In as much as choosing a target audience for your business is not always easy, there are times when you will need to re-evaluate your business. The truth is that nothing is really constant, not even your market. The fact that a certain demographic was earning a particular figure 5 years ago, does not mean the money will still have the same value neither does it mean their needs can’t change.
More so, with the advent of the Covid-19 pandemic, consumers are being challenged to evaluate their priorities which has ultimately led to new needs and spending criteria.
Some common reasons why you may need to change your target audience are discussed below :⠀⠀
1. When the target audience is too small -if your target audience is too small, you won’t be profitable, it should be big enough to generate profit.
2. When the target audience is too big – When you’re trying to speak to everyone, you will end up reaching no one. Narrow it down to the relevant people but don’t make it too slim.
3. No buying power: Your customers need to have a buying power that can afford your products. If they don’t have enough money to buy your products, then they’re not the right target for your business.
4. Expansion: Sometimes with new innovations and market needs, you’ll discover other opportunities. Such opportunities might lead to an expansion and massive growth. Hence, the need to evaluate who your customers are.
For instance, some Fashion Brands and Garment production Houses have leveraged the covid-19 pandemic to increase the production and sales of nose masks and medical scrubs. Such opportunities come with expansion and a new marketing strategy. Consequently, the need to change their market.
With the evolution of the market as well as the business environment, changing your product consumers can be very useful.
Peradventure you made some wrong generalizations at the start of your business and you see a need to change your target audience, do not hesitate to do so.⠀If bigger companies have been able to do this successfully, so can you.⠀
Do you think it’s necessary for your business to change its target audience? ⠀
Let’s discuss….⠀
RECOMMENDED RESOURCES:
5 Mistakes to Avoid When Starting a Business
How to Spot Business Opportunities
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