Targeted and segmented marketing campaigns have a 77% return on investment.
Effective marketing is essential when launching a new service or product. Knowing your target market will allow you to maximize resources and optimize returns. Besides, knowing your target audience is vital to maximizing conversions and speeding up the marketing process.
There are several ways to segment your audience. Here are three target audience example tips to help you know your market base.
1. Understand Your Products Or Services
Before you begin to analyze the market, you need to understand your company. This includes having a strong understanding of your company’s values, products, and offerings.
It’s important to note that product understanding and product knowledge aren’t the same things. Product knowledge typically involves being conversant with figures, facts, and numbers. On the other hand, product understanding is knowing how your products can meet the needs of your customers.
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Consequently, you need to focus on product understanding as part of the market segmentation process. To do this, you will need to know the various features of your products. Next, you will know how these features give your company an advantageous position over your competitors.
Finally, you will determine the specific benefit of each feature.
2. Look At Your Current Customers
People who are already buying your products or services have seen the value. These people have fallen in love with your marketing strategies and are receptive to your messaging. So, this is where you should begin your segmentation.
Start by getting the demographic data of existing clients. The demographic data will include location, age, gender, and income. Also, be on the lookout for any patterns and similarities among your current clients.
You also need to pay special attention to repeat clients. Furthermore, you will need to have conversations with loyal customers. Get to know what attracts them to your product, brand, or service. The information will allow you to get examples of a target audience.
3. Conduct Competitor Analysis
Companies offering similar products or services may have more sales than you. Therefore, you should look into their target market.
Competitor analysis includes examining your competitor’s marketing strategies. Pay special attention to their favorite keywords. If you don’t know how to do this, read this blog about keyword research.
You should also look into their preferred marketing channels to get a target audience example. Are they emphasizing a particular social media channel, such as Facebook? Do they usually post videos, pictures, or text posts?
Competitor analysis can also help you to identify gaps in customer segmentation. You may locate a niche that your competitors are not targeting. If you invest heavily in this ignored audience, you will establish market dominance.
4. Use Target Audience Example To Boost Sales
If you are advertising to everybody, then you’re advertising to no one. You need to put all your marketing resources into people who can buy from you. That’s why it’s essential to know the target audience example.
Digital marketing has become a key part of business growth. Visit our other pages for more marketing tips.