How To Establish Your Marketplace Target Market

Getting your feet off the ground is always tough for any new marketplace. As you are looking to gain some traction, you will be facing an uphill battle. How can I reach those who are interested in my marketplace or at least gain some traffic to my site? It’s possible with the right target market but do you have one established? Here are 4 quick tips on how you can help establish a more targeted approach to your strategy.

1. Create A Buyer Persona

Now that you have created your marketplace, who will you sell or advertise to? Let’s start with the essentials by creating a buyer persona. Put yourself in the shoes of a customer and think who or what type of person will be using my marketplace. If you can’t answer this question, then you may be in some trouble. Have you conducted research prior to building your marketplace? Is your product in a niche field or something your average person can use?

As you mock up a buyer persona, you essentially are creating a semi-fictional character. The generalization of your ideal customer  should start with a few things but not restricted to:

  • Role in their company
  • Goals or challenges they may be facing
  • Story or background
  • Demographics (Age, income, education, etc.)

Once you have determined those aspects, you will have a deeper understand and have the ability to tailor your marketing strategy accordingly.

2. Identify The Geographics

After establishing the persona of who you will be targeting, you must also understand where they will be located. This will vary depending on your marketplace as some work worldwide, while others are more locally based. If you are functioning around the world, what cities or countries will you be targeting? Take things such as climate and seasons into consideration when establishing. If you are a marketplace focused on selling jackets, you may not want to target tropical countries or if you are selling snow equipment then you are more restricted as well.

While you may be thinking “How will I know what other countries or cities like?” The best place to start is a simple Google search. Use keywords surrounding your marketplace to help identify where those people are. Find competitors in your field and conduct research on what they have already done. Are they targeting certain or multiple regions? Check their social accounts to find what type of people they are interacting and targeting as well.

3. Research What They Like

With Google, it’s much easier to figure out where or what your target market is talking about. As you conduct your market research, think of keywords they may be search and websites they may be visiting. For example, if your target market is the sports industry a good place to start would be ESPN or Fox Sports. Look at what content is getting the most hits within its users and more importantly fits with your target market. Stay within your niche industry and tailor your content specifically to those.

If you are a more established marketplace check in with your sales and support team. Find out what type of questions and emails they are receiving. Are there recurring questions or is there any confusion within your marketplace itself? These are both important things to figure out as you can turn them into awesome blog posts to help strengthen your content marketing strategy. If it’s vital information customers are missing, then it may be better to include it in the FAQ section.

4. Connect With Your Audience

If you think someone will find your site on Google, don’t fool yourself. A new marketplace will be lucky if they are even on the 5th or 6th page. Who really goes that far when it comes to their search? Most people stop at the first page by clicking the first few including the ads. So how can you get yourself on the first page? While hiring an SEO expert would be ideal but there are a few things you can do to get started:

Once you have completed those, get active on social media. Are you connecting with your audience to build relationships and gain customers? Instead of getting on the phone making cold calls, reach out to potential clients on social media to help introduce your marketplace. Build brand awareness within the community and get a buzz going. Leverage those who have taken interest in following or liking your page as they have already shown some type of interest. Nurture the relationships and continue to prove how great your marketplace really is.

Now that you have learned a bit more on how you can establish your target market, let’s take your marketplace to the next level. Do you have any questions or looking to learn further information? Leave a comment below or send us a tweet @MrktPlacePfm. We’d love to collaborate with you!