The 4 Ps: People, people, people, people
An essential component to a business strategy is that of market segmentation. A defined target market provides set guidelines for reaching said customer. Many companies fail to accurately identify their target market, and as such threaten their business success.
How old is your target market? Age broadly determines financial capabilities, and therefore assists in determining an appropriate and reasonable price for your product or service. It further defines general life stages and the corresponding products desired by consumers during this time.
What gender is your market? Gender largely contributes to the brand positioning. Gender specific brands should utilise promotional campaigns to appeal to their market. Extending from this, while some products or services are targeted for men, the advertising efforts are dedicated to women – the lead buyers of the family unit. Conversely gender-neutral brands specifically aim to stray from gender stereotypes in order to reach both sex markets.
3. Geographic location
Geographic location stands as an indicator of promotional location. That is, manipulation of advertising efforts within accurate proximities to attain maximum audience exposure. Furthermore, ensuring your good or service is even physically accessible by your target market.
Avenues to help find your ideal target market
- Analyse GoogleAnalytics
- Analyse Facebook statistics
- Engage in surveys
- Review website traffic
- Review competitors consumer base
Start Creative can help you determine your accurate target market and the right promotional materials needed to reach them.