Creating a unique marketplace may be easy for some but soon enough you’ll be competing in an arena with other similar companies for market share. So, how do you stay ahead of the game and at the forefront of your consumer’s mind? Accurately identifying your target audience is crucial to the growth of your marketplace. This step is one that should be conducted very early in your journey to success. If you haven’t given it much thought, we’ve got some pointers for you to work on.
1. Identified What Needs Are Satisfied
All companies satisfy some sort of needs for their customer. Sometimes it’s the satiation of an appetite and other times it can be a specific type of yarn for a knitting club. What all successful companies have in common, no matter how big or small, it’s that they know who needs what and how they fill that void. To know that product so well that you’re able to convey the unique value your product WILL add to their lives.
Once you’ve found your purpose in the market making artisanal soaps or what have you, you can begin by imagining who would use your product (which I’m sure you’ve imagined hundreds of times).
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2. Begin Segmenting the Market
Hopefully you imagine a wide range of consumers using your product. Segmenting a general market can be broken down into any number of combinations. Gender, age, buying power, location, etc… Once you’ve formed some good general ideas about your target audience you can form a buyer’s persona. A buyer’s persona is a “real” person in your target market. You can give them a name, job, children, and interests that all align with the segments you formed for this persona. Creating a few of these personas will get you started on your marketing campaigns.
You’ll want to put up your promotional material in the areas of interest your consumer frequents. This may require some additional research that we will get to in the next point.
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3. Data Research
To do any marketing effectively, research must be conducted to ensure that all of your decisions are backed by past events or consumer opinions. In this portion of your targeting you can utilize information on the internet or conduct your own surveys and tests.
It can not be stressed enough the importance of research, especially in the beginning. Obtaining the right information can save you from losing money and time. When you’re done researching and testing the waters, look into those results and build an even stronger database for future marketing.
Building a marketplace is a tremendous amount of work and identifying your target market is a huge part of your business. That’s why having as much information as possible can help you with most other parts of your marketplace. Start with these tips and I’m sure you’ll figure out the rest soon after! Every marketplace is different so trust your instincts and the data. Good luck!