Forgot your password?

Rocket DAO ecosystem

Who is the target audience of your startup

Thursday, July 22, 2021

Startup Jedi

We talk to startups and investors, you get the value.

First, let’s look at the definition. The target audience — (TA) is a certain part of people who need a product or service produced by your startup. They are the ones you should focus on when creating, promoting and selling your product. A correctly found target audience is the basis of any business, both large and small, both established and novice. Because it is very important to inform your new product or service to those people who really need this product. And it will be not only strange but also in vain, to promote a product or service to consumers who do not need a product that your company or your team creates. If you do not determine the target audience, you risk burning out. Most startups start creating a product without knowing who their product or service is for and why. It is also important to speak the same language with the target audience, to know their needs and values.

Therefore, when you are going to start creating something, the first thing you should do is answer the questions: “Why? For what? Who will need it, I wonder?” In business, it is important to know who you are creating a product or service for. After answering the previously mentioned questions, you should create a clear portrait of your target audience, which will help your business project achieve success. You will also be able to develop a marketing strategy, conduct market research and competitor analysis, build product positioning, create accurate and understandable communication, set up advertising correctly, write the necessary content that is close and understandable to the consumer who has been identified and found for your product or service.

To determine who you are producing a product or service for, first create a portrait of the target audience.

You will need to find out: gender, age, marital status, territorial place of residence, activity and material wealth, hobbies and values, life position, model and features of behaviour during the purchase of the product.

The compiled details and the details of the target audience affect the result. You need to immerse yourself in the life of your client, feel the needs of the target audience.

The better you know the needs of your target audience, the more likely it is to convey information about a product or service to them. It is necessary to build communication in a clear language — users should “feel” you as “their own”. There should be no feeling of “imposing” the product. Customers should not only trust you, but also be loyal, defend and tell about you for free on a subconscious level, as Apple fans, as fans of Coca-Cola sweet carbonated drinks, as fans of the Starbucks coffee chain, as IKEA shopaholics, as active users of Instagram and TikTok.

The next step is a segmentation of the target audience

After receiving the portrait, the target audience should be divided into groups, and Mark Sherrington’s 5W method, which consists of five questions, will help you with this:

  1. What? — what do you offer to buy? What type of product or service you sell to potential customers.

  2. Who? — what type of consumer buys the product that you produce.

  3. Why? — what motivates you to buy your product or service.

  4. When? — the situation, the time of the year of the purchase of a product or service.

  5. Where? — location and purchase, maybe delivery of goods or services.

Finding a target audience, creating a portrait of a consumer, and segmenting potential buyers is part of a lot of work. When creating a product, it should be taken into account that people are divided into 7 psycho types:

  1. Adventurers — self-realization, achievements, new emotions, adventures and challenges-this is the most important thing for them.

  2. Performers are the second group of consumers whose value lies in efficiency, success, status, reliability and luxury.

  3. Disciplined are consumers who make reasonable purchases, they are not inclined to overpay for a brand and luxury, at the same time they are ready to spend money for a quality product or service.

  4. Traditionalists are consumers who value structure.

  5. Harmonizers are family, caring, sincere, harmonious consumers. For them, the most important thing is security.

  6. Open-Minded are consumers who love adventure, but with comfort. They are open to the discovery of new horizons, the knowledge of the unknown, but so that it is safe.

  7. Hedonists are consumers who love surprises, they are constantly on the move, changing something, worrying and worrying.

There are several ways to find information about consumers:

  1. The classic and simplest, but most effective, is to conduct a survey on the street or at points of sale.

  2. Ask at offline events: conferences, forums, trainings, concerts, tournaments.

  3. Conduct surveys in social networks, as well as study personal profiles, various thematic public sites, communities, groups in which people share information about themselves, about their hobbies, preferences, hobbies.

  4. Using the Google Trends search query, which tracks market trends and consumer requests.

  5. If suddenly you already have a database of current customers, then you should turn to it and conduct an analysis.

  6. On sites that contain brand analytics to study their competitors. For example, JagaJamBrand Analytics.

  7. Anonymous questionnaires, where, for example, using Google Forms, you can create questions for your potential customers and post them on thematic resources or send them in person, if there is such an opportunity.

  8. If you already have a website with customized analytics, then Google Analytics and Yandex. Metrica will provide you with information about consumers who need your product.

As soon as you determine the target audience of your product or service, you will be able to:

  • develop a unique sales offer (USP) for your product;

  • choose communication channels to interact with consumers;

  • work with the promotion of a product or service that your startup creates.

Continue to constantly work with the target audience of your startup. This way, you can not only attract new customers, but also retain existing customers, achieve loyalty, loyalty, free recommendations, and even protect the product or service that your startup produces.

 

22 Jul 2021

 

Stay tuned and don’t forget to follow us:

Facebook: facebook.com/StartupJedi/

Telegram: t.me/Startup_Jedi

Twitter: twitter.com/startup_jedi

Comments

More From Startup Jedi

We decided to take a new approach to the issue of joint early-stage investments, so we're launching investclub.vc!
What is the reason for the development of the sports sector and what startups are launched here?