One of the most important questions for any company is: Who is our target group? Today, I address exactly this question and discuss how to find your target group and what things you should pay particular attention to.
The Importance of the Target Audience
One of the most common questions I get is: “Who is our target audience, and how do we find them?” Most people underestimate how crucial it is to have a clear target audience. Many believe that at the beginning, it’s about reaching as many different customers as possible. However, the truth is that successful companies often start very niche and then expand. An example of this is Facebook, which was initially only accessible to Ivy League college students.
The Five-Level Concept
To properly define your target audience, I recommend using the Five-Level Concept. This means delving into five levels of depth to get a clear picture of your ideal customers.
Level 1: Scratch Your Own Itch
Do you want to solve your own problem or the problem of others? When we started Bake in 2019, I wanted to solve my own problem: I didn’t want to deal with crypto daily, but I wanted to maximize my returns without worrying about day trading.
Level 2: Demographics
Our target audience views crypto as a portfolio addition. Mainly men between the ages of 30 and 40 fit this profile. They have already gained experience and want to diversify their assets without taking on too much risk.
Level 3: Life Situation and Interests
We target fathers who don’t have much time to engage with crypto but want to maximize their results. They have many interests and want a platform that is easy to use and helps them achieve their goals.
Level 4: Geographic Focus
Our main regions are Europe and Southeast Asia. We do not cover North America. However, our customers spread into many other regions, demonstrating how far-reaching a clearly defined target audience can be.
Level 5: Persona Example – Tom
Our avatar is “Tom.” Tom is in his 30s, has a family, sees crypto as part of his portfolio, and has many interests outside of crypto. This clear persona helps us strategically align our marketing and product development.
The Challenge of Target Audience Identification
The biggest challenge is staying on track and not getting distracted by shiny objects. It’s essential to stay true to yourself and continually focus on the defined target audience.
Conclusion
At the end of the day, it’s about building a community and a loyal customer base. Clearly defined target audiences help optimize marketing strategies and achieve long-term success. This week has been intense and full of new insights. Tomorrow is the product launch, and I’m excited to see how it goes.
Thank you for being part of this journey. Let me know if you fall into our target audience or not. Your feedback is valuable and helps us improve. See you tomorrow!
Take part in our 90-Day-Challenge
If you want to take part in our 90-Day-Challenge and support us, now is the time to do so. If you’re an old customer who withdrew his funds, consider using our platform again. If you’re new – simply sign up here: https://bake.io
Your Julian
Entrepreneur / Investor / Athlete / Father
