Tightening Your Target Market

Written by Acme Mag

Often in real estate, when we pose the question ‘who’s your target market?’ the response is ‘everyone.’ We understand why: everyone buys and sells homes. Anyone could walk into an open home and decide this is the perfect home for them. But it’s important to remember just because anyone can buy or sell a home, doesn’t mean your target market should be everyone. Everyone would mean you’re targeting people from 0 to 100+ years old. Are you really selling to toddlers?

This will help you set the tone for your marketing strategy. By defining your target market, you can refine your marketing strategy to the right platforms that work, whether that’s print, email or socials. This doesn’t mean others outside of this market will feel excluded. Your target audience is not your only audience. You might not be able to target ‘everyone’ but you can still sell to everyone. 

Finding Your Target Market

Although it might be hard not to follow your gut feeling, your target market should be based on research. Look at the area(s) you’re servicing, your recent clientele; what is the key age bracket, what are the most common lifestyle patterns you can distinguish? Utilise as much information as possible that is at your fingertips. Look at the information you naturally acquire so you can start to identify some key trends. Once you understand this,  you can start to make your marketing tailored to these groups of people.

Refine Your Voice

Now that you know who you’re talking to, check if the messaging needs adjustment. Your tone of voice might not be cutting through to your target market. You may need to refine your verbal identity. It’s important to understand your tone of voice before coming up with new messaging ideas.

Target and Test

Now that you know your target market, it’s time to test what works best. For example, this could be spending the same amount on Facebook and Instagram then analysing which is performing better. By testing this, you can make sure you’re investing in the right places and start adjusting your marketing budget to what is working. If your Instagram ads are performing better than Facebook, adjust your ad placement spend to reflect this if you’re getting the results you’re after. 

Review Results

As much as we’d like it to be, marketing isn’t set and forget. Be sure to review your results constantly to make sure it’s still effective. If not, adjust. As a general guide, monthly check-ins are helpful to keep a pulse on your marketing results. It’s strongly recommended to consider an in-depth check every three to six months. Over time, your target market may need to be reviewed as your audience will likely expand or change. For example, perhaps the longer your business is around for, the older your audience may become as your return clientele get older. Just remember, if you can’t measure the impact, you can’t improve it.