Target Markets
After creating a product or becoming an expert in a medical specialty, there needs to be a specific demographic that your business or medical company targets. This particular group of customers or patients is your target market.
A target market is defined as your most likely buyers. In healthcare, that would be your patients or a physician adopting your technology.
Defining your target market is vital when it comes to the marketing aspect of your business. If you have too broad or too narrow of a target market, you may not be able to reach the goals you have set for your company, and growth could be inhibited.
What is a Target Market?
Target markets allow businesses to determine where and to whom they should focus their attention, money, and reach. Some examples of what factors into target markets are age, area, and consumer type.
Age Demographic is a specific group in which people in a certain age range would be most likely to use your product or healthcare service.
Geographical Area is how far your product or service can reach or the areas your product or service would be used (rural areas, college towns, high-density cities).
Consumer type is the most important in long-term growth and success. This can be viewed as who or what is most likely to use your product or service or who would be looking for your type of patient care.
The term “target market” can usually be narrow and broad.
Narrow: means you become more specific in whom you target.
Broad: meaning you try not to be as precise when marketing your product or service.
The two categories seem relatively simple, but they play a foundational role in a successful marketing strategy.
How to find your target market
Finding your target market can be significant in increasing and improving your business.
If you already have customers, the best place to start is with your existing customer data. See what demographics are most interested in specific services you offer, and then begin to build out a target customer profile from that point.
If you do not have existing customer data, you can start by determining what age, area, and consumer type you want to provide products or services.
How to Use Targeting in Social Media Ads
Once you define your target market, you can experiment with running social media ads on various social media platforms like Instagram, Tiktok, Facebook, YouTube, and Twitter! (Click to learn more about marketing on these platforms from the experts at Moxy!)
To do this most effectively, you need to think critically about the target demographic that would benefit from awareness about your product.
While it would be challenging to create a target social media ad for people with a stated interest in a specific medical procedure, you can create ads targeting your ideal age range, geo-location, and particular interests that hint at your chosen consumer type.
Targeting allows you to build awareness about your service within a specific market before they even search for it. This marketing approach is effective because when it comes time for your target customer to look for your services, they are already familiar with your brand.
Using Targeting on your website
It is also essential to keep your target customer in mind when working on content for your website. Content on your website will help you create pages and blogs written specifically for your target market's interest and address common questions and concerns that someone in their position might have.
Using your targeted marketing effectively helps your future clients and customers trust that you are an expert and the right choice to help with their needs.
If you want to start marketing your brand or business or need a professional audit of your current social media presence, contact us at MOXY Company. Click here for our online contact form!