Social media plays such a big role in the success of so many companies around the world. With how big social media has grown over the years, it can really make or break a company. If used correctly, social media platforms can create and build relationships with current and prospective customers, address concerns quickly, get information out fast, and reach people that may not have been possible before. Being able to do each of these things can almost guarantee a company’s success. There is one thing required to be able to make all of this happen. An audience.
In 2016, roughly 81% of the United States population had some sort of account with social media. That is nearly 207 million people. It is estimated that this number will rise to around 217 million users in the year 2021. (Gordon, n.d.)
Although having an audience on social may seem easy with the statistics stated above, it is really quite complex. The first main step is to identify the company’s primary target market. That is, who does the company wish to reach? A target market is a particular group of consumers at which a product or service is aimed (Dictionary.com, n.d.). It is a waste and time of money for companies to reach out and advertise to people who are not ideal customers.
Mandy Porta wrote an article on how one can define the target market of their company or business. She lists out several key points to help determine exactly who should be targeted. These include:
- Look at the current customer base
- Check out competition
- Analyze the product or service of the company
- Choose specific demographics
- Consider the psychographics of the target
- Evaluate the decision (Alam, 2018)
Using information from these six different points will help one to formulate the target market. It is important that a target market is as specific as possible because the broader it gets, the less successful it is. Aside from having a primary target market, it is important to also have a secondary target market. To read more about these six different components of defining a target market, check out this link: https://www.inc.com/guides/2010/06/defining-your-target-market.html.
Take a look at this article: https://techfee.com/different-target-audiences-for-starbucks/. It is a perfect example of what a primary and secondary target market looks like. The article is based around a very successful company. It outlines Starbucks’ strategy and various components of who makes up their target markets. As one can see, their parameters for their market are very specific. They know exactly who they need to advertise too and it is no secret that they have done this well.
A target market is important when choosing between various social media platforms, as advertising can be very expensive and time consuming. Having a specific target market will ensure that a company’s message is being heard by the right people. In the end, this will help to grow the company and increase the chances for success.
Alam, A. (2018, August 09). What Are the Different Target Audiences For Starbucks. Retrieved from https://techfee.com/different-target-audiences-for-starbucks/
Dictionary.com. (n.d.). Retrieved from https://www.dictionary.com/
Gordon, K. (n.d.). Topic: Social Media Usage in The United States. Retrieved from https://www.statista.com/topics/2196/social-media-usage-in-the-united-states/