How to Analyse Your Target Market

Target marketing is where you aim your marketing efforts towards a specific group of customers. It's usually based on factors like behavioural tendencies, geographic location, and demographic characteristics.

For property managers, this type of marketing is useful when it comes to both gaining new clients and leasing rental properties. Whether you want to attract property investors or rent out properties faster and to better tenants, target marketing will come in handy.

Analyse your product or services

Take a look at what you're selling to understand which consumers would get value from your service or product.  Ask yourself, "What needs does your product or service fill?", "Are there any specific problems or pain points it solves?", "Who would benefit most from your product or service?"

Consider getting feedback from current customers. Conduct a focus group or ask your service department about their common problems.

Check out the competition

Perform an analysis of your competitors to see who they're targeting. Take a look at their customer base, and see if you can find an area of the market you could focus on that they might be missing. Looking at your competitors will even help you identify target market gaps that you can fill. Are there any target markets they do not focus on? This could lead you to expand into new markets geographically or develop new products to target a different market.

Segment your target market

Consumers can be split by demographic, geographic, and behavioural factors. This is essentially the process of creating a buyer persona. Here are some of the most common ways to segment a target market:

  • Age

  • Gender

  • Income

  • Location

  • Behavior

  • Lifestyle

  • Values

  • Interests

Research

Once you’ve narrowed down your target market, consider what marketing strategies you should use to reach your potential target market. Is the target market large enough for your product or service? Market research will help you learn more about your target market.

Evaluate your results

Don’t just conduct one target market analysis. It's an ongoing process. You need to continuously track your results, evaluate what you see, and iterate on the conception of your target market to more effectively appeal to it.
Are you ready to create a growing and profitable property agency or want to develop a highly effective marketing strategy? To book your FREE 30-minute discovery, email hello@laurenrobinson.com.au

Lauren Robinson