Going fishing can seem quite simple until you go fishing and catch nothing causing you to begin to wonder what's up. Same with a business in which you have no idea who your target audience are. A lot of people in attempts to break the bank end up going bankrupt because they were not able to identity their target market much less appealing them.
Your target audience are simply a group of people who share characteristics and most likely are going to want your product or services.They could share the same age bracket or perhaps an income bracket. They could be people with different personas or in fact similar personas. That's when you have to ask yourself different questions like; What are their interests? What is their marital status? What social media do they frequent? What are their hobbies? And other questions sparked by different factors related to your product or services.
Knowing your businesses buyers personas can help you understand how to better make your product or service meet their wants and needs.For example, a buyers persona for Adron luxury homes should be someone like"Rachel"
"Rachel is 25 years old and lives in Lagos, she is a microbiologist with an annual income of 2.5 million naira which provides her with enough left over after sorting out her basic needs. Allowing her indulge in extra luxury activities and buying luxury items She goes on a yearly vacation abroad and she wears brands like Gucci and Moschin and other luxury brands. When online on social media she uses mostly instagram to promote her luxury lifestyle"
With this interest persona it is easy to deduce that Rachel is more likely to want to own a luxury home with Adron homes and so marketing strategies for people like Rachel can be designed.
Knowing what it is they are looking for when they pick up a product or patronize a particular store across town. Therefore, giving you that competitive edge over other businesses because you know what exactly it is they want. Fine, you can catch a lot of fish when it comes to fishing with a net but that won't work with business.
Being able to decide who the gods of your business are is very important. When you do you can decide ways to pull that particular crowd to your business. In an attempt to maximize as much profit a lot of businesses try to please everyone and in turn not just miss out on their target audience but in fact all attention. Being able to identity your target audience helps to develop a more finesse marketing strategy that will appeal and draw them in and in turn maximize more profits in the long run.
Building a business more focused and effective in its business plan and actions, not just the Jack of all audience but the jack of "The audience" I.e the right audience with better tailored marketing and business strategy to get your target audience hooked on your product or services.