5 Tips on How to Expand Your Target Market
Is your brand at a stage where it’s time to start trying to appeal to a broader demographic and target market? While this may seem like a daunting task, it doesn’t have to be. Taking the time to understand your next move and course of action is paramount to the success of your expansion.
What is a Target Market?
A target market or target audience refers to the group of individuals, defined by specific demographics, that a brand aims to market, advertise, and sell their products. Gaining this understanding will provide your brand with a clear focus on whom your brand will be catering to. This is essential to successfully marketing your products or services.
Tips on How to Expand Your Target Market
Identify Who You Want to Reach
While this step seems obvious, it’s essential. Researching your current market is an excellent place to start. By using the information gathered, you can begin to focus on missing groups or gaps of individuals that could benefit from your products or services.
Analyze Available Market Data
Once you’ve determined who you want to target and where you should be expanding your market, you should be using available market data to map out your next moves. By doing this, you plan out how you’re going to achieve that goal. Understanding the age, location, needs, likes, and dislikes of this new market can help you formulate a marketing plan that will be valuable to them.
Adapt Your Marketing Strategies
With this information surrounding your new market, you can begin creating new marketing strategies that will appeal to them. Use this time to be creative and think about ways to catch this new market’s attention in unique ways. Some ideas include: social media campaigns, launching a blog, or integrating strategic partnerships (which leads us to our next point…).
Plan a Strategic Partnership
While this may not be for every brand, formulating a strategic partnership is an excellent way to reach new audiences automatically. Partnering with other brands that relate to your own can effectively highlight your products or services to new consumers who already have an interest in what you are selling or offering.
Maintain a Strong Online Presence
Connecting with and creating long-lasting bonds with your consumers is of the utmost importance when developing brand loyalty. By having an active online presence, you can make these bonds with your consumers, expand the potential of gaining new followers, and drive sales.
If your brand is looking to expand its target market, online presence, and ultimately its ROI- don’t hesitate to reach out to the digital strategists at Kraus Marketing! Contact us today to get started.