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It’s obviously essential to exploit new avenues of growth in a business. There are a number of ways of increasing business without adding a demographic to your target market, but if you have decided this is the way to go, then there are a number of steps you should consider before acting.
The first stage of the process is to meticulously research the demographic you’re hoping to discover and engage with. Use competitor research to analyse what is making your potential customers actually buy, and then compare this to whether those consumers are compatible with your business model. A great way of doing this competitor research is to make the most of online analysis tools that are designed to understand consumers on all types of social channels. These tools can tell you what time their fans are tweeting, how old they are, what kind of keywords they’re using when exploring on a search engine. You could also speak to members of your new target market. While people do not necessarily know exactly what they do and do not want, it would certainly be helpful to engage with this market before deciding on whether they will find your product useful.
If you validate your hypothesis that the chosen demographic makes commercial sense – with an understanding the age, interest, tone of voice and buying trends amongst the demographic – start using social media as a tool for discovering them. Facebook advertising can target customers based on other pages they like (i.e. your competitors), along with their age, what other interests they have, and how they consume products online – for example, you can target a paid ad based on males aged 18-30 who have an interest in rock music, who like the page of your competitor, and who buy things using a mobile device. Combine this with a suitable content strategy that appeals directly to your new demographic, and you’ll very quickly notice a whole new fan base developing before your eyes
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