Market Segmentation is Key to Your Success
The key to a successful business is talking to the right audience, namely the people who are interested in what you have to say and what you have to sell.
What Your Target Market Can Tell You
When you do market segmentation, you can:
- Focus your marketing efforts.
- Differentiate yourself.
- Cater your products and services to their needs.
- Shorten your sales cycle and increase profits.
What You Should Know About Your Target Market
- What are their demographics? What is their gender, age, income level, background, profession, etc. It really helps if you can personally relate to your target market, so you can connect with them in a genuine way.
- What are their concerns, worries, fears, problems, challenges and painful circumstances? The goal of any business is to provide a solution that fulfills a need. In order to provide a tailored solution, you have to first understand their needs and concerns.
- What are the reasons they are having these worries or concerns? Go one layer deeper and get inside their hearts and minds. This will give you the insights you need to fully relate to your target market.
- What are their dreams, aspirations, wishes, goals, wants, likes and needs? What are the things that motivate them most deeply? What would they like their lives to look like? Wants are even more powerful than needs when it comes to buying decisions.
- What is stopping them or holding them back from achieving their dreams and goals? What self-limiting beliefs are holding them back from accomplishing their dreams and desires? What situation or person (perhaps themselves) is stopping them from realizing their goals?
You might not have all the answers but do your best. That’s why it is so important to pick a target market you can relate to. And what you don’t know, find out.
How to Research Your Target Market
- Personal Information – Speak with members of your target market, including existing customers. Look at the requests people make, the questions they ask, their challenges and frustrations.
- Public Information – Visit discussion groups, blogs and forums that are geared to your target market. Keyword research is also important for understanding what kind of information your prospects are searching for online.
Learn How to Find and Attract Your Target Market
Don’t waste your time with non-targeted marketing. To get faster results, you have to learn market segmentation and create a solid niche marketing strategy.