Target marketing is one of the most useful tips for business growth that you shouldn’t ignore as a business owner. It involves researching and understanding your potential customers based on their demographics, location, personalities, values, and behaviour. Marketers use this strategy to help them focus their advertising messages and set budgets to avoid wastage. While this remains an effective approach, it’s important to ensure you don’t scupper your progress by falling into the common marketing mistakes businesses make from this point onwards. Target marketing will help your business attract and retain customers by tailoring your products to suit their needs. If you are new to target marketing or need a refresher, here are some useful tips on how to identify the right market for your business:

Analyze your customer data

As a business owner, you must collect your customers’ data to help you make strategic decisions. For example, analyzing information on your customers’ purchase histories will help you track your products’ performance, the number of purchases, and types of gaining and losing value. You will also be able to track your customers’ spending habits. Collecting information can also save you money in the long run by building a database for future marketing and retargeting efforts.

Use Google Analytics

The process of finding your target market is not an easy one. It involves a lot of time and hard work but is ultimately worth it. However, it tends to become complex and difficult to evaluate without a proper tracking tool. A popular tracking tool to use is Google Analytics. With 14.7 million Internet users – representing more than half of Australia’s population – this tool will be especially useful to help you track large volumes of current and potential customers who show interest in your service and what they do on your website. One other major benefit of using Google Analytics is that the “reporting” section offers you insight into whom you should be focusing on and their location. In that way, you will be able to craft relatable ads and messages that will attract new and existing customers.

Facebook

Facebook gives you access to free insights that you can use at any given time as long as you have a page. It helps you know more about your customers’ demographic features or followers, such as their age and gender. However, for more detailed information on existing and potential clients, you can use the Facebook interest finder created by Audience Eye. This tool will help you identify people with common interests that you can advertise your products to, thereby extending your customer reach.

Leverage Twitter For Market Research

Twitter is another powerful platform that provides insights about your audience’s demographics, behaviors, interests, and how they interact with your content. Consider the pharmaceutical supplier, Keysource. By reviewing the Keysource Acquisition Twitter page, you can glean the company’s strategies to engage its target market. They have successfully used their social media presence to share industry news, interact with customers, and promote their unique value proposition. Not only can you utilize Twitter to learn about your current audience, but it can also serve as a tool to explore new potential markets. It’s an ongoing process of learning, applying, and refining your target marketing efforts.

Review what your competitors are doing

Many businesses may operate with similar products or services like yours. If you want to stand out, it will be a good idea to review people your competitors cater to by visiting their social media accounts or website. You might discover gaps in their strategy and find a particular segment they are overlooking.  

Many businesses have enjoyed success because of much dedication they put into identifying their target markets and truly understanding who they are and how to reach them. It may be a long and sometimes difficult task, but when done right can yield big results for your business.