Why must you narrow down your target market?

Biz Start-up

August 11, 2022

Why must you narrow down your target market?

Why must you narrow down your target market? Have you known why you have to narrow down your target market? This is what this post is all about. Cessummit Business Support Programs & Services offer Strategic Planning Business Consulting services offering Tips to Quick Grow your Business in Nigeria. So, Why must you narrow down your target market?

In this post are how to build and increase customer or client base and types of customer base. Then are reasons to narrow down your target audience. There are also steps on how you will determine if your business concept is acceptable to your target market.

Our earlier write up on this subject matter was on How Narrow Client Base Restricts & promotes business Growth globally. It’s advised that you visit it for a broader knowledge on this post.

Contents

1 Narrowing your target audience – Why must you narrow down your target market?

Narrowing your target audience – Why must you narrow down your target market?

Narrowing your target audience not only allows you to go deep, but it allows you to also go broad. If you’re an expert in your industry, now you can not only offer your products/services but you can also expand them.

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Why must you narrow down your target market?

Why is it important to narrow your target market?

At certain times narrowing down your target market is essential if you want your business to be successful. This is because the more specific you can be about who your customers are, the more readily you can create effective marketing strategies and products. These must be those that will appeal to them and avoid wasting time and money. So, read more about Why must you narrow down your target market?

The next paragraph deals with how you may wish to narrow down your target audience. Just read on.

How to Narrow Down Your Target Audience:

This segment deals with highlighting how you may narrow down your target audience. The starting point here is a definition of who your target market is. So, you have to read on visiting linked topics for more information.

Who is your target market?

Now, how many entrepreneurs have answers to this question? In fact, you may be surprised at the number of entrepreneurs who can’t answer that question. But it’s really important for entrepreneurs to know that determining the target market is one of the most essential parts of running any business. This is also because when you can’t identify your target market, you waste a lot of time and energy trying to attract and convert people who simply aren’t interested in you or your product. Continue reading about Why must you narrow down your target market?

Furthermore, many of you make the mistake of thinking that the products and services you offer are “good for everyone.” But you have to note that any business or company that wants to be everything to everyone often ends up being a master of none. That is to say – it’s nobody’s. However, narrowing your target does not mean excluding everyone who doesn’t check all the boxes for your specific buyer personas. Rather, it allows you to focus your messaging, and your marketing dollars, on those who are most likely to buy from you. So, if someone outside of that target sees your messaging and decides to buy, well that’s just a bonus. Pay more attention to Why must you narrow down your target market?

Actions & Actions to narrow down target audience:

I know you have been itching as to what to do to achieve this goal. So, here are the actions you need to take to narrow down your target audience and start making a profit.

Analyze your products and services – Why must you narrow down your target market?

Do you know your customer’s perspective of your products or services? This segment requires you to review your solution from the perspective of your potential customers. So, take a good look at the features of your products or services. Then note all of them down. Then expand your map to include the benefits of each of those features.

An example: This Department of Marketing offers search engine optimization services. This benefit of SEO is for improved performance in search engine results pages. Ok – a step further is that improved rankings in an organic search lead to increased brand awareness and trust. In this connection, increased brand awareness and trust make it more likely that a visitor will seek you out when they are ready to commit to a solution to whatever problem it was that they were researching in the first place. What we are saying is that SEO leads to sales. Check out – Why must you narrow down your target market?

So, now from your map of features and benefits, you can now expand the web one step further to include the people who could benefit most. However, this is still too broad of a focus for your target audience, but it gives you a place to start.

Why must you narrow down your target market?

Look at your current customer base:

The next step in this stage is to identify a possible target base on your business offerings. The followed by narrowing down the list. Now, the best snapshot of your ideal customer is your existing customer base. This your target base will certainly contain both big and small fish. You are advised not to ignore the smaller fish that consistently convert and quietly make the company money. In fact, this pool of smaller fish is exactly where you’ll find the common characteristics, pain points, and interests that make up your niche market

Then, consider who your competitors are targeting. And if possible, avoid the exact same market. Instead, dig in to see how your strengths can lead you into a separate niche which your competitors are overlooking. After all, you already have a big old list of features, benefits, and potential targets to work on.

