A well-defined target audience is the very important. Many give vague descriptions. Resulting in a terrible marketing plan.
Who Is Your Target Audience? And Why? Can You Describe Them?
If you don’t have specific answers to these questions, then you are in big trouble.
I am given inappropriately sketchy ideas of the target audience. I had a CEO tell me, “we target anyone interested! A euphemism for we don’t know, and we target anyone…..And that’s even bigger trouble!
You cannot be everything for everyone and you cannot spray your money around expecting ‘anyone’ to be interested. This is the root cause of poor marketing ROI.
Even Walmart, Amazon, & Flipkarts of the world have a defined target audience. Even though they have huge marketing budgets they still like to optimize their spending & get bang for the buck.
Look at Amazon. And in just in case you thought they spent indiscriminately from the word go……..you got it wrong!
Between 1994 to 1998, Amazon sold only books online. At that time, it was a niche audience (well-defined and focused). Over the last 22+ years, Amazon has expanded its business to many areas & gave the impression that they are everything to everyone!
You are not Amazon or Flipkart. Stay hyper-focused, start niche!
A well-defined target audience is the core of the marketing plan. Many gloss over it or give vague descriptions. Not focusing on this element can crash your marketing plan.
Many company owners are cautious than being overly precise when identifying their target audience because they don’t want to “lose out.”
To get any substantial results, you must avoid stretching the marketing efforts too thin. You’re just allocating your resources, such as time and marketing money, to the audience that will provide you with the most benefit.