Identifying and Focusing on the People that Make or Break Your Business
As a business owner or as someone dedicated to developing the marketing and sales strategies for your company, it is important that the capital you invest in your efforts bring a sizeable return. Those funds are finite and need to be used to bring a solid return on investment.
The most important factor when considering your marketing budget is identifying your target audience. To be successful businesses must know to whom they are selling and what motivates their consumer. In order to develop high-quality leads, build customer loyalty, and hone your products and services, it is essential to know your target audience.
Here are four questions to consider when identifying your target market:
What demographics are common among your consumers?
The answer to this question will be different for B2B and B2C businesses. For those who operate in the B2B sector, knowing what businesses are buying your product, what area of the country they are in, and what segments of the population they serve are invaluable. B2C businesses can find their target audience by determining the age, gender, marital status, education, and the average income of their customer base. This type of demographic segmentation helps identify where marketing initiatives should be directed.
What does your typical consumer believe?
This type of psychological analysis of your client base can jumpstart your lead generation. Knowing what motivates your audience to spend puts you in a position to connect. Values, beliefs, personality traits, and even lifestyle matter when targeting through ad spends or more traditional avenues.
What behaviors do your consumers share?
Data and aggregated technology help to examine how consumers are interacting with our brands and others. What search terms are used, which social media sites they prefer, and how they typically commit to purchases are all important. B2B clients might have great success on sites like LinkedIn or by using Google Adwords. B2C businesses fair better when approaching their target audience through Facebook, Instagram, or other avenues.
Where does your consumer live?
Knowing where your typical customer lives geographically is often as important as knowing where they go online. Ads can be directed towards those living in a particular country, region, city, or neighborhood depending on who your audience is. An independent barbershop in Austin wouldn’t market their business to consumers in Sydney.
The great thing about targeting a particular audience is that most of the data needed to identify your business’s consumer base is readily available–if you know where to look. If you want to make sure that you are connecting with your target audience, dotedison can help. Message us today to identify your target audience and start spending your budget better.