Depending on your business, your core demographic will be different. Payday lenders, for instance, have a core demographic of low-income people who want business loans for bad credit histories. Gym owners might want a fitness fan who is a young professional that makes between $30,000 and $50,000 a year. No matter what your business, you will find that there is a group of people who want your services more than others, and the more you know about them the better you are at reaching them. If you’ve been in business for a while, the pattern becomes obvious of who are your best customers. If you’re new at business, however, how do you determine your core demographic?
Check Out The Competition
You may not know right now who is going to buy your products or services, but the competitors who you will be competing with do know that information. That’s why part of the business plan is to understand the competition as well as the market demographics. You can visit their websites and even gather information on their core demographics online by using a tool like Quantcast.com. You can also read their articles and copy and figure out which audience they are targeting the most. From that information, you should be able to get a start as to who will buy your product the most.
Do Some Testing
Another way to figure this out is to start to market to your chosen demographic and then tweak it a bit. You can do split testing that might have a slight change in copy that might appeal to one demographic more than another. If you get better results with a different demographic, and more sales, then you know that you have refined the target audience better. You will then be able to create highly effective ads and promotions that will get these people to not only show up at your door, but also open their wallets too.
