{"id":7962,"date":"2017-01-13T10:00:11","date_gmt":"2017-01-13T16:00:11","guid":{"rendered":"http:\/\/www.bluehost.com\/blog\/?p=7962"},"modified":"2023-05-06T07:29:57","modified_gmt":"2023-05-06T07:29:57","slug":"choose-the-right-target-market","status":"publish","type":"post","link":"https:\/\/www.bluehost.com\/blog\/choose-the-right-target-market\/","title":{"rendered":"How to Choose the Right Target Market for Your Small Business \u00a0"},"content":{"rendered":"

<\/b>As a small business owner, you probably have a general idea of who makes up your customer base, but vague ideas aren’t enough in today\u2019s competitive marketplace.<\/span> Without delving into the demographic details, you’re basically marketing to everyone and anyone, and this \u201cstrategy\u201d could mean wasting your advertising spend and<\/span><\/i> missing opportunities to increase sales.<\/span><\/p>\n

Choose the Right Target Market for Your Small Business<\/h2>\n

The Difference Between a Target Audience and a Target Market<\/h4>\n

Think of it this way: your target market is the group of people who could benefit from your product or service. The target audience are the people you\u2019re selling to. <\/span>
\nTake <\/span>this video\u2019s example<\/span><\/a> of selling children’s books. The target market is kids aged 4 to 10, but the target audience branches out to include parents and grandparents of young children, elementary schools, school teachers, and libraries. \u00a0\u00a0\u00a0<\/span>
\nTarget marketing\u00a0aims to connect with a group of consumers <\/span>most likely<\/span><\/i> to purchase what you have to offer based on demographics, past buying history, and other data.<\/span><\/p>\n

The Paradox of Narrowing Your Target Market<\/h4>\n

If you send your spouse out to the grocery store to simply buy food, he or she might come back with loads of bags filled with things you don\u2019t need or won\u2019t eat. This is obviously a waste of time and money. But if you send your spouse with a specific list of ingredients, he or she will come back with the right groceries. No time or money will have been wasted, and you, the cook, will be able to do your job efficiently.<\/span>
\nBeing specific is also relevant in marketing. Many new business owners or entrepreneurs make the mistake of thinking that their product or service is great for everybody, but that\u2019s just not so. Not to mention that marketing to senior citizens versus Millennials, for example, can change what language you use (how many grandparents know the term \u201con fleek\u201d?), where you advertise, and how you position your product.<\/span>
\nDefining your target market will allow you to concentrate your resources on the group or groups of people that are most likely to buy from you. <\/span><\/p>\n

Gather Your Target Market Information<\/h4>\n

The first step is to gather data. You won\u2019t be able to accurately choose the right market for your product without some basic research. Here\u2019s how to get started:<\/span><\/p>\n

Look at Your Site\u2019s Analytics<\/h5>\n

Using Google Analytics, you\u2019ll easily be able to discover your site visitors\u2019 age group and gender, what other websites they came from, which keywords they typed into search engines to find you, and how much time they spent on your web pages.<\/span><\/b><\/p>\n

Interview Customers<\/h5>\n

The easiest way to find out more about your target market, is to simply ask your customers about themselves. Do this in person, on the phone, through email, or via surveys and polls on your social media sites. If you have forms on your website, make sure to use specific mandatory fields such as age or company size or job title. <\/span><\/p>\n

Ask Your Sales Reps<\/h5>\n

You can also discover a lot of this information from your sales team. Which leads are they closing deals with? What kinds of questions do they hear most often from potential customers?<\/span><\/p>\n

Look at Your Competition<\/h5>\n

Take a look at your competitors\u2019 websites, social media posts, and ads. Who are they targeting? <\/span>And, just as importantly, who are they <\/span>not<\/span><\/i> targeting (that you could)?<\/span><\/p>\n

Develop Buyer Personas<\/h4>\n

Now that you\u2019ve gathered the data, you can get even more clarity on your target market by creating 3 to 5 \u201cbuyer personas\u201d for your small business.<\/a> <\/span>A buyer persona is simply a description of your ideal customer in as much relevant detail as possible, such as<\/span>:<\/span><\/p>\n