Do you want your business to reach the right customers? Do you know who your customers are, what their requirements are?
Marketing is the most essential method to reach your prospective customers and create your brand awareness. To reach your potential buyers, you need to market right.
Before you make your marketing strategies, you need to understand your target market. You need to identify and segregate your customers’ personas according to factors like their demography, location, and buying power. If you try to reach each and everyone out there who might not even be remotely interested in your product, you are simply wasting your time, money, and resources. The target market might not be very large initially, but with even fewer loyal consumers, you are likely to make more sales.
A very good example of right targeting is Fundrise, a company that attracts small real state investors who can start their business with just $500. Please note that big investors can invest with Fundrise as well, however if as a business, you put efforts into marketing your product to right customers(small to mid-level investors), you’ll have more turnaround than using a random target strategy.
Starbucks Coffee House is another example of defining and targeting a very limited set of potential customers, that helps the company make large daily sales. These sales are majorly attributed to the tech-savvy, working professionals, aged between 25–40. As a business, you must understand that a small group of consumers will generate more profit margin than a group that includes anyone and everyone.
Knowing the target market is also a help in disguise for the company. When you know your buyer, and you are able to derive a relation between your buyer and what you are selling, it will help you understand your product and benefits better, and in turn, make better sales.
So, to conclude:
Target Right! Market Right!
Put effort into knowing your customer, and target the right market for your product, so that you can create maximum value out of it.