In this article we’re going to talk about how to find the right market segment for your business.
If you’re starting your own business or already running one, it’s important to understand who you want to target as your customers or clients.
Knowing who your ideal customers or clients are will help you create better products or services, use more appropriate market strategies, and identify services that meet their needs.
So today, we’re going to talk about how to identify your ideal customers or clients and how to connect with them.
You may be hearing some of these words for the first time in your life. At the same time, some of them may seem very heavy.
Don’t worry about it. We’ll make everything easy to understand. Once you understand them, you’ll be fine.
- How to segment the market
Breaking your target audience into smaller groups makes it easier for you to understand them.
◾ Demographic Segmentation
Who are they? How old are they? Are they male or female? What is their income? What is their education? What is their job? You can get things like this here.
For example, are you targeting working young people? Or stay-at-home parents? Choose carefully.
◾ Geographic Segmentation
Where are they located? Think about the area they belong to. Urban? Rural? Are they from our country or abroad? That’s what you need to look at here.
◾ Psychographic Segmentation
What kind of things do they value? Consider their lifestyle. Things like likes and dislikes, beliefs also come under this.
For example, you can see if the group you are thinking of targeting is a group that is interested in fitness or a group that is interested in technology.
◾ Behavioral Segmentation
How do they behave? What are their buying habits? What brands do they prefer? Or how do you convince them to pay for something? That’s it.
- Use these things to find the right customers or clients.
There are several things you can use to do this job perfectly. All of them are easy for you to do.
◾ You can see who is engaging with your social media page the most. There is a tool you can use on Facebook that you can use like this. You can start by using Facebook Audience Insights.
◾ You can do things like surveys to find out what your target group thinks and what they like to buy. You can easily use Facebook, WhatsApp Polls, and Google Forms for this.
◾ You can analyze the data on your website using a tool like Google Analytics.
- ‘Think small to win big’ (Niche Marketing)
Sometimes you can get better results by focusing on a small audience (i.e. a target group).
Think about solving a problem that others are not solving with your product or service. This will make your business unique.
Tailor the message you want to send and the service you want to provide to that specific group. For example, if you sell environmentally friendly products, you should focus on those who care about the environment as your market audience.
- Focus on each thing with data analysis
Working with data makes it easier for you to learn about all of these things separately.
Then,
◾ When recommending a product, you can select people who are similar to those who have purchased it before.
◾ Use your customers’ feedback (their response to your service or product) to improve your services.
◾ Show them what people like through emails or advertisements that are relevant to them.
You can do many things like this.
Develop relationships.
The better you know your target audience, the easier it will be for you to connect with them. Don’t hesitate to try new things. Try things out and learn from the experience. Find ways to improve them. Over time, you will definitely be able to know more and more who your best customers or clients are.