Thinking about opening and operating a business can be very exciting, but remember that the success of a business depends on whether or not you have tracked down the target audience accurately. Finding the target audience means knowing the specific proportion of people to ensure the availability of your products and services to the right people who actually are looking for what you are offering. Before discussing how to find your brand’s target audience, let’s briefly explain what it actually is.
What is a target audience?
The target audience is a set of people who are most likely to be interested in and purchase the products and services you offer. These people can be fragmented into different demographic and psychographic categories. By streamlining the most interested sector of people in your services, you, therefore, spend resources, time, energy, and money to attract and captivate their attention. In the current time of crippling economic situation, focusing on the target audience has become more significant than ever.
Identifying a target audience is an element of high importance for the products and services of a business to design and structure appropriate marketing campaigns and thus bolster the sales and revenue. For online businesses, finding the target audience plays an important role in marketing. Without pinpointing your target audience, your online business is like a boat sailing nowhere. According to Google, around 56.1% of ad impressions are never seen, which leads to a huge advertising waste. So, it is essential to identify the key audience to avoid the prodigal investment of money and resources. In order to find your key audience, you have to start by knowing your ‘Who’ and ‘What.’
Ways to find the target audience:
1. Employ broad market research:
As the name indicates, market research is a process that determines the potential of a product or service through research conducted with potential customers. This research is essential to discover the target audience. The market research focuses on evaluating:
- The current customers
- Market Trends
- Economic Shifts
The current customers:
When it comes to identifying a brand’s target audience, the information about the existing audience is an asset to take advantage of. Having an amount of audience(small or big) means your products or services cater to their needs and requirements. This indicates that you need to know the attributes of these customers to identify what qualifies other people to know about your products and services and avail of them.
To understand the target audience, you must evaluate their demographics and Psychographics. By using demographics and Psychographics, you can create a Customer Persona. A customer persona is an ideal image of a customer whose traits align with that of a real customer. It is a framework or an imaginary structure of customers with specific traits, according to which essential marketing decisions are taken.
Demographics include the essential information that can help you understand who uses your products and services. The following are the elements of demographics.
Pinpoint the areas and places your current audience belongs to, whether from urban or rural areas, developed or far-flung areas, etc. This will help you understand which geographic areas you need to target.
Age is a very crucial demographic element that tells you what age of people your product or service can excite. Let’s say, for example, if you own a coffee shop, and most of the customers are youngsters, you must know that you need to focus on the need of the younger generation for the success of your brand.
Many products or services orient to a specific gender, or specifically, one gender is more likely to avail of some services and products. You have to identify the prevalent gender of your current audience to find the most specific gender interested in your products and services.
- Income Level:
The income level of the audience can also give you valuable insight into the economic capacity of the audience. This information can help you find an audience with a similar range of income.
Some other demographic attributes that need to consider include:
- Education Level
- Marital Status
Psychographics are more related to personal attributes, like what the consumers think, how they think, and how they behave, etc. The Psychographics include:
- Interests and Hobbies:
When it comes to pinpointing the target audience, it is essential to know their interests and hobbies. It helps you identify how your product or services match their interests and hobbies. Furthermore, you can identify the people with similar interests to target easily.
Lifestyle is a broader perspective of how people think, act, and behave. This information about the current audience can inform you about how your product or services fit in their lifestyle.
Understanding the behaviour of people in terms of interacting with your product can give you useful information. Understand what they like about your product and how often they use it. Also, what means do they use to interact and draw the information related to your products/services?
Some other aspects of Psychographics also include:
2. Focus on Social Listening:
Social listening is one of the most useful tools to ensure your outreach to the right people. Social listening is a process of paying attention and understanding what people are saying about your brand, products, or services online. Let’s say, for example, you have a jewellery store. People are posting reviews and comments that you offer some heirloom quality jewellery. You also see a few comments saying that the quality of anklets from the last stock had terrible quality.
Now, when you see people exchanging conversation on it, you will check if most of the consumers think the same. If so, you will ensure making the changes that people like and Bingo! You will get a handful of customers. So, social media listening is all about observing what customers are discussing online and engaging with them to offer what they love. The interaction online can help you identify your target customers and their needs.
About half of marketers worldwide have turned to social listening during the pandemic to understand consumers’ changing preferences. This means that it has become indispensable for the brands to focus on social listening to cater to the target audience and increase profitability.
3. Conduct multisegment marketing:
A multisegmented marketing or differentiated marketing is the process whereby a company settles on one or a few market segments that provide more value and benefit to the company. Each segment is targeted with a special offer to appeal to specific buyers of that market.
In this way, a diverse audience can be fragmented into the most specific categories. Multisegment marketing offers you an in-depth market evaluation. It helps you identify the future customers’ characteristics. To create or design products and services according to the wish of the customers, you can use their relevant information. It also offers you the opportunity to target unique groups that help you gain a competitive advantage.
If done correctly, this marketing technique can ensure a powerful market presence because it is able to meet the unique needs of different segments. While some businesses sell the same product to multiple segments, others produce several products to attract many groups. As a result, differentiated marketing results in finding the right target audience, whether it is for different products or within the same product.
4. Analyze your products and services:
It is, in fact, the best option to analyze and evaluate your products and services to identify the target audience. As said earlier, the target audience comprises people who use your products; you have to consider who can most possibly use your product. First of all, you need to define what your product is. What problems does it solve? These answers of these questions will automatically pave the path towards the target audience. When analyzing your products or services, you must evaluate the viability of the product.
Product viability is a business potential of a product. In plain words, it is how relevant a product is to the target audience. This research is essential before introducing a new product as it offers valuable insights into the demand and profit margin.
5. Check out your competitors:
Keeping an eye on the competitors can help you identify your target audience. Analyze how and who they are targeting. But before that, you must identify your direct and indirect competitors. Direct competitors are those who offer more or less similar products or services to you. The indirect competitors might not provide similar products or services, but their products or services can shade the business potential of your products and services. Analyze their campaigns and engagements with their customers. If you observe and unconformity, you can create a strategy with accurate modifications that may work well for you and your audience.
6. Use analytics tools:
In this modern age of technology, everything has become easy and affordable. A wide range of marketing and analytics tools can offer you the most accurate insights into your target audience. These tools provide real-time insights about the leads commuting to the website. Some of the most useful tools that help you identify your target audience are:
Finding the key audience is the prerequisite to the success of a business. Without a target audience, you do not have an aim, and aimless things are ships without rudders. Finding the target audience is not a scary quest if you know the right techniques. For example, you will need to carry out thorough market research, analyze your products and services, evaluate your competitors, and use analytics tools, etc.