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Identifying Your Target Audience: A Beginner's Guide

Saturday, June 24, 2023

Identifying Your Target Audience

In this short post, I will discuss how to identify your target audience from a beginner's perspective. Now, before we dive in, I want you to understand that success in today's market necessitates more than just having a stellar product or service; it also requires understanding and reaching out to your target audience effectively.

Identifying your target audience may appear daunting if you're new to the process, but it's an essential aspect of shaping your business strategy. This article will provide a beginner's guide to help you navigate this process effectively.

Identifying your target audience

So what really is a target audience? And how do you pick one? Do you just randomly pick anyone off the streets and say that’s my target audience?

Well…here are the answers you’ve been searching for.

Your target audience consists of individuals or businesses most likely to be interested in your products or services. These are the people who are likely to purchase from you, find value in what you offer, and become loyal customers over time who like to pay, stay and refer.

In my Magnetic Marketing system, I talk about the 3 main markets that are out there, and they are timeless. The 3 markets I am referring to are:

  • Health
  • Wealth
  • And Relationships

Never has there been a time when these markets did not exist. Everyone wants to get better at their health, or they want to have a six-pack, have a better body, become a better athlete, or just be healthier overall.

Never has there been a time when somebody didn’t want love. They always have wanted to look better, smell better, learn how to get the guy or the gal.

And lastly, never has there been a time where somebody didn’t want to be rich, make more money, become wealthy so that they can take care of their loved ones, their family, have a car, etc.

Do you see how this all ties in? This has existed his the dawn of time and will exist forever. It is timeless.

So where do you find your audience in that? Do you just go say, “Hey, I wanna pick health, I want to teach people how to get healthy?”

Not quite. I wish it were like that. Sadly it isn’t. Markets are not easy, and choosing the right one can be hard, hence why most businesses fail within their first 5 years.

There is a concept of niching down. A niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality, and demographics that it is intended to target. It is also a small market segment. Sometimes, a product or service can be entirely designed to satisfy a niche market.

What You Want to do is Niche Down

What you want to do is niche down

For example: If you pick the wealth industry, you want to go three steps deeper.

  • What do you wanna do with the wealth industry? Do you wanna sell houses?
  • ​Or do you wanna teach someone how to make money? What is it?
  • ​And lastly, WHO is it for? Is it for a dentist? Is it for lawyers? Is it for plumbers?

These are a few questions you need to be asking yourself when creating your ideal target audience.

Now here’s a golden nugget. You wanna pick a market where they have bigger problems and ultimately high ticket problems. If you sell straws to restaurants, unless you’re a big retailer, you’re not going to make a lot of money. You wanna solve big problems.

So let’s go with one example of Real Estate. Say you sell houses, and you’re a real estate agent. Who is your target market?

Well, first, you have to define the cost of the house or, in general, the cost of the product. Now who can afford the house? And for example, for purposes, let’s say the house is $300,000. Now do you think people who work at places where they earn $15/hr is a good target market? NO.

You want people who work blue-collar jobs, and then define those people, from who they are to where they live, and go market yourself in that area.

Now you aren’t the only person doing it in that market because other people are somewhat smart, so you want to stand out. If you want to learn how to stand out, you can go to www.nobsletter.com, where I teach how you can have an edge over all of your competitors and make a wagonload of profit for you.

So that’s one way. I would go ahead and pick a target market, now, this can work for a product or a service; both work very similarly. Each market has problems, and you can go into that market and solve those problems well and get paid for it.

Now I want to give you another example of a product and its recent success with shaving. And I want you to guess what market they were serving.

The brand I am talking about is dollar shave club. If you want to do your own research, their ad on youtube is great to look at. But their fast growth came from an amazing ad with a great offer, target to men.

Now if you watch that ad, you’ll notice it hits 3 main points:

  • ​It’s cheap at $1/mo. (which is only the initial price, of course)
  • ​It helped Americans get more jobs. At least, that’s what the message said. (And they were successful at that since they’ve been acquired for a billion dollars.)
  • ​And lastly, it removes all the extra features that were unnecessary that people did not need.

With this, you will understand how to identify your ideal target audience as a beginner. Now obviously, there are advanced techniques, strategies, principles, and such, but we talk about that in my nobsletter.com.

