Finding Your Demographic: A Simple Guide to Target Market Profiling
Struggling to increase your sales? It's likely that you're focusing on the wrong audience. Read on to find out how to go about target market profiling.
Customers lay at the heart of any flourishing business.
No customers, no capital- it’s as simple as that
.
And, without capital, it’s a one-way ticket to trouble. Indeed, almost 3 out of 10 failed new businesses list a lack of cash as the cause of their demise. In order to succeed where many fail, then, attracting new customers is key.
But you know all that already.
The real question is how to succeed in the endeavor! How do you attract enough custom to drive revenue in a competitive world?
Of all the ways to do it, effective target market profiling is usually the first step.
Simply put, understanding your audience is fundamental to marketing to them. With this insight in order, you stand a far better chance of getting the right people through the door.
Want to know how to do it?
Keep reading for 8 top tips on working out your audience!
No customers, no capital- it’s as simple as that
.
And, without capital, it’s a one-way ticket to trouble. Indeed, almost 3 out of 10 failed new businesses list a lack of cash as the cause of their demise. In order to succeed where many fail, then, attracting new customers is key.
But you know all that already.
The real question is how to succeed in the endeavor! How do you attract enough custom to drive revenue in a competitive world?
Of all the ways to do it, effective target market profiling is usually the first step.
Simply put, understanding your audience is fundamental to marketing to them. With this insight in order, you stand a far better chance of getting the right people through the door.
Want to know how to do it?
Keep reading for 8 top tips on working out your audience!
1. Consider Current Customers
Start by looking at the people who currently frequent your business.
These guys are your current audience! Understand them and you can learn a lot about your business and what needs to happen moving forward. Take a look at their demographics, traits, purchase patterns.
From there you stand a better chance of establishing the relative pros and cons of your current marketing strategy. What’s worked, and what hasn’t?
You might find that nothing needs to change. The current audience might be engaging and converting well; if they’re not, then consider targeting a new set of would-be customers (aka a different target audience).
These guys are your current audience! Understand them and you can learn a lot about your business and what needs to happen moving forward. Take a look at their demographics, traits, purchase patterns.
From there you stand a better chance of establishing the relative pros and cons of your current marketing strategy. What’s worked, and what hasn’t?
You might find that nothing needs to change. The current audience might be engaging and converting well; if they’re not, then consider targeting a new set of would-be customers (aka a different target audience).
2. Read Your Reviews
Online and offline reviews can be a useful source of data here.
They help you identify what’s important to your current customer base.
The feedback, both positive and negative, acts as an education into the type of people they are and how your product serves them (or doesn’t!). You can ascertain why they turn to your business over competitors, and how it can be improved.
See it as free data that you can leverage for newfound insight into your target audience.
They help you identify what’s important to your current customer base.
The feedback, both positive and negative, acts as an education into the type of people they are and how your product serves them (or doesn’t!). You can ascertain why they turn to your business over competitors, and how it can be improved.
See it as free data that you can leverage for newfound insight into your target audience.
3. Keep It Narrow
Size matters in the world of marketing.
But bigger isn’t always better.
A mistake that many new marketers make is targeting an audience that’s too broad. Alas, that’s a recipe for trouble. It spreads resources too thin and effectively inhibits potential results.
Try focusing your attention throughout this process instead; don’t be scared of niche markets. They might feel riskier, but a narrow audience concentrates your marketing attempts instead of watering them down.
But bigger isn’t always better.
A mistake that many new marketers make is targeting an audience that’s too broad. Alas, that’s a recipe for trouble. It spreads resources too thin and effectively inhibits potential results.
Try focusing your attention throughout this process instead; don’t be scared of niche markets. They might feel riskier, but a narrow audience concentrates your marketing attempts instead of watering them down.
4. Decipher the Demographics
Strive to find out your target audience’s demographics.
Demographic data is key. Knowing where they reside, how old they are, what they do for a living, how they identify, where their political beliefs lay, and so on, can all inform marketing efforts.
The trick is getting your hands on the data.
Thankfully, many OTT advertising platforms and CRM systems will tell you this, as will various marketing platforms (such as Facebook and Google). Their analytics data will reveal a lot of demographic information on the people engaging with your ads.
From there, you’ll be more able to make sense of their motivations.
Demographic data is key. Knowing where they reside, how old they are, what they do for a living, how they identify, where their political beliefs lay, and so on, can all inform marketing efforts.
The trick is getting your hands on the data.
Thankfully, many OTT advertising platforms and CRM systems will tell you this, as will various marketing platforms (such as Facebook and Google). Their analytics data will reveal a lot of demographic information on the people engaging with your ads.
