Title: How To Define Your Target Market and Target Audience in 2021
Headings: How To Define Your Target Market and Target Audience in 2021
How To Define Your Target Market and Target Audience in 2021
What is a Target Audience?
Importance of Defining Your Target Audience
How to Define Your Target Audience
1. Specify What Audience You Want to Serve (+ Target Audience Examples)
Creating a Detailed Buyer Persona
Demographics
Psychographics
Target Audience Examples
2. What Problem Does Your Audience Want to Get Solved?
Types of Pain Points
How to Identify Customer Pain Points
Physically locate and ask your prospects
Use online tools
Check out product review sites
Monitor social channels
Conduct online surveys
Run on-site surveys
Use live chat
How and When Does This Problem Occur in the Customer Journey?
If you are to identify your customers’ pain points and streamline your processes for higher profits, you’ll have to understand the customer journey.
Example of pain point along the customer journey
3. How is Your Offering Solving this Pain Point Much Better Than The Competition?
Solving Financial Pain Points
Many customers are willing to sacrifice high quality for affordability. In many cases though, what is sacrificed isn’t necessarily the quality but the extra features which the prospect doesn’t think he needs.
Solving Productivity Pain Points
Solving Process Pain Points
Solving a process pain point for businesses must include automated tasks to reduce the level of human involvement.
Solving Support Pain Points
Some of the worst experiences customers have in their interaction with brands are related to customer experience. And the effects on the business are equally bad.
4. Do They Have the Budget and Willingness to Pay for Your Offering?
Collect feedback from your target audience
Create a Landing Page
Take Pre-orders
5. Identify Who is Influencing the Buying Decision
Identifying the Influencers in a B2C Sales Process
In many cases, B2C customers are the ones with the need, are the ones controlling the finances and are the key decision makers. As such, if you can convince them of your product’s suitability, they can buy immediately.
Family
Friends
The internet
Identifying the Influencers in a B2B Sales Process
The gatekeeper
The influencer
The champion
The self-proclaimed decision maker
The blocker
The decision maker
The user
You need user adoption and positive reviews so as to get social proof for your solution.
6. What Marketing Channel Preference Does Your Audience Have?
That’s why the most effective marketing strategies are anchored on a good understanding of your target audience.
Your Website
Website design is all about the likability, accessibility and usability of your site. SEO on the other hand is about making your site visible to as many prospects as possible and ranking it high on search engines.
Your Blog
Different from a regular website, your blog is where you publish informative and helpful information to show your expertise in the niche you’re operating in.
Email
To effectively reach your target audience and engage them with visually-attractive emails which prompt them to spread the word, you have to use specialized email marketing tools.
Podcast
Social Media
You might need to use Facebook advertising to target different age groups with content created specifically for them.
YouTube
Webinars
TV
Total Addressable Market (TAM)
Example calculation of TAM
Serviceable Available Market (SAM)
Example estimation of SAM
Serviceable Obtainable Market (SOM)
Example estimation of SOM
Target Market and Target Audience FAQ
What is a target audience?
How do you identify your target audience
Why does a business need to understand their target market and target audience?
How do you reach your target audience?
How can you successfully sell to your target audience
Ready to Target Your Audience With Hyper-Relevant Marketing Messages?
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Content: How To Define Your Target Market and Target Audience in 2021
How To Define Your Target Market and Target Audience in 2021
You know that defining your target audience and target market (TAM, SAM, SOM) will increase your startup success and serve customers better. November 5, 2020 by Anastasia Belyh
Have you been checking your customer feedback of late? If so, what does it tell you? Feedback from your customers will tell you either of two things: you’re serving them well and they love your product or they’re disappointed and therefore leaving you for the competition. What does your customer feedback tell you? If your business isn’t meeting its sales and growth targets, then what you need to check is the product or service you offer. No matter how much you’ve invested in the product, as long as it’s not selling, something is wrong. But before rushing to improve the product, first ask yourself, who exactly is this product supposed to benefit? If you take time to think about that question and start thinking hard about the answer, you’ll realize that you’ve either been selling the wrong product to the right people or the right product to the wrong people.