Soundtrack for Success: 5 Songs That Will Help You Define Your Target Market
If you’re about to start up a business, you’re probably itching to get it up and running. But before you start printing marketing materials, designing a fancy website and buying ferns for your new office, you need to do one really important thing. One thing that will make or break your new business.
You need to define your target market. As much as you want to dominate every single market out there, you can’t be all things to all people. That’s not how it works. You need to figure out exactly who you’re selling to in order to get the best return on your investment. After all, how can you connect with your customers if you have no idea who they are?
If this sounds like a chore (or a bore), then maybe you need to go about it in a different way. A more musical way. In just 11.52 minutes, you too can be on your way to discovering your ideal customer.
Sound good? Play on.
Track 1: Truly, Madly, Deeply by Savage Garden
What it’s saying: Give people what they need
Unless you’re starting some sort of wilderness adventure company, you probably won’t have to stand with your customer on a mountain or bathe with them in the sea. But you will have to be their wish, their hope and their fantasy—everything they need, basically.
And what is that need, you ask? Well, it all comes down to what you have to offer. Take a good, hard look at your products or services and make a list of the benefits they provide. Once you’ve got it down on paper (yes, paper), make a list of people who have a need that your benefits fulfill. Or, who have a problem that your benefits solve. This will give you a solid starting point for determining your niche market.
Track 2: Right in Front of You by Celine Dion
What’s it’s saying: Look at your current customers
Even though Celine Dion has been holed up in Vegas for most of this century, the world still hasn’t forgotten her, or her lyrics. Especially these ones: “Right in front of you/ Right in front of me/ We were looking for it somehow/ Somewhere we couldn’t see.”
Hmm. How obvious.
Who are your current customers? Why do they buy from you? Which ones bring in the most business? Look for common characteristics and patterns and create a general customer profile. It’s very likely that similar individuals could also benefit from your product or service!
Track 3: Getting to Know You from The King and I
What it’s saying: Learn absolutely everything about your customers
Getting to know you…getting to know all about you. This little ditty from the classic Rogers and Hammerstein musical has wormed its way into pop culture (and our minds), and with good reason! Its timeless lyrics can be applied to everything from befriending wives and children to finding your target market.
It’s simple: The better you understand your customer, the faster your business will grow. So, take the time to develop a fundamental understanding of who your audience is. Look for vital demographics like age, gender, income level, education level, family status and occupation. These details will help you form a better picture of your ideal customer.
Track 4: Can’t Get You Out of My Head by Kylie Minogue
What it’s really saying: Get in your customer’s mind
This song probably hasn’t been stuck in your head since 2001, but now that it is, it’s time to be just as annoying and get inside your ideal customer’s mind.
If demographics are telling you who is buying, psychographics will tell you why they buy. Now is the time to get inside your target market’s head. Personality, values, attitudes, interests, hobbies—all of these characteristics will help you figure out how your product or service fits into your target customer’s lifestyle. How will they use it? When will they use it? What’s appealing to them? What benefits will they derive?
Track 5: Eye of the Tiger by Survivor
What it’s really saying: Size up your competitors
Take an inventory of the competitive landscape. Identify your key competitors and figure out who their customers are. Take a look at their website. Check out their advertising. See who’s following them on social media. What you discover will be useful intel, but what’s more, it’ll give you insight into potential gaps in the market.
Are they overlooking an important niche? Do you have a competitive advantage in a particular area? Your business will soar if you put your energy and focus into being exceptional at what makes you different.
There you have it! Five catchy songs for every taste (and business). Now that you know how to hone in on your target audience, you can better serve your customers and make the most of your advertising dollars.
Our certified General Accountants in Victoria BC can help you manage all of your important financial moments. From startup consultation and software training to payroll and government remittances, we’ll be by your side every step of the way to ensure a successful (and enjoyable!) business. Don’t hesitate to contact us!
Image courtesy of CA2M.