Want to find your target audience and drive your revenue upward?
Of course you do…
So, read through to the end of this short article.
If your target market is too broad, consumers will be either confused or indifferent to your message and will most likely find a product that fits their needs more precisely.
A confused mind never buys!
Many business owners are misinformed about niches. Finding a profitable niche is critical.
Understanding buyer awareness and specific niches enable your marketing to connect with your prospect on a much deeper, emotional level. It makes lead generation easy and fun. In turn, this enables your product to stand out from the crowd and empowers you to dominate the competition.
Three primary points for marketing, particularly as it pertains to new businesses, are:
- Market research
- Messaging
- Positioning
Business owners need to understand the meaning of market, message match. That is, where the opportunities lie among different consumer groups and how to build around the perfect customer.
Being able to sharpen your message specifically to a well-defined audience is the essence of operational effectiveness in marketing.
Which Consumers are Profitable?
New businesses trying to find their place in the market and older businesses looking to gain a new foothold need to understand who can and will buy the product or service they sell.
The available customer base for brick and mortar stores is primarily region-dependent, making it crucial to understand the makeup of consumers in the area. Consider this carefully. Are you targeting regionally, nationally, globally or all three combined?
Online resources from institutions such as the U.S. Census Bureau, Pew Research Center, Google and Facebook provide a wealth of demographic, geographic, psychographic and behavioral information to help you tailor your message to specific values.
Search “your town + demographics” and you can find websites with helpful, aggregated data about available consumers, including their ethnic backgrounds, political leanings, general income or education levels.
On the other hand, perhaps a limited audience does not bind you. Online businesses cast a larger net when searching for profitable customers. Remember, however, while you can choose a target audience based on your product offerings, profitability also depends on situational demand.
Unfortunately, many business owners skip the research phase. Why not find out if your niche is profitable? Keyword research is essential when fine-tuning an idea. If keywords are popular and relevant to your industry, you can see if demand is substantial. Google Search Console and SEO websites like Moz.com and Semrush.com offer free and paid keyword research tools to help dial in your products and promotion.
The Bottomline
Competitor research is necessary regardless of the territory in which you operate. You can view how they use services, web copy, content marketing and capture information to identify gaps in the market, innovate and gain inspiration.
Understanding your client avatar, who is accessible and who is already interested in buying, is how you build a successful marketing strategy. Once you acquire the information, you can then begin building your product offerings, brand identity and promotional schematic to provide top-notch distinctions that showcase positioning advantages that empower you to higher profits in your market sector.
For more information and tools about operational strategy or finding and mapping your most profitable audience, contact us today.