Earlier this year, my friend James launched an online store where he sells fashion items i.e. Tees, Jeans, Cargo pants, Slides etc.
His daily routine is to get up from bed, post available items attached with their price, he rinses and repeats the process until he closed the store one month later
Why?
Let me tell you about James;
James is a an undergraduate with no prior experience in running a business, looking for a means to level up his finances so he can afford his basic needs and cravings
Inexperience doesn’t deduce a business is set to fail, but bad decision making does.
Why didn’t the business succeed?
The business's primary store was WhatsApp where he has less than 50 active contacts and didn’t make any conscious effort to increase his audience or leverage another opportunity to open his business to another set of audience.
Before embarking on selling a product or launching a business, understanding the prospective/active target audience and how to reach them helps to channel energy into the right channel and avoid beating around the bush to achieve brand goals.
What is the meaning of the term “Target Audience”
According to Marketing Evolution, Target audience refers to the specific group of consumers most likely to want your product or service.
HOW TO IDENTIFY YOUR TARGET AUDIENCE:
Before I proceed, identifying your audience gives you the chance to build a brand that resonates with them, making your impact easier.
- Analyze your product or service:
- Determine the key features of your product or the Unique Selling Point(USP), the problems it solves and how
NB: Unique Selling Point(USP) is what makes your products or services better/different than competitors
2. Market and Competitors Research:
- Gather information about potential customers, active competitors through surveys, focus groups, interview etc to help gain insights into customer needs and behavior, stay informed and to device methods to make your business a success.
3. Define Their Demographics:
- Consider factors such as age, location, occupation, income level, education,
4. Understand Psychographics:
Identify their lifestyle, values, interests, hobbies and spending habits.
5. Segment Your Audience:
- Divide your broader audience into smaller, more manageable segments based on shared characteristics.
- Create a detailed buyer personas, you can get some templates from Hubspot
6. Evaluate Customer Behavior:
- Evaluate your potential customers purchasing decisions, by looking into their buying patterns, preferred shopping channels, frequency of purchases etc.
By following these steps, you can develop a clear picture of who your target audience is, which will allow you to tailor your marketing efforts to meet their needs effectively.
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