So here’s the short version, in case you did not read the entire article:

  • ​Identifying your target audience provides direction for your marketing efforts.
  • ​It ensures that you direct your resources to the right place, creating a more efficient, cost-effective approach.
  • ​It helps in creating personalized content, marketing strategies, and messages that resonate with your audience.
  • ​Without this information, your business runs the risk of wasting time, money, and energy on reaching out to individuals who are less likely to convert into customers.

Steps to Identify Your Target Audience

1. Analyze Your Product or Service

Begin by considering the primary benefits and features of your product or service.

  • ​Who would gain the most from these?
  • ​What problems does your product solve, and who has these problems?
  • ​Understanding your product’s value proposition is the first step to defining your audience.

Oftentimes, rather than creating new products, or something completely out of the blue, you can re-create a product but make it better and serve the same market.

Taxis have been around a long time, they were a service, but Uber came and destroyed the market. Same thing happened with iPhone, Steve jobs didn’t invent the phone, but he created a better product with a better story and sold it to the world.

2. Look at Your Current or Future Customer Base

Who are your existing customers, and why do they buy from you?

Identifying common characteristics and interests can help you find more people like them. Look at demographics, psychographics, buying behaviors, and other data points.

If you don’t have a business yet, look at other businesses and why they’re around. Just look around you. There are 25 products that are near you that have been created for you. And why did you want/need them? Can you create a similar product that is around you but make it better?

3. Competitor Analysis

Who are your competitors targeting?

You can learn a ton from their approach and even find overlooked market segments. Many corporations are often too comfortable with their current market. They are profitable and making a good sum, but it’s the old David and Goliath story, where one is very comfortable while the other is ready to take over the market.

So don’t be afraid of taking big corporations on. They are slow, while you can be fast.

4. Demographic and Psychographic Segmentation

Break down potential customers by demographics (age, gender, location, education, occupation, etc.) and psychographics (values, interests, lifestyles, etc.). This segmentation helps in creating a more detailed and specific profile of your target audience.

Often times psychographics are better than demographics because you actually get to be inside their head and know what they’re thinking of. You know the problems they’re facing, one of my main products called “Mind Hi-Jacking,” which sells for close to $8,000, explains a ton on the psychographics of your customer. If you want access, you can join my Diamond membership today and get access to it for free at https://magneticmarketing.com/diamond-upgrade

Once you know the psychographics of your target audience, you know what ad to create, how to tailor your sales presentation, what to say when, how to say it, and how to point out their problems and attach them to your product as a solution.

This way, they feel your product is personalized to their needs. It’s custom. But all you have done is know what your current market’s problems are, what they’re feeling, and what they’re saying on a day-to-day basis.

5. Evaluate Your Decisions

Remember that defining your target audience is not a one-time task. Monitor your marketing campaigns and analyze the feedback. If a certain demographic is responding well, you might want to focus more on them.

Once you've determined who your target audience might be, you need to build detailed audience profiles, also known as buyer personas. These are detailed descriptions of hypothetical customers that represent your target audience segments. They include demographic information, interests, behaviors, motivations, and pain points.

Creating buyer personas can help you understand your customers (and potential customers) better, and make it easier for you to tailor content to the specific needs, behaviors, and concerns of different groups. It also aids in personalizing your messaging and building deeper connections with your audience.

Don’t Forget the Data

Don’t Forget the Data

Now don’t forget this one crucial step in your search for your ideal target audience. Data.

Businesses have access to more data than ever before. Utilize social media insights, website analytics, and customer feedback to gather data about who is engaging with your brand. These data sets can provide you with insightful information about your audience’s behavior, interests, preferences, and more.

To close it off, identifying your target audience is crucial to the success of your business. It helps you craft effective marketing strategies, develop products or services that meet customer needs, and allocate resources more efficiently.

This process might be iterative and require adjustments as your business grows, your audience changes, or you introduce new products or services.

Remember, while it's essential to identify and understand your target audience, it's equally important to keep your ears to the ground and listen to their feedback. This will not only help you refine your understanding of your audience but also build a stronger relationship with them.

As a beginner, take the time to understand your product, your current customers, and the market.

Use data and analytics to inform your decisions, and don't be afraid to make adjustments as needed.

As with all aspects of business, patience, consistency, and adaptability will guide you toward success.

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