Why Should You Identify Your Target Market?
Let’s begin with a quick exercise.
Close your eyes and imagine yourself personally offering your product or service to your customer. What is he or she wearing? How old is he or she? Most importantly, is your customer a he or a she—or both?
If you were able to answer these questions, good for you. It means you have a clear picture of who your target market is. If you struggled to imagine how your customer would look like, or if you conjured a very generic description, you may want to read on.
Identifying your target market will make your business more cost-effective.
Here’s a reality check: attempting to target all kinds of customers will bleed your resources dry, and there’s no guarantee at all that you’re even getting your cash back. As of 2017, UAE is home to approximately 9.7 million people. Knowing that these individuals come from different backgrounds and have varying needs, it’ll probably take you decades to identify a singular problem that is shared by the whole population.
Well-known entrepreneurs and businessmen achieved success by delivering a solution to alleviate a specific issue.
Take Airbnb for instance, which started from renting out single mattresses with free breakfast to travelers on a tight budget looking for short-term rentals. Now, the company is worth USD 25 billion and has served over 60 million guests, and has expanded its services to luxurious homestays and experiential accommodations.
Once you know who your target market is, it’ll be easier to design a marketing strategy—including your content, your keywords, and even your medium—that will effectively target the people your product or service is made for. Everything else will align once you have set the right direction, so make sure to take the time to identify who you’re really doing your business for.