Free Social Media Strategy Course Part 2: What is my Social Target Market?

Posted by on Sep 9, 2013 in Blog, Social Media Strategy | 0 comments

Free Social Media Strategy Course Part 2: What is my Social Target Market?

Free Social Media Strategy Course: What is my Social Target Market?

In Part 2 of our free Social Media Strategy Course, I will show you how to optimize your Social Media efforts by reaching the right people, your future customers and clients, at the right place with the right mindset.

To be successful in Social Media and not wasting your Marketing Dollars, you need to pay attention to three things:

1. Who are the people that are most likely to buy your product or service?

2. Where can you reach them most effectively and engage with them in a meaningful way?

3. Are they in the right mindset to buy your product or service?

Shouting vs Listening

There are two ways to approach the whole Marketing/Sales thing. There are the people that believe that their product/service is the right fit for every single one of the 7.1 billion people on this world. They want to appeal to everybody, because they see everybody as a potential customer. This approach uses high volume advertisement such as TV commercials or glossy ads in fancy magazines to shout their message to the world. The goal is to bring in more money, so they can reach even more people on even more mass media channels. These companies pursue one way communication with their customers. And this strategy works. If you have a large budget and can compete with the big guys.

If your company’s Marketing budget a bit more modest, there are other strategies that might work better to achieve your company’s revenue goals. Work smarter not harder. If you have limited funds, you can only reach a limited number of people. So you have to make a smart choice of who is actually most likely to purchase your product or service and eliminate groups that are very unlikely to purchase.

There are three major advantages to focusing your Marketing efforts on a targeted audience:

1. it costs less money

2. a targeted audience will actually listen and pay attention to what you are saying

3. they are actually willing to pay more, because you are providing a specialized product or service to them that they know will provide a solution to their specific problem

But how do you do that? What is the best way to narrow down your list from 7.1 billion to a reasonable number? Well, there are a few tactics that I will show you how to get a laser sharp focus on who your target market is.

1. Who are the people that are most likely to buy your product or service?

  Target Market Why is advertisement so annoying and why do you think people go through a whole lot of effort to avoid being marketed to? Because companies in the past, and sadly even now, are pushing their advertisement to people who, simply put, don’t care about your company, your product or your service.

The first step in finding a targeted audience for your product or service (yes, you probably have to create a new Target Market Analysis for each one of them) is to break it up. There are 5 ways to look at your market: Geographic, Sociographic, Demographic, Behavioral and Psychographic. Each of them looks at the same kind of people, but from a different angle. Then you select the most suitable customers from within each category and where they overlap, you will find a it. Your Target Market.

So here is how it works:

Geographic:

Geographic targeting is probably one of the easiest, so let’s start with this one. In addition, local search has been kind of a buzz word for the past couple of years and that for good reason. Targeting a local audience works for the majority of all businesses. Most companies out there are small to medium sized businesses and many  of them target a local market. If you are a hairdresser in San Diego, you don’t have to waste your money on people to see your ads in Nevada. That was pretty easy, right. But what if you are a business consulting firm and your clients are all over the US? Well, quite frankly they probably aren’t. Concentrate on the major hubs for your industry and don’t make your decision based on only one of the 5 factors that determine your target market.

Sociographic:

Now we are jumping to one of the harder ones to determine and especially, to quantify, but also one of the most powerful. Sociographic segmentation looks at the personal and individualized needs of your customers. What are their personal interests and what do they feel passionate about? Who are their friends and family? What is their personal profile? Social Media is actually a great way to find that out, because it encourages two-way conversation and you will only gather this information, if you connect with your customers on a personal level. If you get to know your customers so well that they share this kind of information with you, and can provide them with a good or service that will speak to them on this level, you are on to something. If not, be more personable, share things of your own. Be honest and reliable. Build up trust. And over time you will get there.

Demographics:

Now back to the hard facts. These are pretty easy to collect and still quite valuable. Find out the age, gender, education level, employment status and income of your customers. TIP: Don’t forget to keep in that for many products and services, the consumer of the product and the buyer are not the same. If you are organizing youth travel trips, you not only have to make it fun and exciting for the kids, but also appeal to the parents who are more interested in the safety and well being of their children.

Behavioral:

Behavioral Segmentation of your Target Market takes into consideration how the consumer interacts with your product or service. If you have an informational product, do you target a beginner, intermediate or advanced audience? If you are a fitness studio, do you target people who sign up on January 1st and who you don’t expect to show up when March comes around? Are they early adapters, lurkers or passionate fans of your product or service?

Psychographic:

And the last way to separate your sheep from the goats is to look at the values, attitudes and lifestyles (VALs) of your customers. Are they cheapskates and you can hook them with a discount or a stripped version of your product/service? Or do they bath in Evian and be treated like royalty when they interact with your company? Remember, even if you are a B2B company, the people who you interact with will not give up their VALs at the door when coming to work and often times, they will adopt the VALs of their customers.

2. Where can you reach them most effectively and engage with them in a meaningful way?

Once you have your potential customer base boiled down to a viable Target Market, it is not too hard to figure out on which Social Media Networks they spend their time on. I wrote a more detailed post that gives you Tips which demographics spend time on which Social Media Networks and how to find targeted Social Media Networks for your niche. Also, check out this awesome Infographic by Pew Research Center:

How to Find your Target Market on Social Media

3. Are they in the right mindset to buy your product or service?

Ok, so you have defined your Social Target Market, then you have figured out where to find the people that are most likely to buy your product. Now  you are ready to post, right? Well, not quite yet. First you have to listen. What are they saying about your brand? Your industry? Your competitor? Maybe you find out that your Target Market uses Twitter to bash your brand and complain. Probably not the right time and place to stomp in there and start selling to them, right?

You need to build up trust first and provide stellar customer service. Listen, care and engage. The more you do that, the more relevant information you can provide to them. Listen to the question they are asking. How far along in the decision making process are they? Are you still in the “providing information” stage to build trust or do they already want to talk specifics like price or warranty? When is a good time to reach them? While they might be online between 5-7 pm, they might be preoccupied with taking care of the kids and prepping dinner, but it might be a good reminder so they can discuss the buying decision at the dinner table. Test and see what times work best for which audience.

But wait, I don’t want to go ahead and start off with next week’s part of our free Social Media Strategy course, where I will show you how to set up a Social Media Editorial Calender. Thanks so much for following along this series and I hope you learned something new through this blog post.

Please make sure to sign up below to receive an email every time we update our blog, so you won’t miss any part of this free Social Media Strategy course! Also, please feel free to share this free resource with your coworkers, employees or professional network!

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