Building a picture of your ideal customers means you can send the right message, to the right people at the right time. Therefore, it’s the perfect place to start when building your marketing strategy.
Market Segmentation
The target market for your product may be as wide or specific as you like. There are 4 variables used to find the most profitable group of customers for your business.
Demographic
This refers to the age, gender and socio-economic group of your target market. For example; the target demographic for RyanAir can be seen as young adults with a bit of disposable income; whereas British Airways would target middle class travellers who can afford more legroom!
Behavioural
Behaviours to consider are their motivations to buy; loyalty status; benefits sought and readiness to purchase. One customer may buy your product because they need it but another may buy because they love your brand.
Psychographic
A psychographic profile of your customers should cover their personality, lifestyle and attitudes. What kind of lifestyle do you want to associate your product with? In recent years, sportswear brands like Nike and Adidas have introduced more luxe collections which appeal to those who care about style just as much functionality.
Geographic
This refers to the location of your customers. Are they local or international? Does your product appeal to commuters from the suburbs or the city?
By defining key groups within your market, it is easier to create a marketing strategy that resonates with these customers. Building a customer profile based on these key groups, is a useful reminder of who you need to reach.
Berry Creative Tip:
Don’t know where to start? Describe your ideal customer in 4 words.
