You Must Determine Your Target Market Before Promoting Your Business.
I am sure you are excited to start your online venture and anxious to market your products or services, but the first thing you need to do is to determine your target market. Once target market is determined, you can now approach your customers with right product, price, and place to promote your business.
So, why is target market important? The main reason is that company exists for a reason. It needs to differentiate itself from competition in order to survive. For example if you have decided to sell soda to the general mass in the urban area, then good luck with that. In the US, Pepsi and Coke have widespread distribution of soda consumption. But if you still insists on selling soda, then you need to narrow your target market.
While choosing your target market seems trivial, it will cost you a lot of marketing dollars if done incorrectly. Let’s assume that you do not decide what your target market is and you are now using the four P(Price, product, place, promote) in marketing to market your product. You would then distribute your bottled water to places such as convenience stores, gas stations and the shopping mall. Will you capture audiences who are physically more active than the population? Yes, you will. But, the percentage of that audience is small compared to if you focus your distribution on that target market. As a result, you spend large amount of money to capture a small portion of the audience. Worse still, big companies such as Pepsi and Coke are now aware that you are invading their turf. The next thing they’ll do is to bombard the mass media with advertisement and price cut to make your products invisible. If they do it long enough, your survival may be in question. Therefore, choosing your target market is really important before marketing your products.
Spend Plenty of Time to Find Your Target Market
In the online world, you need to choose your target market too. Once you choose your target market, the four P (Price, product, place, promote) should reflect this decision. For example, if your target market is individuals who are looking for ways to invest their money, you should not advertise in general audience. Your marketing budget will be more effective if you spend your money in financial website such as Google and social media sites.
Same thing with your distribution channel. If you distribute your content to the general article directory, you will get loads of visitors who may not be interested in your products or services. Furthermore, as discussed earlier, it might attract your bigger competitors thinking that you are trying to take away their lunch. If your bigger competitors are not inept, they will then react accordingly and launch offensive campaigns that will render your marketing campaign useless.
Fortunately, nowadays, there are plenty of niche article directories allowing marketers to publish articles of certain field. Thus, smaller publishers can gain more visibility as niche directories generally have less people submitting their contents. Furthermore, larger competitors are reluctant to publish their contents there. The reason is that they have a larger cost overhead. Focusing on small target market will not do them any good. It is their loss. But you, my friend, should not miss this opportunity. It is one of the most efficient ways of using your marketing dollars.
There are Free Ways to Market Your Business Too
If you are worrying about the cost to promote your business, there are plenty of free ways to do it.
These are just few ways to market your business for free. So no more excuses everyone!!