How to identify new markets | 5 strategies to profile your target audience

Identifying new markets is crucial for sustaining business growth and continued success. However, understanding your target audience and identifying untapped opportunities is easier said than done.

To navigate this process effectively, you need repeatable, go-to strategies that can generate valuable insights into different demographics to help you tailor your marketing efforts for the best results.

In this article, we’ll explore 5 practical strategies to profile your target audience and identify new markets.

1. Participate in events for networking and market exploration

Attending industry events and conferences is a valuable way to identify new markets. These gatherings bring together professionals from various business functions, typically in the same or similar industries, providing valuable opportunities for networking and market exploration.

These opportunities are great for ideas sharing, hearing about new solutions to old problems, and getting a broader picture of the direction your industry is heading in – including new opportunities and emerging demographics.

2. Distribute surveys for audience insights

Surveys are an effective tool for understanding your target audience. They allow you to gather quantitative and qualitative data from as many participants as you’re able to distribute them to.

Customising and publishing professional Surveys is easy on the Drimify platform. In a matter of minutes you can put together a branded Survey and distribute it through email campaigns, embed it on website landing pages, and at physical locations through QR codes.

Analysing survey responses can help you identify patterns, segment your audience, and tailor your marketing efforts to meet their specific requirements. Whether you’re using Surveys to learn what works and what doesn’t in your existing market to help you tackle a new one, or you’re using Surveys to gather data from potential new markets to identify opportunities and pain points, there are no tools more efficient or effective for direct customer feedback.

3. Seek out collaborative partnerships and align with relevant influencers

Collaborating with other businesses and influencers in your industry can provide valuable insights, or even bridges, into new and emerging markets.

Seek out partnerships with complementary companies or individuals who have a strong following, and carry influence in your target market. By aligning with them, you can tap into their existing audience, gain exposure to potential new customers, and walk in with credibility by virtue of who you’re aligned with. When customers trust brand X, brand Y that brand X has affiliated themselves with are essentially vouched for.

For example, if you’re in the high end furniture market, aligning yourself with luxury or premium real estate businesses would be symbiotic for all parties involved. If you own a gym, partnering with a local sports physio would make sense.

4. Use gamification to segment and learn about your audience

Using the Drimify gamification platform, you can create Quizzes, contests, or gamified challenges that capture your target market’s attention, encourage participation, and make gaining personal information easier. If people are playing through a fun experience, and have the opportunity to win something or learn something relevant, they’re more engaged, and more likely to submit personal information.

You could, for example, create Quizzes, to assess your target customer base’s knowledge on specific topics relevant to your industry, and identify if there’s a market for specific new products that your direct competitors haven’t yet started stocking.

5. Social media listening and tests

Social media platforms offer a wealth of information about your target audience. Monitor discussions, hashtags, relevant groups, and comments related to your industry to gain insights into their preferences and pain points.

Additionally, leverage social media advertising to run targeted tests and gauge the response to different messaging, visuals, or offers. By actively listening and testing on social media, you can refine your marketing approach and identify untapped markets or niches.

Key takeaway

Identifying new markets can be very challenging as it’s literally an exercise in thinking out of the box. It requires a strategic but broad approach, as well as a deep understanding of your existing customer-types. The 5 strategies listed above are excellent starting points to proactively seek out new markets.

Success in this area can make a huge difference to your revenue and profitability, as well as your potential to get ahead of your competitors and grow as a business.