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but parsing and segmenting that information is. This process is known as market segmentation, which ultimately leads to creating a buyer persona or an ideal customer profile (ICP). An ICP is a summarization of all the attributes of your core customer group, including their interests, pain points, and demographics.
But why is it important to segregate your target market? Answer: The clearer you draw lines, the better you can target your ideal buyers with ads and content about your brand.
For example, age can tell you which social media channels your ICP typically uses, income can tell you if your pricing strategy is working, and location can tell you where your ICP predominantly lives, propelling you to localize your offerings in their preferred language.
Tapping into social media insights can be particularly useful in market segmentation based on psychographic data. Analyzing engagement rates and audience responses can provide valuable data about your target customers’ interests, behaviors, and preferences.
Research Your Competitors
Unless you are selling a how to calculate sales pipeline velocity? (+ examples)
very niche product, chances are you will face tough competition in the market. This is why successful brands invest their precious time and money into competitor research—and you should, too!
Identifying your top competitors and analyzing their marketing and sales strategies is crucial to understanding your target market. Competitor analysis not only helps you understand what gaps your brand can capitalize on to set itself apart but also helps you spot industry trends and set benchmarks for future success.
For example, say your company sells premium fitness apparel. Your top competitor dominates 75% of the market by catering to gym enthusiasts and professional athletes. To differentiate, you could target beginners or individuals interested in casual fitness activities like yoga or walking, offering comfortable, stylish options that suit their needs.
You could also use competitor analysis to excel in areas where your competitors may be missing out, such as customer service.
Conclusion
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business is not easy, but knowing who you are selling to can help you capture demand and turn profits. Consumers today are increasingly distracted, with more and more brands vying for their attention (and the money in their wallets). In light of this, targeting the right people with the right products and messaging is critical to success.
Knowing how to identify your target market is also the first step in creating an authentic marketing strategy that truly resonates with your ideal buyers. Remember, not everything appeals to everyone, and while it may be tempting to blanket a larger audience, you cannot sell your products to those who don’t need them. You can leverage our step-by-step guide to start identifying your target market right now, and if you want to dive deeper and target specific accounts, you can sign up to use SalesIntel.
Book a demo to see how SalesIntel can help you build your pipeline with high-quality target prospects and close more deals, helping you maximize your business revenue today.