From there, you’ll be more able to make sense of their motivations.
5. Work Out Where to Market Your Business
The next thing to think about is where your target audience will come across your business- online and offline.
It’s another pivotal piece of the puzzle.
After all, there’s no point aiming your marketing at locations they never frequent. It’d be akin to waiting for a certain bus at the wrong stop! You’ll never get where you need to go.
Work out the blogs, websites, forums and social platforms on which your audience spends time.
You’ll stand a much better chance of seeing the results you’re after.
It’s another pivotal piece of the puzzle.
After all, there’s no point aiming your marketing at locations they never frequent. It’d be akin to waiting for a certain bus at the wrong stop! You’ll never get where you need to go.
Work out the blogs, websites, forums and social platforms on which your audience spends time.
You’ll stand a much better chance of seeing the results you’re after.
6. Look at Past Campaigns
Previous marketing attempts provide another vital source of data.
Successful and unsuccessful campaigns alike can prove enlightening in terms of your target audience. They reveal what worked and what didn’t, who engaged and who didn’t, and what they purchased and when.
Mine them of every piece of useful information possible!
It goes without saying that you stand a better chance of uncovering your target audience with this data to hand. You can try emulating past results to validate your assertions and, hopefully, replicate the successes.
Successful and unsuccessful campaigns alike can prove enlightening in terms of your target audience. They reveal what worked and what didn’t, who engaged and who didn’t, and what they purchased and when.
Mine them of every piece of useful information possible!
It goes without saying that you stand a better chance of uncovering your target audience with this data to hand. You can try emulating past results to validate your assertions and, hopefully, replicate the successes.
7. Test Your Assumptions
What we just mentioned about testing assertions is worth elaborating on.
It’s another important step to discovering your true target audience.
Many people assume that they understand their customers. They believe their knowledge of the customer and industry is comprehensive and faultless; they see no reason to make further inquiries.
They may be right! But they might also be wrong. More to the point, in the absence of investigation, there’s no way to know.
And any ignorance can come back to bite in terms of lost sales and slow growth.
Always seek to test current understanding of your customers/audience. Get into the habit of running surveys, reading reviews, seeking feedback, and analyzing data. Confirming or disproving your suspicions is a key element of winning in business.
It’s another important step to discovering your true target audience.
Many people assume that they understand their customers. They believe their knowledge of the customer and industry is comprehensive and faultless; they see no reason to make further inquiries.
They may be right! But they might also be wrong. More to the point, in the absence of investigation, there’s no way to know.
And any ignorance can come back to bite in terms of lost sales and slow growth.
Always seek to test current understanding of your customers/audience. Get into the habit of running surveys, reading reviews, seeking feedback, and analyzing data. Confirming or disproving your suspicions is a key element of winning in business.
8. Check the Competition
Lacking hard data to turn to in this process?
Never fear, assuming that you’re entering a pre-existing industry, competitor analysis can provide all the information you need. In other words, look at your leading competitors and their audiences.
This can be revealing in two ways:
It shows a) the customers they’re targeting, and b) the customers they’re not.
You can use both to inform your own ongoing marketing efforts. Look at their strengths and weaknesses; where their marketing endeavors are working, and where they’re lacking.
Consider how you can capitalize on their weaknesses and replicate their successes.
Never fear, assuming that you’re entering a pre-existing industry, competitor analysis can provide all the information you need. In other words, look at your leading competitors and their audiences.
This can be revealing in two ways:
It shows a) the customers they’re targeting, and b) the customers they’re not.
You can use both to inform your own ongoing marketing efforts. Look at their strengths and weaknesses; where their marketing endeavors are working, and where they’re lacking.
Consider how you can capitalize on their weaknesses and replicate their successes.
Master Your Target Market Profiling
Business success relies upon attracting customers and convincing them to spend their money.
Target market profiling is the first step in that process.
It’s no good spending money marketing to the wrong people. Understanding your audience enables businesses to target their resources more effectively. Get it right, and you’ll be able to tell the right people about your product/service, which naturally facilitates sales.
Hopefully, this post will help you do it.
Want to read more articles like this one? Search ‘marketing’ on the blog now!
Target market profiling is the first step in that process.
It’s no good spending money marketing to the wrong people. Understanding your audience enables businesses to target their resources more effectively. Get it right, and you’ll be able to tell the right people about your product/service, which naturally facilitates sales.
Hopefully, this post will help you do it.
Want to read more articles like this one? Search ‘marketing’ on the blog now!
