One of the top marketing mistakes is rolling out content without an audience in mind. What is the purpose of the content? Why are you publishing it? To answer those questions, it is imperative to know your business’ demographic. This will help discover your specific target market. Who will enjoy this content? Who am I reaching? Most people assume that everyone can benefit from their business. However, this isn’t entirely true. There are certain people based on age, gender, location, personal habits, and buying personality that could be more likely to purchase from your business. Knowing your business’ demographic will make it easier to reach those specific people in your target market.
Demographic or Target Market
Demographic and target market are closely related terms. However, they are not interchangeable. A target market is a specific group of people you want to target who would be more likely to purchase your product or service. This market could be large or small. However, you need to define this customer base with a demographic.
What Is My Demographic?
How do you know your existing demographic? Check your social accounts. Who is engaging the most? What are their age ranges or generations? Where are they located? What language do they speak? What are their spending patterns? Check their interests (tv shows and other businesses they interact with). What is their life stage (new parent, college student, retirees, etc.)?
All Gender Demographics
As the world changes, it is important for businesses to remember that not everyone fits into a gender demographic box. Gender isn’t always binary and some including transgendered people may not fit in a narrower demographic. However, it is important for a business to be successful to be as inclusive as possible. Always check the content and messaging language to ensure it is included and not alienating potential customers.
Know Your Target Market
Now that you have an idea of who is interested in your product or service, it is important to define your target market. There are three types of markets.
- Consumer market – includes individuals and households who buy goods for personal benefit.
- Industrial market – direct use purchasing for use in daily operations.
- Reseller market – wholesalers and retailers who purchase finished goods to resell for profit.
When discovering your own target market, start broad. Then, start honing in under it becomes more defined. For example, as a real estate agent, you would want homeowners looking to sell as a potential demographic. Further narrowing, you want homeowners with older children, nearing retirement age who may be wanting to downsize or relocate closer to their grandchildren. This will help narrow messaging and content creation to reach these individuals.
Target Market Example – Lush Cosmetics
Even though Lush Cosmetics can appeal to everyone. They have defined their branding as environmentally friendly, socially cognizant, and animal testing free. Plus, the brand does not play into gender stereotypes even though cisgender women are more likely to purchase beauty products. Lush was ahead of the gender-neutral cosmetic curve.
Another target market that Lush is aiming for are vegans as over 80% of their products do not use any animal by-products and are hand-made by actual people with full adherence to fair trade practices. Therefore, their target market is most likely:
- Individuals 30 years old or younger
- Vegetarian or vegan
- Values socially responsible trade
This doesn’t describe everyone who purchases Lush products, however, this is who they target with their marketing.
Did this article get your thinking about your specific business, however you need a bit more help figuring out your business’ specific demographic or target market(s)? Don’t hesitate to contact us for a strategy session! We offer hourly sessions where we will strengthen your brand help identify who you should be targeting.