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Entrepreneur Series: Identifying Your Target Consumers
June 9, 2017
While it would be ideal for your product to be universally desired, marketing your product to the masses will not only waste your time and money, it could also ultimately limit your growth. Each and every product has a target consumer, and when launching a business, it is necessary to determine who your target audience is and how to reach them effectively.
While there are many factors to consider, analyzing the demographic, psychographic and behavioral characteristics of your target consumer are three of the most important things you can do when launching a new product or service. Here is a brief overview of each of these areas.
- Demographics look at factors such as age, race, income, occupation and gender. In order to identify your target consumer, you must examine these factors and determine what type of people will want to purchase the product you sell or utilize your services. Does your product or service appeal to families, single adults, children, women, men, millennials, older adults, etc. Take a look at all these identifying characteristics in order to determine what groups make sense to target.
- Once you know who you want to reach, it’s important to also do your research on the psychographic characteristics of your target consumer. This means understanding things like attitudes, opinions, likes and dislikes. By understanding these motivators, you can better craft the appropriate messaging and image that will appeal to them.
- It is also important to look at the behavior of your target consumers in order to determine the best method to reach them. Look at the behavioral characteristics of the demographic groups you have decided to target. Where do they get their information, online or offline? Are they heavy social media users? What kinds of publications do they read?
If you have any questions regarding launching your own business or expanding into a new market, please contact your MWA Advisor today.