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Does your business have a target market? Is there a group of consumers that seem to fit your product or services? If you sell dog biscuits, for example, you target dog owners. If you sell real estate your market probably is a bit wider. If you sell luxury cars, you likely are in search of high net-worth consumers. But even products with wide appeal can benefit from narrowing consumers down to a “target” market. Why?
Because if your target market is “everyone”, you better have a pretty large budget for marketing. There is also the problem that can occur when your message is designed to reach everyone. It may not hit a chord with anyone.
This is why when you see or hear a commercial and just don’t “get it”, it probably was not designed to target you.
This can be valuable for small to medium business owners to take time to better target who exactly they want to reach. Sure, anyone with money could potentially be a customer, but the point is without an unlimited marketing budget, you will be much more effective targeting the most valuable consumers for you.
Face it. Marketing to 21-year-olds is far different from marketing to those approaching retirement. It is best, therefore, to narrow it down. Who would you RATHER have as a customer, a 25-year-old, 35-year-old, 45-year-old or 55-year-old? Do you prefer males or female customers? What would be your target education level, income group or other lifestyle or psychographic group?
You can start by considering your most valuable group of current customers. What do they have in common? Your website, social media content, logo, messaging and imaging should all target a similar group.
It has been said if you try to appeal to everyone, you may end up appealing to no one. It is something to consider when thinking about your advertising and marketing.
As a business owner, protecting your business can be every bit as important as growing it. That is why a well-designed business insurance plan is so important. Connect with one of our business insurance experts to discuss you business, its risks and your goals. For many, business insurance can be surprisingly affordable, and it provides significant peace of mind. We look forward to shopping for the best business insurance plan for your company.