As a new business, it can be tempting during your first marketing campaign to try appeal to as many different people as possible. I mean, the more people you can reach out to, the more sales right?
Although this approach was successful in previous decades that were led by loud outbound marketing strategies, time brings change and the ‘scatter bomb’ tactic has become far less effective.
Nowadays, targeting a specific demographic with marketing is essential for greatest ROI. Of course, selecting any group of people at random to advertise to is no better than the ‘everyone and anyone’ strategy.
As a brand, you must identify the target market that matches the product or service you’re selling. These are the people that are most likely to make the decision to purchase. Although this might seem straightforward at first, it often is not.
For example, lets imagine your brand is a fresh male swimwear and underwear label. One might assume that the target market for best ROI on advertising would be young males, as the products have been designed for them. However, it is not just males that buy male swimwear and underwear. Instead, it is very possible that females, both partners and mothers, are going to be responsible for most purchases.
The same applies to businesses selling products for young children. No young child will be walking into a store alone or purchasing toys online solo. Parents and other adults have the final decision on purchase, therefore they need to be the group you communicate with.
If you’re not confident about the target market you have identified, then you could consider making your first marketing campaign a test to establish which market responds best. A simple way to do this is with Facebook ads. Select the demographics you believe will deliver the best ROI, then use insights from your campaign to determine the group with greatest engagement.
With your target audience now identified, you can start selecting the influencers that will give you the best relationship and communication with your brand’s market (blog discussing influencer marketing coming soon), or maybe even use tSBN to build strategic partnerships that will allow you to reach more of your target audience with your small marketing budget.
Regardless of the strategies chosen to market your brand, knowing who to market to (and effectively reaching these people) will ensure that your brand has a much greater chance of success in today’s increasingly competitive climate.