5 Steps to Find Your Target Audience (With Examples!)
The Man with the Rare Coin: A Lesson in Value
A man once found a rare coin hidden in an old drawer. Curious about its value, he took it to a nearby pawnshop. The pawnbroker glanced at the coin and offered him $50. The man hesitated, thinking that the coin must be worth more, so he took it elsewhere.
Next, he went to a coin collector. This collector, upon examining the coin, widened his eyes in surprise. He offered $500 on the spot, explaining that it was a rare mint from a lost era.
Still not fully convinced, the man sought one more opinion—this time from a museum specializing in ancient artefacts. The curator gasped, immediately offering $5,000 for the coin and explaining that it was one of the most sought-after pieces of its kind.
Same coin. Different buyers. Vastly different prices.
The man quickly learned that the value of his coin depended on the audience he presented it to. At the pawnshop, it was just another piece of metal. To the collector, it was a treasure. To the museum, it was a historical artefact of immense significance.
When it comes to your business, finding the right audience works the same way. You can have a brilliant product or service, but if you present it to the wrong people, you’re leaving money—and opportunity—on the table. The key is to know who values what you offer the most.
Let’s explore how to avoid selling your “rare coin” to a pawnshop when you could be presenting it to a museum-worthy audience.
Step 1: Define What You Offer –
Know Your “Rare Coin”
Before you can identify your audience, you need to be clear about the value of what you’re offering. Just like the man with the rare coin, you can’t effectively market what you don’t fully understand yourself.
What makes your product or service unique?
What problem does it solve, and why is it valuable?
Example: Let’s say you run a luxury skincare line. Your product isn’t just about moisturizing skin—it’s about offering a premium, high-end experience that pampers customers and enhances their self-care routines. Understanding that will shape your position in the market and who you target.
Step 2: Research Who Values What You Offer
Find Your Museum, Not a Pawnshop
Once you’re clear on what you’re selling, the next step is figuring out who values it most. Just as the museum saw more value in the rare coin than the pawnshop, different customer groups will perceive your product differently. The key is to identify the audience that sees the most value in what you’re offering.
Start by researching your competitors.
Who are they targeting?
What demographics seem to engage with their products the most?
Also, look at your existing customers. What do they have in common?
Example: For the luxury skincare brand, your ideal audience might not be price-sensitive shoppers looking for a bargain. Instead, your focus would be on high-income earners who prioritize self-care and are willing to invest in premium products that make them feel good.
Step 3: Create Buyer Personas
Understand Your High-Value Customers
Buyer personas are fictional, but data-driven representations of your ideal customers. They help you tailor your message to meet the specific needs of different audience segments. Think of them as profiles that guide your marketing strategy so you can connect with the right people in a meaningful way.
Here’s how you build one:
Demographics: Age, gender, income,
Education: What drives them to make purchases?
Pain Points: What problems or needs does your product solve for them?
Buying Behavior: How do they research and purchase products?
Example: For your luxury skincare line, a buyer persona might look like this:
With this information, you’ll know how to speak to Sophia’s desires and position your product as the solution she’s been looking for.
Step 4: Find Out Where Your Audience Is
Don’t Sell Sandals in the Arctic
Like the man who took his rare coin to different places, you need to find out where your ideal audience spends their time.
Are they active on Instagram?
Are they reading niche blogs?
Maybe they’re hanging out on high-end shopping platforms.
To maximize your reach, you need to market where they’re already engaged.
Example: If you’re marketing luxury skincare, your audience might be active on Instagram following beauty influencers or browsing premium lifestyle blogs. They could also be subscribed to beauty and wellness newsletters or attending upscale industry events. Going to where your audience is already present helps you meet them on their terms.
Step 5: Test and Adjust
Not Every Collector Will See the Same Value
Even when you think you’ve found the right audience, there’s always room for fine-tuning. Markets shift, trends evolve, and customer preferences change. By testing different marketing strategies and keeping an eye on your data, you can refine your approach to keep hitting the sweet spot.
Run targeted ads, try different messaging, and experiment with new platforms. If something doesn’t resonate, tweak it. If you hit on something that works, scale it up. Just like our rare coin collector, you need to know when to hold onto your product and when to let it go for maximum value.
Example: You might start by running Instagram ads for your skincare line, targeting women between 35-50 with an interest in wellness and beauty. If the campaign performs well but conversions are low, you could try tweaking the messaging to focus more on the premium ingredients or the emotional benefit of self-care, testing different angles to see what resonates.
Conclusion
Present Your “Rare Coin” to the Right AudienceJust like the man with the rare coin, your business has immense value—but only to the right audience. To succeed, you need to figure out who values what you offer, where they spend their time, and how to present your product in a way that resonates with them. It’s not enough to have a great product. You need the right buyers. Whether it’s selling rare coins or luxury skincare, finding the right audience is the key to unlocking the full potential of your business. Don’t settle for the pawnshop when your product belongs in a museum.