Your value proposition must be relevant to your target market. This means your target market must be identified and clearly defined. In my experience, I can tell you that it's not uncommon for a business to have to refocus and revisit their targeting, especially if it was not clearly identified in the beginning stages of business.
It's important in this process to find the right balance when defining your target market in a way that causes your audience to recognize that you are talking specifically to them. This often requires companies to narrow down their target market, so that the message is strong, compelling and clear.
Why is Your Target Market Important in Branding?
Regardless of your brand mission, identifying and gaining the devotion of your target audience is the necessary means to reaching your brand objectives.
You will find that knowing your target market inside and out you'll have the information that you need to achieve your brand marketing goals. You can do this by conducting a market analysis. Depending on how much detail you put in the market analysis you have the capabilities of gathering enough data to learn what you need to know to reach your target effectively. Knowing your target audience you help you in solidify your message and increase your confidence in the steps to take to connect with that audience.
If you get one thing, get this - the power of your brand relies on your ability to focus and craft a marketing message that will convert prospects into customers. That is why defining your target market will help to strengthen your brand's overall effectiveness.
There are two steps in lesson four of the Developing Your Brand's Strategy course. The first is to conduct an informal market analysis of your target market which I mentioned above and the second is to write a target audience definition for your company. The instructions below will walk you through the process of completing both of these steps.
Conduct Your Informal Market Analysis
The following questions will help you assess your market analysis. Make your study as complete as possible. Use the internet to conduct research. You can also read news stories that are related to your target market. This will help you to narrow down your target by interest, demographic, and common trends.
- Who is your target audience?
- Where is your target audience located?
- What do they think about your current brand?
- What would you like them to think about your brand?
- How will you attract them to your products or services?
- Who else is competing for their loyalty and devotion?
- Are you targeting business or consumer sectors?
Write Your Target Market Description
Using the questions below write a target market description. Be as specific as you like. The more specific the better.
- What is the age of your demographic? Is it a child, teenager, adult. You don't want to market a product to a child that is most suitable for an adult.
- What is the gender of your audience? Is it male or female? You can't very well sell female products to males.
- What is the income level of your potential customer? Are you trying to market luxury items to them? You need to determine what your customers can and cannot afford, and that way you can better market to that demographic.
- What is the family situation? Are they married, widowed, divorced, college graduate?Is your product or service a luxury item or a need?
- Is this something that they're willing to save money for or that they have to purchase at this specific time?
- Which, if any, special features are most appealing?
- What do they like or dislike about the product or service, in general?
- Is this an impulse buy or something they're saving for?
Once you've answered these questions you are ready to draft a statement on the type of target you want to go after and the relationship you would like to have with your clients and customers.