Do you think you may have picked the wrong target market? How can you tell? And what can you do to fix it?
If your sales are lagging behind or your customer acquisition costs are simply too high, you may be focusing your attention on the wrong customers.
In this article, we will show you how you can analyze your audience to see if you need to redefine your target market.
5 Signs You Picked the Wrong Target Market
1. You went too broad.
If you want to build a successful business, “everyone” can’t be your target market.
Sometimes business owners are afraid to exclude people from their target market to avoid losing potential customers.
If you narrow down your target market to a specific subset of people, you will have a much easier time developing your product, your messaging, and your marketing strategy.
2. You went too narrow.
Going too narrow with your target market will leave you with very few prospects and an incredibly high lead acquisition cost.
In addition to that, it is very hard to scale hyper-focused marketing strategies.
If you do sell a high-priced, ultra-specific product, think about ways you can expand that particular customer segment a bit more.
For example, these days, geography is a relatively easy target market obstacle to conquer.
Could you expand your marketing efforts to include other parts of the world?
3. You forgot about psychographic factors.
Demographic factors like age and gender should not be the only ones you take into account when defining your customer segments.
You will have much better luck attracting and retaining an audience if you are also aware of psychographic factors like their interests, hobbies, and opinions.
While these factors are less quantifiable, they should still appear somewhere on your buyer persona/customer avatar.
4. You went for non-buyers.
If your target market does not have the cash to invest in your products or services, you have chosen the wrong market.
For example, be careful focusing on children and teens.
If you do that, your marketing messages will need to appeal to both them and their parents, who have the actual purchasing power.
5. Your market needs a lot of convincing.
Sure, marketing is about convincing someone to buy your product or service.
However, when it comes to converting your target audience, you should not have to start from zero.
If your audience needs to be cajoled or tricked into even reading about your product, you have chosen the wrong target market.
What Happens if You Target the Wrong Market
Your choice of a target market can make or break the success of your marketing strategy.
If you pick the wrong market, your marketing messages will not resonate with them as well as they could.
You will not be able to capitalize on your audience’s pain points and will lose potential customers (and waste a lot of your marketing budget) as a result.
How Handmade SEO Can Help
If your business is not getting the traction you want online, you may have picked the wrong target market.
Our free Digital Marketing Assessment can help!
It will dive deep into your company’s unique strengths to find out exactly who you should market to – and how.
Did we mention it’s completely free?