Understanding your target market

//Understanding your target market

Understanding your target market

Imagine you are walking past a large digital advertising billboard, part of a larger digital marketing campaign. Do you stop and look at it or not? In marketing and advertising, those who stand out to the right people at the right time, get the most attention. It really is that simple, Managing Director Bev Strickland writes.

The answer to whether you looked at the advertising billboard will be decided by a huge number of factors and variables. These can include the time of day, if you are in a hurry, if it is for a product you have been looking for, if the billboard is made up of brash and bold colours or it features a really ridiculously good-looking baby goat.

One of the most effective ways to stand out in a crowded market, is to understand who your target market is and develop a campaign around what we know will be meaningful to them. The right message delivered in the wrong way is far less likely to achieve the desired result. A message tailored to your target market is much more likely to get their attention, because that is the way it has been designed.

Understanding who constitutes your target market and developing campaigns for them is known as market segmentation. Market segmentation breaks down the demographics allowing brands to target markets for products and services. Market segmentation is not just understanding who your market is, but it also crucially informs future product development, identifies potential markets, provides clarity as to who you are targeting and guides business decisions.

As a general rule, markets are initially broken down into four categories:

Demographic – age, sex, marital status, beliefs
Behavioural – based on behaviours regarding your service or product
Geographic – identifies the location of customers
Psychographic – identifies emotional and psychological characteristics

This process allows for messaging to be direct and effective. For younger target markets, chosen platforms may include TikTok and Instagram with bright colours, strong soundtrack and a simple message. For older demographics, platforms used may include Facebook or mainstream media campaigns with softer music, lighter colours and soothing narration.

When developing a digital marketing strategy and campaign, businesses should be asking what they can do to demonstrate to customers that they are valuable to them, as individual consumers.

In what ways can I encourage loyalty from a consumer? How can I increase customer retention?
Whether it’s an iconic campaign such as those developed by Apple or Samsung, or the loyalty program at a local cafe, all these things are designed to develop that customer loyalty, which then becomes a hallmark of a brand.

To effectively understand how to develop a relationship of trust and engagement with consumers:

– Start with what you know and build in data to help create a useful model of your consumer base
– Then begin to tailor your platforms to match your content to suit your audience and personalise where you can. (Did you know, just by personalising an email subject line, there’s a 26% increase in open rates?)
– Next consider how you can add strategic campaigns or loyalty programs to better engage customers and build a relationship with them.

All customers want to be treated well and recognised as valuable. If your marketing does not take into consideration the differences between each group – and target them with material designed for them – the chances are you could end up with an expensive digital “billboard” campaign no-one notices.

2021-09-24T08:26:19+10:00

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