When marketing a business, knowing your target audience is key

Kathy Bardins

One of the first steps for any new business, along with creating that all-important business plan and finding the financial support needed to implement the plan, is the creation of a marketing plan. To do this, you must have a vision for your business, what it will be, and how it will look. Most importantly you need to know who your business will seek to attract, and what these customers want in products and services, and where they get their information. This is called identifying your target audience.

Target audience refers to a specific group of people or individuals that a product or service is intended to reach. It involves identifying the demographics, interests, behaviors, and needs of the people who are most likely to be interested in what you have to offer.

Kathy Bardins
Kathy Bardins

Understanding who your customers are, what they need, and how to reach them can help you tailor your marketing efforts and improve your overall business strategy. Without this, your inventory or services may be fragmented and not appeal to your customer. The big question is how to let your “ideal” customer know what you have to offer. Without a firm knowledge of where your customer gets his or her information, you may end up throwing marketing messages into the wind and hoping they settle somewhere for someone to hear.

Here's an example: You want your store’s inventory to cater to a younger, more hip crowd. Your media may need to go to advertising in video games, or streaming services, TikTok and YouTube. If you are looking for an intergenerational audience with inventory that appeals to both young and older individuals, you will need to diversify your media and your messages to reach the different groups. There is no “one size fits all” marketing message.

To learn more about your target audience, start by conducting market research, analyzing your current customer base, and collecting data on your competitors. Use this information to create customer personas and develop targeted marketing campaigns that speak directly to your audience's needs and preferences. By taking the time to understand your target audience, you can build stronger relationships with your customers and drive more sales for your business.

The SBDC, Small Business Development Centers, have the tools that you need to do this market research, and it’s free! They offer no-cost secondary market research to help you better understand and reach your target audience. Knowing your target audience is a critical step for any business in order to reach the right customers and generate revenue. Sign your small Michigan business up for business consulting and request custom market research reports, such as:

  • Industry reports to assist your business planning

  • Demographics, consumer spending, and psychographic reports

  • Traffic counts to help select your business’ physical location

  • Competitor and potential business-to-business (B2B) client lists

  • Customized research based on your business needs

  • Search engine optimization (SEO) performance reports

  • Social media audits — go to https://michigansbdc.org/our-services/market-research/ for more information

Knowing your target audience is essential for any successful marketing campaign. Understanding who your customers are, what they need, and how they make purchasing decisions can help you tailor your messaging and advertising to reach them effectively. Without this knowledge, you risk wasting time and resources on marketing efforts that don't resonate with your audience. Take the time to research and analyze your target audience, and use this information to create a comprehensive marketing strategy that speaks directly to their needs and interests. By doing so, you'll be able to build stronger relationships with your customers and drive more sales to your business.

Tip o the Mitt SCORE offers mentors for individuals looking to start a new business or grow an existing one. It has partnerships with organizations that offer free hands-on support. Find a mentor today by going to http://tipofthemitt.score.org.

Kathy Bardins has a marketing background and volunteers as a business mentor with SCORE's Tip of the Mitt chapter.

This article originally appeared on The Petoskey News-Review: Knowing your target audience is key in marketing a business

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