A big part of marketing strategy is defining your audience; this alone can make a huge difference to your impressions, sales, and conversions. There’s a reason why Facebook and other big corporations collect data on their users, and sell it for the purpose of advertisement – reaching the right people means you’re advertising effectively, and making the most of the funds you spend on marketing your service or product. Knowing your audience is all about catering to what they need, and adapting to their reactions.
Why knowing your audience matters:
One of the biggest challenges in advertising is identifying the people you interact with, and making sure the right people see your product. It’s almost impossible (and very expensive) to reach every single consumer, especially if they’re in the thousands or millions. In the age of digital marketing, knowing your audience is more important than ever – the internet has given us the tools to find a market or audience for any niche, and the ability to advertise to very specific groups of people. The downside is if your market or niche is big (such as wellness, self-development, or financial services) it can be difficult to reach your potential customers as the market is already saturated. However, it’s possible to outrank even the biggest and most dominant key players in your niche with strong content, good products, and quality marketing.
Knowing your audience allows you to have a smarter marketing strategy. Back in the day the main strategy for advertising was to reach as many people as possible, and hope that because of the sheer number of people who saw your advertising you would sell high amounts of your product or service. However in this day and age you can target your marketing so you’re only spending money on advertising to the people who are the most likely to purchase your product, saving you money and time. All of this can be done thanks to audience identification.
Knowing your audience: key variables
In many cases a person’s age can provide general information about their interests and stage of life, and how likely they are to need or want your product. For example, a company selling infant formula is likely to advertise to people aged 20-40, who are the right age to have a young baby. A company selling cruise holidays will have more success advertising to people aged 50-70, who may have retired and have spare time and money for a cruise.
If you can determine the percentage of men and women in your audience, you can make better decisions when it comes to marketing and product creation.
- Spending budget:
Knowing your audience’s financial status, what they can afford, and how they prefer to make payments can help a lot in determining the right price bracket for your products, and how to effectively advertise to them. For example, a company that sells expensive chocolates may advertise these as a ‘birthday treat’ to their less affluent audience, and as an ‘everyday item’ to their more well-off customers.
- Life phase:
Similar to age, another critical audience identification piece is knowing your audience’s stage of life, current life changes, and common challenges. This could be graduations, student loan problems, newly married, recently had a baby, or about to retire. All of these pieces of information can help you refine your products and advertising to appeal to your audience.
Your audience’s interests are important; they can vary from person-to-person, but finding common interests allows you to connect with your audience over the things they care about.
For example, a company that sells hiking backpacks might assume that their audience is interested in travel, exercise, and spending time outdoors. They can then create advertising campaigns using these topics, to better connect with their audience.
Language can easily be changed in ads if you are trying to reach a specific type of audience, and can be very beneficial to break through the communication barrier. Knowing the level of formality and tone that your audience use will help with your marketing and communications.
Benefits of knowing your audience:
- Catering to their needs:
One of the biggest benefits of understanding your audience is being able to cater to their needs and interests. If you know that a big percentage of your audience has taken a student loan 4 years ago, you know that they are probably going to be looking for a job now. You can reach out to them with a product offer or service designed to help them job-hunt, or to save money while they look for work. Offering a product that fits their stage of life and current needs will make them more likely to become a customer.
If you know what your audience wants and in what quantities, you’ll know how high or how long you can scale your investment on particular products while still remaining profitable.
- Creating new markets:
Knowing your audience also allows you to identify similar audiences, and explore ways to develop or modify your core product for these new audiences – allowing you to be dominant in one niche or market, and trending or growing in other markets.
How to identify your audience:
Audience feedback analysis is one of the most accurate ways to know your audience; if you put out a product and a specific set of people respond well to it, you now know what kind of products those people are interested in, and based on their demographics you can start to identify your audience.
You can gather information on your audience by requesting their demographic data (age, gender, location, etc.) when they sign up on your website or when they purchase a product – this helps to identify your audience quickly and reduces guesswork.
You can also receive audience demographics and analytics from your YouTube channel, business Facebook page, and business website.
An easy way to know your audience is knowing your competition – your competition can be your rival and your friend at the same time. Let your competitors do the work for you; if you see that they’re more interested in a trending topic, you can generally make the assumption that your audience may like what the competition’s audience likes, and be interested in this topic as well.
There’s nothing wrong with asking your audience about themselves; this can easily be done if you have a website to send a survey. If they really like your brand and what you stand for, your audience will be happy to provide feedback to guide your future product and service improvements.
Knowing your audience and how they react to some of your products and services is critical to long-term business success. If you know what your audience wants, you can tailor your products, services, and marketing to their interests and needs. Knowing your audience helps to determine what kind of moves you should make in the future, and how you can optimize your short and long term marketing strategy.
– Created on behalf of Fit Futures Adademy to benefit their many personal trainer graduates who are about to market themselves in the Personal Trainer and Fitness industry.
Disclaimer: The exercises and information provided by Fit Futures Learning Institute (T/A Fit Futures Academy) (www.fitfutures.co.nz) are for educational and entertainment purposes only, and are not to be interpreted as a recommendation for a specific treatment plan, product or course of action. Read the full content disclaimer.