You’ve identified your target market: the people that are most likely to respond to your advertising and purchase your products. Great! You’re one step ahead of the competition. Unfortunately, you can’t rely on the same target market forever. There may be an increase in population over time, or a change in the demographics of your area. GbBIS helps you figure out when it’s time to reevaluate your target market.
A Change in Products
If your business is growing, you may decide to release a new product or change an existing product. This is a great way to get new customers. But these new customers may come at the cost of existing customers from your target market. If your new product is geared toward a more specific section of your target market, then you’re in good shape. But a new product that is geared toward a demographic outside your target market may require you to reevaluate.
Advertising that Isn’t Working
Advertising should be measured. How else will you be able to find out if your campaign is working or not? If an advertising campaign isn’t producing reasonable results, it may be because you aren’t targeting the right audience. A less than encouraging advertising campaign may require you to reevaluate your target market.
A Change in Customer Base
You should know your customers like the back of your hand. Know who is buying from you, and what demographic factors your top customers share. You may begin to see a shift in your customer base (maybe you see less middle-aged customers and more teenagers buying your products). This means your products are beginning to appeal to a new demographic. Reevaluate your target market so that it more closely aligns with the people who are currently buying from you.
Too Much Competition
One way of boosting your business is by setting yourself apart from your competition. You will always have competitors to deal with, but if you encounter a large number of competing stores that are all focusing on your target market, you may need to reevaluate. Try to find a new customer niche with people who fit your demographic but who might use your products and services for different reasons.
Reevaluating your target market takes time and research. Make things easier on yourself by consulting GbBIS. For over 25 years, GbBIS has been providing businesses with the maps and data they need to effectively target their market. We offer the most accurate demographic data, giving you insights into your customers’ demographic features, product consumption statistics, and more.
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