There are 3 key questions to ask yourself if you want to define your target market and plan related marketing activity:
Who are my customers?
If you are launching a new product or service, asking “how do I define my target market?” will be the right question, but it may be hard to answer, so we may need to assist you in building a testing methodology to uncover this in a live environment. There are likely to be some selections we can make straight off, to avoid wastage. For example, a solar company will want to exclude people that live in a ground floor apartment / don’t own their home…
If you have an existing list of customers, but are lacking the detail to analyse what separates them from the rest of the population, a profiling exercise may be a good place to start (we can help with that).
Why do they buy from me?
Is there a reason that your customers choose you over your competitors? This may be based on your location, price point, customer service, exclusivity of product range or something else
By answering this question, you may uncover a way to select more people to target with a high propensity to choose you for the same reasons
Are all of my current customers equal?
Before simply targeting more people that look like your customers, ask yourself whether some of your customers are more profitable than others
By reviewing the profitability of your customer base, you may find that some customers spend more money than average / take less time to service / buy more often
A great campaign will target the right type of customer, to assist you in growing your bottom line without stretching your resources
Now that you have defined your target market, it is time to start planning your marketing
Dataphoria can assist with segmenting your customer database, for reactivation or upsell campaigns, providing opt-in leads to add scale to your marketing funnel or through marketing list rental.
