Having a good product is only half the battle. Without knowing who you want to buy it, you risk wasting valuable marketing time and dollars. Getting specific about who your customer is will make you stand out from the crowd and ultimately increase your leads.
Metaphorically speaking, the target audience is defined as which fish in the sea you’re trying to catch. It is important to know who they are, so you can put out the correct bait to lure them in.
How to analyze your current customer base
The beautiful (and lengthy) acronym WWWWWH isn’t just for journalism, it’s also for finding your target audience.
Who are your potential customers? Define them with demographics and psychographics.
Demographics include traits like:
- Marital status
Psychographics include traits like:
- Behavior, especially when it comes to consuming/purchasing your product
What types of services and products are your customers interested in buying? Base this on what you know so far about who they are.
Where are they located? Where do they work vs. live? What is the population and overall size, and even the climate of their area?
When are these people likely to purchase your products? It could be just once, it could be subscription-based, seasonally, etc. When are these people most likely to absorb your marketing tactics? These could include certain mediums, times of day, etc.
Why do your customers want to purchase from you vs. a competitor of yours?
How do your audiences act and behave? What are their habits when it comes to lifestyle? These will ultimately tell you their behavior for purchasing.
After you’ve gone through the WWWWWH process, focus your sights away from your target audience for a moment, and now on your competition. Identify who they are and how they target.
Now that you’ve done the research, it’s decision time. Are there enough people to target who need your product? Will they benefit from it? Do they need it? Do you know what drives their decisions? Can they afford it? Can you reach them?
We’ve given you many questions to ponder. The answers are up to you to find.
Keep in mind: it’s okay to have more than one market. Consider segmenting each part of your audience for different messaging.
After you’ve defined your target audience, the real work begins. Target them, and then retarget them.
Don’t have the time to do all this yourself? That’s why we’re here. Our experts and state-of-the-art tools will help you find your target audience and take your business up a notch. Let’s talk.