With a target market, you can optimise efficiency since you’re only designing and offering your products to consumers who would be interested in them. If you have failed to identify your target market and have used a mass-market approach instead, you’re likely dealing with the problem of wasted resources and customers shifting loyalties.
Say, you have clearly defined your target market. Now, you want to expand it. This business move doesn’t necessarily mean you start catering to the masses unless that is your goal, and your business is exactly created for them.
Reaching a larger market means offering your products and services to another audience that shares many characteristics with your current target market. It can be done in several ways, including branching out, launching an e-commerce website and more. Here’s how to target a broader market for your growing business:
1. Decide Where You’re Headed
Once your business has reached its current goals, plan on where you’re taking that growth by setting new goals. Review your current target market and study whether expanding it would be profitable. If you are a local establishment, do you intend on staying that way?
Do a competitor analysis, as well. Consider the rise of competing businesses around your area or the predicted increase thereof. If you decide to stay put in your area, perhaps, you can find a niche from your competitors’ target market.
It’s necessary to carefully plan first before expanding your target market, as rushing may lead to wasted expenses, destroying your momentum.
2. Have an Online Presence
Having a business website is beneficial in a lot of ways other than allowing you to reach a larger audience. It boosts your credibility, makes you accessible 24/7, provides convenience, allows for more marketing strategies, drives sales and is cost-effective. Hire professional web design in Hoxton or any other area to optimise your website and make it an asset to your business.
But even with your website already live, don’t forget to stay active on social media. Share links of every content you post on your site to your social media pages, and always keep these updated with new ads and other promotional content.
3. Consider Branching Out
Assuming you figured that reaching a broader market will be profitable, decide on a second location for your business based on your available market data. How many of your new target market resides in that location? Consider the residents’ demographics, spending habits, lifestyles, interests, hobbies and more. If you found that your products can satisfy their wants and needs, then opening a new branch in your prospect location is a safe bet.
4. Develop New Ads
See which form of media is most preferred by your new target market, and develop new ads on those platforms. Young people are likely hooked to digital media, so consider producing engaging videos and visually appealing photos for ads. For older people who aren’t likely to be a techie, offline media may work best, such as print ads.
5. Develop New Marketing Strategies
Now that you’re all set for expansion, review your current marketing strategies and determine what can be added, enhanced or changed. Your new location or website needs to be promoted, so plan on an effective way to do so. Then, continue spreading awareness in creative ways, such as distributing useful promotional merchandise, sending direct mail to neighbouring businesses and offering special opening discounts.
Expanding your target market is a costly undertaking, so it must go through comprehensive planning before taking effect. The studies and researches involved may take a lot of time, but all the time you’ll spend are part of the investment, and hence, essential to your more significant success.