A business will waste years and lots of money with nothing to show for it if they (1) do not define their target audience and (2) market their product to the wrong target audience. This article will show you how to find your target audience in Nigeria.
A target audience is the group of people who are interested in or even need your products and/or services.
For example, if you sell educational supplies, your target audience will be students, teachers and parents of children in school. You do not want to market your children’s toy business to young adults who are not yet married.
The best way to hone in on your target audience is to create buyer personas. You should do this to know the specific problems of your customers so you can know how to solve them. Buyer persona shows the profiles of your ideal customer in a detailed, data-driven form. You need to have all the demographic and psycographic details of your audience to build an accurate buyer persona.
• Demographics: Your audience’s demographics are matter-of-fact details about them, such as age, gender, profession, race, location, education, income and relationship status.
• Psychographics: Your audience’s psychographics include personal details about them, like their buying behavior, hobbies, interests, values, attitudes and personality traits.
Importance Of Target Audience
Gives you an edge with lenders: When you present your business to lenders or investors and you clearly state your target audience in your business plan, lenders will more likely give you the loan you’re asking for.
This is because it shows the lenders that you know your market and you are completely prepared to start the business and that your business has promise.
Saves money and resources: You save a lot of money and time when you know exactly who you are targeting with your product and/or service.
Better return on investment: Your business gets a higher return on investment when you specify your target audience. For instance, if you spend to advertise your business to 10 people and 2 out of them are the ones who need your business, you will make very little in revenue.
On the other hand, when you’ve clearly defined your target audience, you will have to reach a smaller number of people. This means that, if you market your product to 5 people and 4 out of them need it, you will make more money and it would cost less.
You become an authority: The more you serve and understand the needs of this narrow market, the more powerful you will become as the source of solutions for this specific set of problems. When you put out content or when people go to your website, you will have described their problem so well, better than they could have and provided them with solution.
Mistakes To Avoid When Finding Your Target Audience
1. Do not make your target market broad and vague. For example, if you sell pants for men and you market it to both young and old men, you won’t get as much response as when you target it to men between the ages of 50 – 80. If you are vague about your target audience, you will market your product in the wrong places. You can’t take such a product to secondary schools to sell to students.
2. Similar to the first point, do not advertise your product on the wrong social media. Because of the younger audience on Instagram when you market pants for men there, you will probably get no sale because older people are not frequent on that platform.
3. The person consuming your product and service will be different from the person buying sometimes. You might not sell your product to the person using it. For example, women wear engagement rings but it is mostly men who choose and purchase them. You will not have a lot of sales if you market to only women.
4. Never be resistant to updating your target audience strategy. One of the biggest mistakes to avoid when determining your target audience is not adapting when new evidence suggests you may have missed the mark. Whether your demographic changed due to an evolution in your industry, or you simply didn’t get it right the first time, you need to be open to change.
How To Find Your Target Audience
1. Do Market Research
Do a market research in your industry and find where there are gaps in service delivery that your product and service can fill. Find out what appeals to customers from recent trends and use them to draw the attention of your ideal customer.
2. Engage With Your Audience
Interacting with your target audience to know their pain points and showing them the solution is easier when you understand them. Take advantage of email, social media and question-and-answer platforms where you can ask questions to get to know your target audience. This helps you optimize service delivery for your target audience.
Reach out to people who are already your customers. Send them surveys and call them if possible so you can get new information about your business from them. Reach out to your followers on social media to get their thoughts if your business is on social media. Follow trends in your niche or industry and see the questions customers ask. Use Q&A platforms like Nairaland to see what questions people are asking and what they have trouble with. Google Trends shows you trending topics locally or around the world.
The more information you can collect on your target market, the more refined your business efforts will be.
3. Analyze Your Competition
It’s important to know what your competitors are doing if you are new to a business. Understanding their strategy helps you come up with a better one.
Find out what your competitors’ customers are like. Who are the customers they always target? What features do their customers have? What solutions are their customers always looking for? How do they price their products and services? How big or small is their following?
Streamline and refine your target market once you have understood theirs. Your target audience becomes more specific as you go deeper understanding your niche. What you get as a result is loyal and devoted customers. Analyzing the competition helps you see those that are ignored in your industry and you’ll be best suited to serve them.
4. Constantly Revise Your Model
As you gather more data and interact with customers, you will get an increasingly accurate understanding of your target audiences. Based on this information, you must constantly optimize and hone personas to achieve the best results.
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My name is Emmanuel Ejiga. Content lead of OG Capital
I am a writer. Technical writer, song writer, and sometimes fictional writer.