Finding your audience: Target Market vs Target Audience

SMEs and CSOs need to market to the right audience if they want to succeed. Marketing efforts are increasingly easier to initiate. However, if your marketing campaigns don’t target the right audience, you’ll end up seeing little returns. So how do you find your target audience as an SME or CSO? The answer is in the next session.

Finding Your Target Audience as an SME or CSO

Follow these steps to help you find the right target audience

  1.   Figure out who your current customers are.
  2.   Figure out if they are the ideal audience for your product/service
  3.   Confirm that you’ve selected the right audience
  4.   Create audience personas
  5.   Use the personas to develop a marketing strategy and market to your target audience
  6.   Monitor changes using brand analytic tools and services such as google analytics, hubspot, and Ahrefs.
  7.   Build a relationship with your growing audience.

 

1. Identify your current customers.

The first step is to identify your current customer base. If you’re starting, then what you want to do is examine your product. Then figure out which part of the public will gain value from it.

2. Figure out if they’re a good match for your product.

Take a long look at the demographic currently in your audience and compare it to the demographic you want. If both demographics don’t match, then it’s time to reconsider your target audience. By comparing your current and ideal demographic, you’ll be able to fine-tune your target audience till you have the right fit.

3. Confirm your selection

Make sure you’re satisfied with your audience selection. If you’re not, go back to step one till you have something you’re happy to work with.

4. Create an audience persona.

An audience persona helps you keep track of any changes in what your audience needs. Without it, your brand may find it hard to keep up with the changing needs of your target audience.

5. Develop a marketing strategy

Once you have your persona and you know what your audience wants, the next step is to develop a marketing strategy. This also includes figuring out the proper channels to deploy your message.

6.Carry out brand analytics.

Always carry out analysis on your brand to figure out what’s working and what’s not.

7. Cultivate a relationship with your audience

And finally, build and maintain a relationship with your audience to ensure they stay loyal to your brand.

With these seven steps, you won’t have to worry about targeting the wrong audience. As long as you follow it correctly, you’ll be able to develop a solid brand identity.

Differentiating Between Your Target Market and Target Audience

Whether you’re an SME, a CSO, or a large-scale organization, your marketing strategy needs to focus on a specific group of people to achieve success. This targeted marketing ensures that your product and your message connects and resonates with your ideal customers. This is where terms like “target audience” and “target market” come into play.

Some people use the two interchangeably when referring to a segment of people they plan to target with their marketing campaigns. But there are differences between both terms and these differences can have varying implications on your marketing strategy.

Let’s look at the differences and how they influence your marketing strategy.

The Meaning of Target Market?

Your target market is the group of people or consumers you plan to reach (usually with marketing activities) or sell to. The group may share similar characteristics such as age, occupation, gender, purchasing power, etc.

The Meaning of Target Audience?

Target audience refers to a specific subset of the target market. It is a much narrower group of people you expect to buy your product or service.

For example, you sell running shoes. Your target market is anyone who buys running shoes, such as sprinters. But what if you’re having a discount event at your London shop? Then your target audience will be sprinters in the London areas. The ads and marketing campaigns you’ll run for this event will target runners in the London area.

4 Tips to Help You Determine Your Target Audience.

  •   Learn the wants and needs of your target market.
  •   Carry out market research
  •   Analyze your competitors
  •   Create a buyer persona.

1. Learn the needs of your target market (Soft Validation)

The first step in identifying your target audience is knowing what problem you want to solve. By identifying the wants and needs of your potential customers, you can create a product that people will be more than happy to spend money on.

2. Carry out Market Research

Carry out extensive market research for your industry. Identify holes in the industry that your product can fill.

3. Analyze Your Competitors

You can identify your target audience by analyzing your competitors and learning from their marketing efforts. You can take those lessons and apply them to your strategy. The trick is to learn from their efforts and not copy their entire steps. Just because they’re in the same industry as you does not mean you’re both targeting the same people.

4. Create a buyer’s persona

A buyer’s persona will help you get into the specific details that make up your target audience. A buyer’s persona is a great way of determining your target audience especially if your product appeals to a wide range of customers. By creating a buyer’s persona, you can determine the general demographics of your target audience.

 

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