re stumped, fill out my contact form to book a time with me to work on your marketing plan.
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