I’ve been seeing some posts online for a couple of days now about the target audience of business owners. It is interesting because many of these business owners are overpricing their goods and these goods are even basic items to be very honest and when people complain they keep saying they are not their target audience. To be honest, this is a concerning trend, especially when it comes to regular goods that are being sold at inflated prices.
These business owners justify their high prices by saying and claiming they invest in branding and professional photoshoots for their products.
For instance, in Nigeria, cherries are sold for about #50 to #100 each in the streets or markets. I came across a vendor online offering 12 local cherries for #12,000 (twelve thousand naira). People flooded her page, claiming the prices were outrageous, but she responded that those customers weren't her target audience and that she knows the amount of money she spent on the photo shoot she did for local cherries. But, I’d say while branding is important, it should not come at the expense of affordability, especially for basic or everyday items. If care is not taken, I feel their business won’t really thrive in the long run. Sure, I know some people are buying from them, but there are many others looking for more affordable options that give the same quality.
With my own understanding, Knowing your target audience is very important in business. It means figuring out which group of people is most likely to buy your products or services by looking at their age, preferences, and shopping habits. When businesses understand their audience well, they can adjust their marketing, products, and prices to fit that group. If businesses ignore their audience and set prices too high, they might lose potential customers. Prices should match what the audience expects and can afford. If most people want cheaper options, pricing products too high can lead to fewer sales.
Also, businesses should think about their competition. If similar products are cheaper, customers will choose those instead, especially if the quality is about the same. Selling regular items at a high price without giving extra value can make it hard to keep customers.
Branding and marketing are important, but they shouldn't take away from the need to provide good value to customers. Good branding can help a product stand out, but it shouldn't be the only reason for high prices. Customers are smart and can easily compare products and prices online. If they feel they aren't getting good value, they'll look for other options.
Targeting a specific audience can have some downsides. Businesses might miss out on potential customers who don’t fit their so-called “target audience”. For instance, if a brand focuses too much on a small market, it will definitely lose chances to reach a wider audience. So, I feel it is important to find a balance between targeting a specific group and being open to others.
Above all, knowing your target audience is key to a successful business strategy. It helps with better marketing and good use of resources. When understanding is being invested, businesses can connect better with customers, boost sales, and build loyalty. Although there are challenges in targeting specific groups, the benefits usually overlap the risks when done carefully.
Thanks for your time.