One costly mistake you can make as an entrepreneur is to think that the products and services you offer are suitable for everyone. The best part of owning a business is knowing the particular set of people that needs your product. Determining your target market is one of the most essential parts of making sure a business is successful.
What is narrow targeting?
Narrow targeting means a small amount of audience. Essentially, it uses the idea of displaying yourself as the best to a particular audience. Narrow targeting means all of your marketing content is going to be tailored to a particular niche.
The main advantage of narrow marketing is that you are more likely to get leads and results. With narrow marketing, you can focus all of your data collection and analysis results on one particular customer niche.
Narrowing your business does not necessarily mean excluding consumers or a set of people that don’t fit your buyer personas. Instead, it helps you create and direct your marketing, messaging and contents to those who are better positioned to buy from you.
3 ways to narrow down your target audience and get more qualified leads
Analyze your product or service
Before you think of narrowing your audience, take time to analyze your products or services from the perspective of a customer. Study the features of your product or service, write them down and then list the benefits of those features side by side.
After this list, expand the circle further and highlight the people that will benefit most from your products. Doing this sounds like you’re drawing a priority list for your target audience. Consider these five ways to analyze your products:
- Estimate your product price
- Identify your product’s market potential
- Forecast your sales volume
- Consider the long term
- Scope your marketing strategy
Conduct an informal market analysis
This part is the main part of narrowing your target audience process. The basic knowledge you get here will further help you narrow down your audience. To start with, conduct market research online, this can include, calling or chatting up previous and existing customers, industry professionals and business owners in your niche. During this process, ask yourself these questions:
- Who is your target audience?
- What is your target’s primary pain point and how can you solve it?
- What do they currently think about your brand?
- How will you attract them to your products or services?
- Are you targeting business or consumer sectors?
Identify ways to improve your product
After analyzing your products and scaling the market analysis stage, the next thing is to identify ways to best meet the needs of your primary customers. Think of different features, styles, branding and packaging your customer may like. Work on your customer service department, or even offer more discounts or more pricing options to make the purchasing process easier.
Narrowing down your target market is very important if you want your business to be successful. It works like this; the more successful you can be about your audience, the more you can create effective marketing strategies that will appeal to them.