You have your products ready, and your services are in place. Your brand image is ready and your marketing collateral is all written, designed and printed out. You now need to target your preferred demographic, your target audience and the niche your small business will occupy.
Nearly every product or service is aimed at a specific demographic group that will be interested buy it. As a small business, you need to do some market research to determine your sales demographics and establish a target audience.
If your product is something that a wide range of customers will use, you will need to create various marketing campaigns to reach different segments of this broad market. Then there are products and services which have a fairly specific target audience which need to be zeroed in using a more specific manner. This is called niche marketing and if done properly, can be very beneficial and cost-effective.
How do you determine your market niche? Ask yourself the following questions:
- What should be the age of your potential customer?
- Who would be more interested in your product, a man or a woman?
- If your product is pricey, what income level should your potential customers belong to, preferably?
- If your product requires it to be used in a certain way, what is the education level of your potential customers?
- Is your product something that will be used by a family or an individual?
- What will your customers appreciate the most about your product? Its price, easy availability, or ease of use? What do they like or dislike about the product or service in general?
- Where does your audience research for products? Do they use the Internet, newspapers, books, or television?
Based on the results of your marketing research, you should be able to determine the focus of your advertising and marketing efforts. If you happen to find that your potential clients spend are frequent users of the internet, likely that your best marketing lever would be a Web page or an e-newsletter. Again, if you find that your potential customers are interested in listening to talk radio, you would do well to develop promotional strategies that revolve around radios.
Your audience might change too, depending on various factors. It’s always important to keep on top of who your target audience is. Do this, and you will maintain a steady flow and easy returns. Another great visibility technique.