In creating a business, one of the most important aspects is knowing who should be your target market. Using an incredible amount of budget, spending it for everyone to see, and hoping for the best outcome is a huge risk. While your business may have little chance to succeed, investing a huge amount of money might not be worth it. Listed below is a guide on how to properly find your target market online.
Look At Your Competitors
Analyse who your competitors are targeting and see which ones work for them and which don’t. Find a niche that you think would be your best market and try to focus on that. If you are a startup, chances are, it’s going to be a bit more difficult because you’re probably unsure whom to target; that’s why it is especially important to take a peek on your competitors’ performance on social media.
Examine What Your Products and Services Are
Recognize what your product can and cannot do. For every feature that it has, select who’s going to benefit and most likely to use it. If your product is a nail polish, you are going in the right direction if you target females who like salon, or specifically, nail polishes. If you offer IT Services in Australia, you are going to target IT professionals or people who are interested in IT. You can get insights and different demographics and geographic information on Facebook and some other platforms like Google.
Create a Persona for Your Target Market
Creating fictional characters of your target helps in identifying the characteristics and personality of your target market. Give them names, jobs, family and hobbies so you can imagine what kind of person you want to target and what their buying behaviours are.
A/B Test Your Content and Advertisements
If you already know who your audiences and what their interests are, then it’s time to test how well they respond to your efforts on social media. Try to post different types of content at different times and see if people actually do something about them. If not, try to find out if you did something wrong and analyze if your content isn’t something that your audience like. If that’s the case, create a better one and see how it goes again. You are going to have to do it multiple times until you get it right so you have to be patient. Once you figure out the audience that gets the best results, try to stick to that before going on another cycle of A/B testing again.
Find out What Platform Works Well
Facebook, YouTube, LinkedIn and other social media have an enormous targeting capability that enables businesses to define who they want to target in a very specific niche or even the broadest market available. You will learn about the best platform for your brand if you try testing each content and advertisement that you post online. Remember, experimentation and finding out what works best will always be one of the best strategies that you can use in order to succeed. Startups would have a difficult time defining their target market at first; however, it will definitely provide them with the most valuable information that they will benefit from in the long run.