What Is the Importance of Defining Your Target Market for Your Business?
Is your business catered to a specific market or a general audience?
If you answered general audience, you need to think again. Is your product being used by some individuals? Or certain regions? Or certain industries? Well then, general audience is not the answer. Every product or service is catered to a group of people that have specific traits or characteristics and also show interest in what you have to offer.
A Canadian companies database that allows the user to slice and dice the data to find specific information is key in helping define the target audience, communicating with them, and delivering products and services based on their needs.
What Is a Target Market?
A target market for any business can be defined as a set or group of individuals sharing similar needs and other characteristics who are most likely to be the end-users of the products and services you have to offer.
A market can be divided based on the following segments:
- Demographic segmentation – age, gender, race, religion, marital status, etc.
- Psychographic segmentation – interests, likes and dislikes, lifestyle, personality, etc.
- Behavioural segmentation – purchase habits, usage habits, user status, etc.
- Geographic segmentation – country, city, area, region, etc.
Why Is Targeting So Important?
1. Reach the Right Audience
With the help of a Canada company directory or database, you can breakdown who your audience really is. Once you identify who your purchasers and consumers are, you can tailor the messaging accordingly to resonate more deeply with your product and services.
2. Identify Under-Served Markets
All businesses, small to large, can improve their competitiveness by identifying and supplying to underserved markets. Rather than trying to reach every customer for your products, focusing your marketing plan to fit a smaller and possibly unreached part of the total market can allow you to carve out a niche that no one else has. By focusing resources on a specific customer segment, a small business may be able to better understand and serve a smaller segment of the market than its larger competitors.
3. Attract and Convert High-Quality Leads
Sometimes targeting a smaller group of people can yield a great opportunity to grow sales. Why you may ask? Concentrating on a few high-quality leads identified with the help of a Canada business directory is a better strategy than trying to target anybody and everybody.
4. Improve Messaging and Create Specific Content
Once you’ve identified who your most profitable target groups are, you can craft messages that appeal specifically to them. Create content that is relevant and answers all your user questions rather than create further doubts. You can also experiment with different types of content to keep your audience engaged across platforms.
A Canadian companies database like Scott’s Data can equip you with the right tools to help define your target market and cater to their needs exactly. This, in the long run, can make positive contributions to your bottom line.