You can’t sell honey to a bee. The same principle applies in every marketplace. You might find a bee or two willing to buy the honey, but you’re not going to make a profit margin from the few sales you do make. Increasing, or gaining, profits require an understanding of to whom you’re trying to sell.
Those most likely to buy your product or service are your targeted audience. What exactly you’re selling and who needs the product defines your demographics. For instance, married women in their thirties with children ten or younger is a demographic. Parents, residents of California, and dog owners are also demographics.
Different audiences have different needs to target. Hence, you can’t sell honey to a bee: a bee already has honey. When identifying a target audience, the demographics are often as generalized as “women” or as specific as “women in their forties making fifty-thousand a year and living in Palmdale, California”.
Can you appeal to the masses? Yes, but liken it to placing a billboard in the middle of the desert on the off-chance someone might wander by and that someone needs the yellow, bouncing ball you’re selling. Knowing your target audience means eliminating a lot of the chance of selling products successfully. After all, if you placed ads on every site available, you’d spend a fortune on digital marketing and make very little in return.
When advertising, your intent is to sell. Thus, when selling you have to match the buyer with the proper tone and appeal to their needs. By doing so, you attract ideal, buying consumers; reduce costs; and garnish a better return on investment.
Note that target audiences aren’t always a single group, either. You can sell the same product or service to several groups. However, knowing each group helps you identify what attracts them. You can’t often generate the same level of excitement for something when using the same campaign for both twenty-year-old rock enthusiasts and fifty-year-old jazz lovers. That doesn’t mean they don’t both need a new car, but it does mean they have very different triggers.
When a company has an identifiable target audience, they
- reduce marketing costs
- increase ROI
- appeal to ideal consumers
- incorporate effective strategies
- increase profits
If you haven’t yet defined your target audience or would like to take the opportunity for successful competition with a higher profit margin, contact us today.