It can be frustrating when you invest a lot of time and money into your marketing strategy, only to yield minimal results. In my years working at an agency, I met with countless prospective clients who turned to our company after several marketing strategies failed. They were frustrated and skeptical about how beneficial good marketing could be for their business.
After these prospective clients made the decision to work with us, I dug deep into market research and their current business analytics. More often than not, their promotional tactics were not directly responsible for their lack of results. Their audience was.
Read that again. Their audience was the reason a lot of their marketing efforts were failing. That’s because a lot of businesses today fail to understand the difference between their target market and their perceived audience.
Now, whether or not everyone in your market is a 25 year old female is not going to make a huge difference in the success of your campaign, but marketing to the correct generation, or what stage of life they are in, certainly can.
Here’s an example from a past client: Say you are a housing development trying to sell houses 20 minutes from the city, at $350k for a 2 bedroom home. Are you going to sell those homes to first time homebuyers that currently live in the city? Not likely. And investing your marketing dollars into messaging geared towards that market could be deadly for your business.
Your target market is a defined group of people that are likely to benefit or be interested in the product or service you offer. This group is established after conducting market research and can actually be very different from your perceived audience.
The reason a lot of marketing strategies ultimately fail is because a perceived audience (often identified by the owner as their ideal audience) does not match the true target market (maybe not the audience you want, but that audience you have). Fortunately, identifying your target market can be a relatively simple fix that is incredibly effective when considering your next marketing strategy.
Do you want to learn more about correctly identifying your target market? Set up your FREE 60 minute consultation with me today!