Launching your business into the online world may seem daunting, but it does not need to be. To help you conquer the world of online business, you need to embrace online marketing. The first step in doing so is determining your target market.
Every business plan will require you to define who your market is, and “everyone” is not good enough. Refer to your business plan to see who your initial market was, and research current trends to see if this needs to be changed. You need to know who is going to be interested in your offering and ensure that you can reach out to them when they need you most.
You need to be specific
When you look at major online retailers, you may think that they have a blanket approach to marketing – they do not. Different products appeal to different people and as such will need to be marketed differently. You will also note that their initial focus may have been on a singular product or item and have since grown to become more diverse and expansive.
When it comes to your business, you need to focus on one aspect and work on mastering that. Let this become your flagship product and the one that makes you stand out in the online world.
How to define your market
This starts with your product offering – why did you select it and what need is it seeking to meet? The people experiencing this need will be your target market. You will need to break down the different factors that will influence the need and use this information to structure your approach to business. It is all about positioning yourself as a leader, someone going above and beyond with their offering.
Is the target audience and target market the same thing?
This will depend on the product. Your target market will be the people looking to buy the product, while the audience refers to the person that will want the product. A young girl would be the target audience for a Barbie doll, while her parents would be the target market as they have the buying power. However, in the case of cosmetics, women would be both the target market and target audience as they will both buy and use the product in question.
Bigger is not better
Our last bit of advice is to avoid getting lost in the idea of reaching out to a wider audience in the hopes of making a sale or getting them to signup online. This can become an expensive exercise. Instead, we recommend focusing on a singular product and the people that would be most likely to buy and use it. The more specific you are in your approach, the greater your chances are of attracting more business as you are reaching out to the people that would find your offering most useful.