I get this question quite often by many people who have recently launched a business or want to launch an online business but are not sure how to find out if the target market of their idea exists or not. If the market exists, what is the size of that audience along with other demographics and where to find them out?
Most of the E-commerce business is driven through Facebook Advertising in Pakistan and all its major cities like Karachi, Lahore, and Islamabad. In May-2014, Facebook launched a marketing tool namely Facebook Audience Insights offering trends and insights about interests of your chosen target market.
You can use it for the following causes.
- Starting a new Facebook page.
- Starting a new Facebook group.
- Finding out an audience for your ads on Facebook.
- Finding out insights of your already existing Facebook page
Let’s take a look at the following screenshot. If you want to do this research for a new business, choose the everyone on Facebook option.
By default, the location option will be filled with the United States, remove it and choose your preferred location of business.
Once location in place, go ahead and fill in age, gender, interests and any other variables you deem useful for your business as shown below. As an example, I wanted to find out about fast food habits of people in Pakistan. On the right side, you will see all the infographics related to my chosen variables on the left.
Similarly, when I checked the location option, I found out exactly from which cities do I need to start a fast food business. Turns out there are more fast food lovers in Lahore than in Karachi as shown below but the competition between both is very tough and this is a welcome news for a new restaurant owner who might be thinking of opening a new restaurant in one of these two cities.
Other the above basic variables of age, sex and gender, there are many advanced options to choose from if you want to further narrow down your targeting or if you are catering to a niche market like language, relationship status or online behaviours etc. Snapshot attached below.
Once you find the right audience for your startup, it’s time to build a website. In the end, it’s all about how you personally use this tool and what insights you can find by mixing and matching different variables. Hope you liked this post and will share it with people in need of this knowledge. Next post will be about Linkedin Insights. Don’t forget to subscribe to my newsletter.