Is your niche narrow enough?
Targeting the right market for your business not only brings in the money, but it also boosts your company’s branding and market appeal.
It can be tempting to cover a wide market for your business but this can lead to patchy results, especially if you’re lacking the appropriate resources. When you have a very specific audience to focus on, marketing your product or service becomes not only easier but it is also more effective and cost efficient.
So let’s look at identifying your possible target market!
Gen I
Also coined as ‘Gen Z’, these are the youngest generation. Since this market is still very young, demographics and other theories are still being developed. Those who are in this category are born under the internet era, which means that they are more knowledgeable in terms of technology compared to Gen Y.
Gen Y
These ‘echo boomers’ are those between the ages of 9 and 27. Due to the high costs of living, many of this generation are still living with their parents due to the over-protective nature from boomer parents. Exposed to the earlier set of technological advances, Gen Y responds better to internet campaigns.
Gen X
Those who belong to this generation are born between 1965 to 1975. They’re tech savvy, love shopping and have high regards for education. Compared to Gen Y, they’re more picky when it comes to a product’s value. Gen X are more independent and are known to be good at saving money.
Boomers
Boomers make up a very large portion of the population. They are very focused on determining the value of the product or service and are influenced by more traditional forms of advertising. This generation will likely respond to an ad that works for their ‘youthfulness’.
Octogenarian
The ‘Greatest Generation’ are born between 1909 to 1945. This generation has seen it all from advertising that makes them a particularly consumer savvy group. They’re more cautious in dealing with businesses and whom to partner with. They want to know your business more before they patronize it. They are more practical in their spending and don’t just go ‘shop for fun’.
Once you’ve targeted your market, you’ll be able to determine the type of group your product will be catering to. Or you can tweak your business model to cater to a certain age group. Other factors you’d want to look into are your market’s income level, occupation, family and/or marital status and geographic location.
After finding your niche market, you can now move on to your research phase. Find out what sites they visit, the types of products they use, how they perceive a product and their spending habits. These factors will help you find the kind of advertising, branding and marketing plans that will work best for that age group.
Monitor how your audience responds to your ads, products and branding to keep your business fresh and appealing to your current (and future!) market.
Richard Coumans
e. richard@coumans.com.au
m. 0412 119 232
