27 Oct Finding Your Target Market In A Sea of Markets
Marketing isn’t about connecting with the masses. The theory that you’re competing with everyone for a single market simply isn’t true. If you’re following this theory, then you need to seriously reconsider your marketing tactics. Rather than a single market existing, there are a sea of markets. In order to grow your business, increase sales, and scale your goals, you need to find your target market in that sea.
We have a saying around the Iconic office, “if you try to reach everyone, you’ll end up reaching no on.” What this means is that if you’re trying to connect to every single consumer, you’ll fail at breaking through the noise we’re all exposed to every day. Instead, you need to know your ideal customer, what market they belong to, and how to connect to them on an authentic level.
Like all things marketing, you need to start on a basic level and build your strategy around that. To find your target market, you need to answer a few questions.
Finding Your Target Market
1. What benefits does your product or service offer? / What pain points are you solving?
The first place you have to start is understanding that you aren’t selling services or even features. If you try to compete with features or even price, you’ll always lose. There’s always going to be someone else out there with more bells and more whistles. What’s more, there’s always going to be someone willing to slash prices far below what you can afford. You don’t want to be either of those companies. Instead, you want to focus on customer pains you’re able to solve through the benefits of your product or service.
Focusing on benefits allows you tell a more compelling story that your target market simply won’t be able to avoid. Rather than throw features at them, you’ll connect on an emotional level. Once you understand the pains they have, you can determine how your benefits help relieve those pains.
2. What is your story?
Storytelling isn’t just something you do. It’s something you live through your marketing message, business core values, and even your mission statement. Your story is who you are as an organization. In the end, consumers don’t buy products or services, they buy your story because they want to be part of it. If you’re getting ready to launch into the market, you need to know your story.
Don’t read that wrong, though. We aren’t telling you to make up your story. It exists without you having to do that. Sure, you can manipulate the story, but it’s already there. We ask clients, “what is your story?”, but what that means is, “have you discovered your story?”
Understanding your benefits will definitely get you started in this discovery process, but you have to take a step further. What do you represent? Who do you represent? What is your brand all about?
3. How will your story be perceived in the market?
Once you understand and know your story, you need to consider how your target market is going to perceive it. This is the point in the process, where you really start figuring out who your target market is. If your story is compelling enough, the target market will not only accept it, but they’ll embrace it as part of their own story.
Testing this can be a little tricky, the best way to know how your story will be perceived is by understanding your ideal customer. Buyer personas are a great way to gauge the relevancy of your story.
Another important factor to keep in mind, though, is that your story will constantly be evolving. Why? Because once it’s out there, your market will make it their own. They’ll continue to shape the story and change it. Your job becomes about making sure that evolution always supports your mission and vision without having complete control.
4. How will you connect with your tribe?
Your tribe is the group of people connected to you through your product, services, and story. These are the consumers who are going to spread your story. You need a way to connect with them, to understand them, and to lead them.
This is where marketing strategy really comes into play. It’s not just about having a marketing budget. It’s about creating messages and brand materials that continue to connect with your tribe. When you connect with your tribe, you can help them spread your message. When your message spreads, your market share grows.
5. What market is your competition going after?
Finally, you need to understand the market that your competition is going after. Why? Because you don’t want to go after the exact same market. If the competition has existed for years and you’re trying to steal some of their market share, you’ll end up losing. They’ve already built a loyal tribe that most likely won’t be willing to make a change.
Instead, you need to be going after the market your competition is ignoring. The fringe market, those who are ignored, are often some of the most influential consumers. They can also be the more difficult consumers to connect with, which is why you’ve spent time understanding your offering and your story. Now, it’s time to put it all into play. It’s time to actually connect with your target market and excite them.
Connecting with your target market on an emotional level.
Knowing your story is great, understanding how to use your story to connect with your target market is even better, but can be difficult to do. That’s where the team at Iconic Digital comes in. We love helping brands discover their story and then share that story with their target market. Everything you put out into the world as a brand is part of that story. Our designers, writers, and marketers will help you discover your story, craft messages, and build the design collateral you need to connect with your audience and target market on an emotional level.
What are you waiting for? Let’s talk!