5 Questions to Help Find Your Target Market
You have done a lot of work to get your CBD and Delta 8 THC products store open. There was inventory to order, websites to build, and credit card processing to set up. Now comes the tricky part: advertising. For any advertising campaign to be successful, you must first figure out who your target market is. Without a clear understanding of who is likely to buy your products, you will just blindly spend advertising dollars, hoping to get a return. By asking five essential questions, you can narrow down your target market so that you can more effectively spend your advertising budget.
#1: Who Makes Up Your Target Market?
This is an exercise in demographics. You need to understand some of the main categories below that your target market may fit in, which will help determine the type of advertising you will utilize.
- Age – Would one particular age range (or a couple of age ranges) benefit from your product more than people in other age categories?
- Gender – Would women benefit more from your product than men – or vice versa?
- Marital Status – Is your product more likely to be purchased by single people or married couples?
- Educational Level – Does a person’s education level make a difference, and is there a way for you to educate them on your product better?
- Ethnic Background – Is there one ethnic category that would love or, in contrast, not be able to use your product?
- Location – Are people in cities more likely to buy your product compared to rural clients? If you have a storefront, what are the opportunities to advertise locally?
- Industry – Is your product industry-specific, or is that not a factor?
- Earnings – This one is important as it may determine the profitability of your product. Can the average consumer in your demographic afford your product?
#2: What Are the Behaviors of Your Target Market?
This question stretches your understanding of your market because it causes you to get into the head of your potential customers. What do they like to do? What are their hobbies? What values and beliefs do they hold dear?
One important point to determine here is to figure out what challenges your target market may face. A product is only as good as the problem that it solves. So what challenges does your product or service help to alleviate? Determining the answer to that question is a great indicator of who your target market is.
#3 What Are the Interests of Your Target Market?
What is important to your target market? For example, are family and home more important to them, or is an adventure more to their liking? Do they look for brands that use sustainable sources, or do they look for the best price?
Who is important to your target market? For example, are there athletes, celebrities, or politicians that use your product? If so, could they be used to influence your market? Do political ideals play a role in how your target market thinks?
#4 What Are the Purchase Habits of Your Target Market?
How does your target market think when shopping? What pushes them to make a purchasing decision? Are they concerned about price or quality? Do other factors like social responsibility play into their purchasing decision? For example, companies that support social causes and are environmentally aware are a lot more important to Generation Z than they are to Baby Boomers. Therefore, a Gen Z is much more likely to seek out companies with a prominent social awareness to buy products from.
Who was servicing these customers before you? Suppose you can learn where your target market is currently purchasing from. In that case, you can analyze your competition’s marketing strategies and customer support and either build on those components or learn from their mistakes.
What will be your target market’s biggest objections to purchasing your product? Understanding that question and how to answer it will allow you to proactively eliminate the objection by answering it in your marketing campaign.
#5 Which Form(s) of Communication Does Your Target Market Prefer?
It used to be that your only available avenues of advertising were television, radio, and print. Now with the introduction of the internet, there is a whole world of choices through internet marketing. Determine first how your target market likes to get their information. Do they still rely on television, or do they now get all their information from the internet? How do they communicate with others? For example, do they like to Facebook chat or text?
You likely will find that most people use the internet as their source of information and communication. But you can’t stop there. The internet is full of news channels, blogs, and social media channels. So which internet avenue is your target market most attracted to? And don’t think that they are equally influential across demographics – they’re not. Let’s take social media advertising, for example. While overall, social media may be effective for your type of product, certain social media channels appeal to different age groups. While Facebook appeals to Millenials and Baby Boomers, YouTube, Snapchat, and Instagram are the go-to for Gen Z. The age demographic is a large determiner of which social media channel you will want to sell your CBD and Delta 8 THC products.
Don’t Sell Inferior Products to Your Target Market!
Once you develop an effective strategy to reach your target market, the next step is to fill those new CBD and Delta 8 product orders with premium quality products from The Hemp Doctor. By supplying your new clients with only the best tinctures, edibles, and other hemp-based products on the market, you are helping to ensure that they will become repeat customers. In addition, you’re not going to find a wider selection to offer your customers than you will with The Hemp Doctor. So contact us to start your first order today!