Understanding Target Market Analysis and How it Can Work for You

Understanding Target Market Analysis and How it Can Work for You

Ashley Monk
Ashley Monk
CEO of Onya | Marketing Growth Strategist | Marketing Consultant

Understanding Target Market Analysis and How it Can Work for You

Ashley Monk
Ashley Monk
CEO of Onya | Marketing Growth Strategist | Marketing Consultant

For many of you, we hope you know who your main customer base is. However, knowing where to look to find new customers is another thing. How do you find them, how do you capture their attention, and how do you secure the sale? 

Or an even better question – are you even targeting the right audience? 

This is where Target Market Analysis comes into play and can make a BIG difference for your business strategy. 

What is target market analysis?

Target market analysis is a review process used to establish a specific group who collectively make up your brand’s ideal customer base.

If used correctly, TMA will create a strong base and allow you to pull and develop these individuals into regular leads (that will hopefully convert). 

What is TMA looking for?

  • Who – TMA defines in detail what your audience looks like. This includes specific demographic details like gender, age, job, looks, and so much more (this will largely depend on your product or service – for instance, if you sell a shampoo for blondes with curly hair, your target audience will be blondes with curly hair). 
  • What – What does your audience like and dislike? This could be specific to your product or service but should also span beyond your business into their hobbies and pain points. 
  • When – At what points are your audience members most likely to be online checking email, scrolling through social media, or searching on the web? Get it down to days of the week, time of day, and seasons that they are most active. Keep in mind too that time zones will play a factor as well as the frequency in which they interact online. 
  • Where – Where are your audience members? Do they all reside close to your business? Or are they across the country? Are they international? What does their habitation look like? 
  • Why – Of all the possible choices online or abroad, why might your audience choose your brand? The TMA should detail pain points, solutions, and reasons behind their decision-making. Be mindful, this shouldn’t just be assumed by your business – this should come from detailed analysis and conversation with key audience members.

What NOT to Do with TMA

  • Only focusing on friends and family – This is a classic example of using what you’re most comfortable with. When running an audience question analysis, be sure to survey individuals from all walks of life that you do not know directly. This will give you more honest answers. 
  • Seeking the Wrong Information – TMA needs to be directly related to your brand and not just your industry. Your analysis should define an audience that is specifically centered around selling your product and service, not your competitors or otherwise. 
  • Using Biased Data – Many brands are prone to collecting and singling out information they think is most true which is often influenced by their own bias. To avoid getting too close to the info, try leveraging an agency as a neutral third party (Onya is happy to help with this process). 
  • Making Assumptions – This is very much connected to the bias you bring to the conversation but it’s worth noting this separately. Be sure to rely on the answers people provide when analyzing groups. Don’t dictate what you think the answers should be and don’t lead the witness. Sit back and listen. Assumptions can create skewed data which can lead to you having to re-run your TMA again. That’s a huge waste of time and money.
  • Using only Digital Resources – Look, we are all about online analysis. It’s how we work. But when it comes to defining your target audience, you need to speak with real people and have real conversations. Not to mention, the web will only give so much. Sure, you can collect keywords and basic demographics, but conversions will reveal more robust details you may have missed online. 

Tools for Running TMA

  • Start by outlining what your brand and its services/products seek to solve. From here, you will want to create questions around the issue being addressed and see how audience members respond. 
  • Define your initial target market. Who are these people and where do they come from? Refer to the above section for what TMA is looking for to help segment these individuals. 
  • Create a TMA survey. These should be questions that are centered around your brand and the issues you solve. Once questions are defined, you can ask using tactics like an online survey, in-person survey, or focus groups. This will help to more articulately create the people you want to market to. 
  • Study your social media. Review the analytics on your social platforms. What types of people regularly come to your business account? How long are they for? What does engagement usually look like for them? Better yet, study social platforms you’re not currently using. Are there places your audience may be spending their time at that where you aren’t located? 
  • Study the competition. What are your business rivals up to these days? What people are they talking to and do they differ greatly from yours? If so, you may want to assess and determine why. Their behaviors and social groups may surprise you and open new target audiences you hadn’t yet considered. 

How Onya Can Help

Target Market Analysis is necessary for your brand’s success but can also take some time. With Onya’s marketing expertise, you can count on our team to help create an audience that is sensible and successful to ensure sales! Get in touch today to discover more about our services.

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