News

If you don't know who your market is how will your market find you?

July 14, 2014 | Kevin Schroeder

If you don’t know who your market is how will your market find you?

A very common question that I get asked is: What is the first step in creating marketing material?  My first response is always:

“Who is your target market?”

Before you can create effective marketing materials you must first answer this question. Without the answer, how do you know who the marketing need to appeal to?

The most common answer that business owners give me is that their product or service can be used by anyone. This may be the case. However, if you attempt to create marketing material that appeals to everyone you will appeal to no one. 

You are far better off spending time to discover “who” your target market is and create materials that appeal to them.

An example of a well-defined target market is:

  • Employed Male, between the ages of 30-45, married with kids.

The auto industry does an excellent job of defining the market for each of their products and creating advertising that appeals to that specific market. We have all watched General Motors TV ads over the years. Their truck ads are nothing like their sports car or sport utility ads and vise versa. You should approach your advertising in the same way.

So, what are some key steps that you can take to define your target market?

  1. Does your product or service naturally appeal to a defined market? 
    • Male or female?
    • Married or single?
    • Couple with kids or without?
    • Blue Color or White Color worker?
  2. If you are presently in business, take time and look over your customer list. What stands out? For example:  I know of a mortgage broker that after completing this exercise discovered that a large percentage of their clients were divorced women as well as a financial planner who had working couples with kids as their main customer base. These two business owners are now well known experts in these markets.
  1. More than likely you are passionate about your product or service. Therefore, what target market do you fit in. Your best customers may be similar to you.
  1. Ask your friends and family who they think is good market for you. They know you and your business and would be a great source of info as well as referrals.
  1. Do you have a bricks and mortar business or online? If you only sell online your market may be a younger more impulsive buyer.

After completing this exercise you will have a great idea on exactly who your target market is. You can then move on to the next step in creating effective marketing pieces that will appeal to this market.

The results will then speak for themselves, and you will be rewarded for the time spent on discovering who exactly your target market is.