A target audience is a group of individuals who would be most interested in your products or services. These people generally share similar characteristics or demographic traits, including age, sex, location, and even personal interests.
Determining your target audience is a critical component of effective marketing. As nice as it would be to attract everyone, not everyone will be interested in what you have to offer. Knowing who you’re trying to attract to your business allows for more intentional and focused messaging and outreach. That can help avoid wasting valuable time and resources (including money). It also keeps you from losing potential customers to your competitors.
Cannabis User Demographics
Cannabis user demographics are going to vary from one location to the next. However, some demographics are fairly consistent across the board. For instance, most recreational and medical users are Millennials, followed by Gen X. Additionally, men are about twice as likely to purchase cannabis than women. Even so, sales to female customers increased by 55% from 2020 to 2021.
How To Research and Learn More About Your Target Audience
Learning about your target audience can inform several essential marketing decisions and ensure that you get your name (and your products or services) in front of the people who can benefit from them most. Here are a few tips to help get you started:
One of the first things you’ll want to avoid is making assumptions. You might think you know your target audience, but you can’t back those assumptions up without evidence. Otherwise, you could end up wasting your efforts.
Conduct Your Own Research
Both quantitative and qualitative surveys can be effective tools for learning more about your target audience. The former can provide pertinent information about your audiences’ habits, while the latter offers insights into their psychological makeup.
Check Up On Your Competitors
Take a look at what your competitors are doing. If they target the same audiences you’re looking to attract, assess their strategies. You could learn a few things from how they advertise to potential customers and find ways to do it better.
Create an Ideal Customer Profile
After gathering essential information about the people in your target audience, it’s time to craft the “ideal” cannabis buyer profile. This persona represents a person with all the traits you expect your customers to have. It generally includes details like age, sex, income level, and interests (such as eco-friendly products).
Note: You might find it helpful to create a few “ideal” customers, especially if you’re looking to tap into more than one market.
Monitor Social Media Posts and Comments
“Listen” to what people are saying on social media. In addition to paying attention to what people are saying about your brand (both on your social media pages and their personal pages), look to your competitors’ pages, forums, and more. Pay attention to who members of your target audience interact with and what trends or topics they follow.
Don’t stop after you gain insights into your target audience. You might think you have them all figured out only to discover that they’ve evolved and changed. Strive to keep learning everything you can about your audience to adapt your marketing strategies accordingly.
Market research is a critical component of your cannabis business’s success. Bespoke Financial can help ensure that you have the funds to conduct the necessary research and learn as much about your audience as possible. To learn more about your available solutions or apply for financing, visit us today.