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Benefits of understanding your target market

You’ve probably heard the phrase, “you can’t be everything to everybody”, right? When it comes to your business, one hundred percent of the time, this statement is true. 

Identifying your target audience helps your company determine effective marketing and communication strategies. ‘Everyone’ is not a target audience, a thought-out target audience is a set of individuals sharing similar needs or characteristics that your company hopes to serve. These individuals are usually the end users most likely to purchase your product, hence the importance of focusing your marketing efforts on reaching them. 

A target audience is usually defined by four elements; geography, demographic, likes and behavior. But before you spend time narrowing these characteristics down, understand what the benefits are of defining your target audience.

Create a clear road map

When creating your marketing strategy, the first thing you should consider is understanding your target audience. Knowing who they are sets the framework for your strategy and helps identify tactics to reach them.

Focus your efforts 

Maximize your time and resources and ensure you are creating the right content for the right people. When your audience is served content they want to see, they’ll continue to remain loyal to your brand. 

Cost effective strategies 

It is much easier to make decisions on media allocations if you know your target audience. Rather than purchasing ad space across every radio station, you can advertise only in those popular with that audience. You’ll save money and get a better return on investment by following a targeted plan.

Craft clear messages 

Once you have identified a target market you can craft messages that appeal specifically to them. The needs of your target audiences should be very different, each marketing message must be created to reflect how each needs will be met.

Identify an underserves audience 

By understanding who your audience is, you can also identify a separate audience group that could be a potential customer. By focusing resources on a specific customer segment, a small business may be able to better serve a smaller segment of the market than its larger competitors.

You can’t deny the benefits of understanding your target market. Take some time to map out the characteristics of yours and use these findings to define your marketing strategy. If you need some help, reach out to your Hurley’s Media representative, we’ll be happy to help. Email info@hurleysmedia.ky 

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