Conduct an informal market analysis: Why must you narrow down your target market?

Here is the real work. This is because you have to understand the primary market environment in which you’re competing. As a matter of fact, this basic knowledge is what you need to further narrow down your target audience. Find out – Why must you narrow down your target market?

In doing this, you have to use more than one approach. So, you will research on the internet and also talk to your physical market. So, it’s time to actually phone or schedule meetings with former and existing customers. Do the same also with the potential customers, where possible. You can as well reach out to other industry leaders and partners. If you don’t, you could end up focusing on the wrong information.

Why must you narrow down your target market?

The end issue in all of this leg work is to better narrow down your target audience by interest, demographics, and common trends. In any case, be sure to answer these important questions:

Who is your target audience?

This is the time to dig deep in to make the hard choices about where to focus your marketing and sales efforts. Remember, selecting a target audience does not mean that you’ll foreclose selling to anyone else ever again. So, understand that you are only just making the choices on how to focus your time, energy, and marketing dollars are the segment of your audience that is most likely to convert. Once you overcome this you can now answer more qualifying questions like:

What is your target’s primary pain point, and how can you solve it?
What does your primary target currently think about your brand?
And, how would you attract them to your products and services?
Then, who else is competing with you for their loyalty and devotion?
Are you targeting business or consumer sectors?
Why must you narrow down your target market?

At this point, create a description of your target audience. This is also known as a buyer persona. So, simply start by creating a list of demographic details. This will normally include the following information:

Age
Gender
Location
Job title and level of seniority
Industry
Company size and revenue

Furthermore, bear in mind that the demographics that are important to your business are different from any other. So, relate this understanding on the answers to the questions above. That will help you create the clearest profile of who your target audience is. Check out Why must you narrow down your target market?

In addition, are the psychographic information. Psychographic information becomes very important when thinking about how best to market to this consumer base. Particularly important is with regard to what advertising vehicles work for them versus those that do not. You can can now see that determining these descriptors can help you formulate the profile of your ideal consumer. How important – Why must you narrow down your target market?

Therefore, in compiling this persona, you will want to fill out so many details as possible regarding who your consumer is. These will include; what they care about and what they dislike. You have to be very thorough here. They come in mind when crafting your marketing strategy toward that segment.

Why must you narrow down your target market?

Going further, there are two types of psychographic information to consider.

The first is the Engagement Information. This is the details on where you can reach them, as in

What social media channels do they use?
What blogs/newsletters do they subscribe to?
And, what groups/forums do they belong to?
Where do they go to find information or do research?

The second is the Decision Making Information. That is how you can help, considering:

What are their goals?
What are their challenges/pain points?
Or what barriers do they face in reaching their goals?
And, what concerns/questions do they ask about their problem?
Where are they in the buyer’s journey?
Why must you narrow down your target market?

In getting at these , then, break the buyer’s journey down as follows;

Segment the audience into groups.
Research shows that once you’ve done your due diligence and started creating your buyer personas, you will likely discover that you have more. That’s a good one. Therefore, in order to effectively target them you’ll have to segment your customers into groups. In this case, create a persona for each segment. Read more – Why must you narrow down your target market?

At this point, flesh out each persona by giving this person a name and backstory. This is because the more you make the persona come alive, the more invested you become in this group. Then you begin to understand the motivations and attitudes of this segment of your market. Watch out also as specific persona will come in handy when crafting your marketing strategy towards this segment later on.

Why must you narrow down your target market?

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Summing Up on Why must you narrow down your target market?

Going through this write up you will understand that Narrowing down your target market is essential if you want your business to be successful. This is because the more specific you can be about who your customers are, the more readily you can create effective marketing strategies and products that will appeal to them. And that will help you avoid wasting time and money. If you need help narrowing down your target audience, contact us for help.

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Why must you narrow down your target market?

Narrowing your target audience – Why must you narrow down your target market?

Cessummit Business Planning Consultant Services:

Why must you narrow down your target market?

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