Written by: Betssy Brijit Thomson
Knowing your target audience and their demographics and behavioral characteristics is vital for making wise business decisions, as it helps identify potential customers, acquire vital insights, and make necessary plan changes.
Business ideas are built on a stack of assumptions.
Target audience assumptions include financial, customer, and technological factors. These assumptions can impact purchasing behavior, needs, perceptions, and purchasing behaviors. Identifying the target audience and defining core customers can help improve the balance between assumptions and reality.
Knowing your audience is important for several reasons:
Test and question business model hypotheses early to reduce risk and focus marketing and sales efforts on the target market, avoiding wasting time and money on uninterested consumers.
Define your consumer assumptions
Establish your target audience by understanding their characteristics, preferred methods, and preferences. Determine their preferred store, main requirements, and price range. Learn about your product or service, rely on reliable sources, and find information to make informed decisions.
Note: Segmentation defines consumer assumptions using models to consider who, why, where, and how.
Customer discovery
Approach customers through online research, observing, and conducting interviews or surveys to gather feedback and opinions from them.
Reaching Your Target Audience
Marketing principles include product (view unique value proposition blogs), price, place, and promotion (view marketing benefits vs. features, selling online, social media marketing, and effective business websites blogs).