How to do Market Research on Your Target Market

target market

Part 1: Keyword Search


You have to put yourself in your target market’s shoes and determine which keywords, questions or phrases they are going to enter into the search box to find you. You should have completed the Define Your Target Market Workbook and the next step is to do some market research to get to know your target.

SEOGoogle’s Keyword Planner is free, but you have to sign up for Google Ads (pay per click [PPC]) to use it. A Gmail account will get you started. If you already have a Gmail account, click on “sign in” in the upper right hand corner and it will walk you through setting up an account.

Continuing with Google, click on “Discover New Keywords”.
 Enter your up to 10 keywords or phrases separated by commas. You don’t need to enter the landing page unless you want to filter your search results. If you’re local, add your city or state in location.

Then click “Get Started”. This will give you ideas on other relevant keywords or phrases in a variety of combinations. You don’t really know what a searcher is going to enter into the search box, so you should consider these.

You want to find the keywords or phrases with high monthly searches and low to medium competition. That means that there are a lot of folks searching for that term but fewer sites have those words in their pages or have paid ads. Take note of those. They’ll give you blogging ideas. Now, obviously, some major keywords with high competition, depending on your industry, you’ll have to use on your site. But when you write blog posts, look for those with high searches and low or medium competition.

Depending on your geographic area, the monthly search results you get will vary. Nationally, look for relevant keywords with over 800-1000 monthly searches. On local searches, you’ll get lower monthly searches so anything over 100 will be good.

Download your results list to an Excel spreadsheet so you can easily sort them and remove any that are not applicable.

Example:

There was a lady in one of my classes who was opening an online eCommerce clothing store for plus-size women. All the common phrases and keywords that came up had high searches but also high competition. Then we came across “curvy girls” with high searches (over 5000/m nationally) and low competition. I said to her, “That’s the name for your blog!” Putting that phrase at the top of her blog, as well as using in 2 or 3 times within her pages, will just about assure her that her site will come up when women are searching that phrase.

Part 2: Economic Outlook

economic growthFor every major industry, you’ll find economic outlook reports. Google “[industry name] economic outlook” and see what comes up. Make sure you get the the most recent data. You might want to add the year to get current data. Sometimes the most current data is outdated, so keep in mind, especially if you’re in a growing industry, that the data more than likely has changed.

Look at related industries. For instance in working with a local scuba dive shop, I looked into the leisure travel industry. I discovered that millennials are the ones that will be traveling a lot and they like adventure travel and they’re into conservation. That information helped me put a social media strategy targeting millennials.

The economy can factor in your business success. You need to be aware of industry trends – whether up or down. All this will affect your marketing.

Check out your competition. How often are they blogging? Where do they come up in Google search compared to you? How many followers do they have in the social networks? What are they posting on the networks? How often are they posting? On Facebook and Twitter there are ways to keep tabs on your competition without them knowing.

Your challenge: What will it take to bump the bottom 2 off the first page of Google so you’ll come up? This becomes your content and social media strategies. What are they NOT doing? If they’re not blogging, they you have to blog daily for the first week, then 2-3 times a day to bump them off. If they’re not active on social media, then you have to be.

Part 3: Finding Data on Your Target

Free Download: Define Your Target Market WorkbookOnce you’ve clearly defined your target market (and you can have more than one target), you then need to get to know them as much as possible. My two favorite sources to get data are eMarketer.com and Marketing Sherpa.

eMarketer has a lot of statistical data on many subjects. Click on “Articles” and search for your target – like “baby boomers” or “millennials”. You’ll get a lot of free articles and some premium ones that you can subscribe to access. I’ve always been able to find enough data from their free articles. You can also search for “social media”, any of the specific networks, “mobile”, as well as specific industries.

Marketing Sherpa has marketing case studies. Search for your industry as well as target market keywords.

Research is important because if you just go out and start posting and blogging, you may be missing key factors that will make your marketing more effective. I once worked with a scuba dive shop. Knowing that millennials are passionate about conservation, my client’s strategy was to include conservation blog posts as well as posting and tweeting about it.

target marketThe whole idea is to put yourself in your target market’s shoes. Think like them. To be able to do that you need to get to know them. What solutions are you going to provide for their pain points – their problems? Or wants and desires.

Which social networks are they using the most? You don’t have to be on all the networks! Focus on the ones where your target market frequents the most.

Then go to sites like Social Media Today or Social Media Examiner to get ideas and strategies to best reach your target on social media. Learn about each network. Check out Content Marketing Institute and CopyBlogger for guidance on what to blog about to reach your target.

Whether you’re B2B or B2C, failing to do proper market research will hurt you in the long run.

You’re going to waste your time, effort and money going for the wrong target in the wrong way. The last thing you want to do is look stupid or insult people because you weren’t prepared.

Other sources:

  • Your public library
  • Chambers of Commerce
  • Census data
  • Civic organizations
  • Government websites
  • Trade associations

Part 4: Applying the Research to Your Strategy

Once you feel you’ve got a grip on your target(s), then you need to put together the strategic marketing plan.

Start with your goals and objectives. These are for your business in particular. How much money do you want to make in a year? Divide that by 12 and you’ll have your monthly monetary goal. Now, how many new clients do you need each month to reach that number? How many products do you need to sell to meet that goal? Write those down in your plan.

Growing your following in each of the networks should be part of your SMART Goals. The following goals, if starting from scratch, for the first 30 days, are usually:

  • 100 Twitter followers
  • 100 Facebook likes
  • 50 connections on LinkedIn
  • 25 Pinterest followers
  • 25 Subscribers on YouTube

How to Develop Social Media Marketing Strategies for Your BusinessNext you have your overall strategy. What you’ve garnered by your research should have given you an idea of what you need to do.

Put down your ideas in each section: content marketing, each of the networks, keywords and hashtags, etc.

Keep in mind that this plan is NOT written in stone. In fact, it will change from month to month based on your analytics. You need to review your analytics from your website and social media every month to see what’s working and not working. Your following should be consistently growing. If it is, then you’re doing OK. Keep up the good work! If not, then look to see what your didn’t do or what you didn’t do enough. Did you post the wrong type of content?

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