Taking Aim: How to Identify Your Target Audience

What's your mark?

Your business – and every business – has a singular driving goal: capturing more customers and, ultimately, owning your market. Today, owning your market doesn’t require you to spend more on marketing and promoting your business than your competitors. However, it does require you to have a more efficient marketing and promotion engine in place that yields maximum return for every dollar and every hour you invest. The process of building this engine doesn’t begin with tactics; rather, it begins with identifying your target. No business – yours included – can afford to market to everyone. Of course, it’s tempting to try to reach as broad an audience as possible in the hopes that no potential customer will slip through your fingers. However, in actuality, this approach will cost you much more money and deliver far less satisfactory results because you’ll have greatly diluted your chances of reaching those whose needs you truly serve. It’s important to understand that your target audience does not encompass anyone who might possibly ever buy your products or services. Rather, your target audience is comprised of those who are most likely to buy and, therefore, become the primary focus of your marketing efforts. Identifying the right niche provides the foundation for success in all aspects of marketing and promoting your business:

• It allows you to focus your efforts on those tactics and mediums that are most effective in reaching this particular group.
• It allows you to tailor your sales message to focus on the needs and concerns that are of greatest relevancy and urgency.
• Most importantly in today’s marketplace, it allows you to build a strong community around your brand comprised of people who love what you do and happily serve as your fans and evangelists.
• And in real dollars and cents, it’s the difference between sending thousands and hundreds of thousands of postcards to achieve the same end result.

Here are the steps you should take to ensure that you’re targeting the right audience:

Segment your customer base.

Who are your customers? Of course, there are many different ways to answer this question. Often it’s easiest to begin by examining your sales data and segmenting your customers into groups based on demographic factors, including age, gender, income level, education level, marital and family status, industry and geographic location. In working though this process, you’ll likely find that a particular group or groups emerge as those who buy from you most often. This simple step can also help you identify how best to market the same product or service to different groups. Some market segments may be better reached at trade shows while others can be reached at home with a direct mail campaign.

Dig deeper.

Breaking your customer base down into groups based on basic common characteristics like gender and income is only step one. To reach and engage with these groups effectively, you’ll need to develop a deeper understanding of both their lifestyle and their motivations. Start with one of your products or services and evaluate it through the eyes of the customers that exist within each group you’ve identified. Make a list that includes every possible reason this type of customer might want this particular product or service. Maybe they are trying to solve a problem, maybe they just want to feel good about themselves or to satisfy a basic need. Going through this process will help you drill down to the specific benefits and outcomes that should be the core focus of all your future communication with this group. Secondly, think about the routines of their day-to-day lives and how this communication will be best received. Do they frequently read the paper? Do they spend a lot of time in the car listening to the radio? When searching for news and entertainment, do they turn on the television or pick up their iPad? Are they likely to be active on social media platforms and, if so, which ones? This type of analysis is essential to ensuring that you choose the right vehicles and mediums to capture their attention.

Keep digging.

At this point, you’ve established a solid foundation of knowledge about your target audience. But if you dig a little deeper, you might uncover additional information that will allow you to sharpen your approach even more. Now that you’ve segmented your market and gained an understanding of what drives your customers, see if you can identify which group or groups offer the most marketing bang for your buck. For example, of all those who are most likely to buy your products or services, which groups represent the most profitable? In the B2B world, these are usually the clients with the greatest longevity or those who utilize services with the greatest profit margin. Also, who are the customers or clients that send you the most referrals? These are your very best customers because they do the work of selling for you, so make sure you are not only reaching your existing customers who fall into this category but also others like them because they represent a group whose needs you are particularly good at serving. Finally, it would be a mistake not to examine who your competitors are targeting. This is not so that you can just copy their strategy and run with it. To the contrary, what you’re really looking for is any gaps in the market that they might be overlooking so you can swoop in and grab these underserved segments.

Put your target to the test.

Now that you’ve identified your audience, it’s time for the rubber of your marketing plan to hit the road of execution, right? Not so fast. You need to put your construct of your target audience to the test to ensure that it’s one that can sustain and grow your business. This process is often called a SWOTT (strengths, weaknesses, opportunity, threats and trends) analysis. Ask yourself the following questions:

• Are there enough people within the audience you’ve identified to support your business?
• Can they afford your product?
• Will they see a legitimate need for it?
• Where do your prices fall in regard to their expectations? Too low? Too high?
• Are there opportunities to upsell other related products or services to this group?
• How much competition already exists in the marketplace for this group?
• Are there any trends you can identify of which you should be taking advantage?

While the process of identifying your target audience may seem complex, these steps hold the keys to competing effectively in today’s marketplace. When you clearly understand who buys from you and why, only then can you find the channels they frequent and become one with your tribe. And wouldn’t you rather own your target market than merely shoot arrows into the dark, hoping one will land?

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The Next Evolution of Social Media Integration

A few years ago, when brands first began wading in to test the waters of the social media pool, the concept of social media integration was very straightforward and simplistic: add icons linked to your company’s social media profile pages on your website, and consider the job done. The message to visitors was, “Like what you see here? Please come join the conversation happening on our company’s social outposts!” And as brands continued to jump on each new social bandwagon that came along – YouTube, Pinterest, Instagram, etc. – the once-standard three buttons became four, then four became five and so on. Shortly thereafter, brands discovered the benefit of serving content across multiple sites in the name of message continuity. The advent of social media management tools like Hootsuite and Tweetdeck set this activity on fire, as marketers began exploiting newly available scheduling tools to republish content to all their profiles with the click of a single button, with no regard for tailoring their message to the culture and syntax of each platform and audience. And this run-of-the-mill, low-quality content made its way back to these companies’ websites as embedded Twitter and Facebook feeds – all in the name of integration. And customers noticed. Actually, everyone noticed. Because this robotic, efficiency-driven method of social media integration began to strip these platforms of their primal social element — the very reason why sites like Facebook, Twitter and Instagram are so popular in the first place. So with a little push from Google, Bill Gates’ postulation, “Content is King,” became every marketer’s buzz phrase. Companies began pouring big dollars into developing relevant, original content in every arena, from sharable blog posts and traffic-driving SEO landing pages to viral videos — each fighting for a just few fleeting seconds of consumers’ precious attention. As companies started to find their footing, they realized success in social media demands integration through and through – not at the superficial level of icons and links but at the very core of a company’s business growth efforts. Rather than treating each marketing medium (e.g., television, radio, email, pay-per-click, social, etc.) as existing within its own self-contained silo, social should be seamlessly interwoven throughout the brand’s marketing initiatives in ways that are a natural fit with how real customers think, behave and make decisions. When done well, social media integration steps inside and outside the four walls of the Internet fluidly, supports customer engagement while maintaining the social integrity of the platform and, inevitably, drives sales. Here are a few excellent examples of companies who are doing it right by today’s standards:

Well that’s Pin-teresting

Recently, Banana Republic sent out an email blast that combined the best of social media, direct marketing and e-commerce into one cleverly crafted campaign. Subscribers to the company’s mailing list received an email message featuring images of customers’ most-pinned styles. Within this email was a link that took recipients to a dedicated landing page on the brand’s own website where they could shop these looks, creating a direct, distraction-free path between email, website browsing and checkout, greasing the gears for a quick and easy purchase decision. Smartly, Banana Republic executed these promotional efforts in the other direction, too. Their Pinterest profile includes a board of most-pinned styles, each of which of course links directly to the item featured in the pinned image for interested buyers to purchase from the website. This creative campaign not only integrates the company’s social media, email and e-commerce efforts, it also capitalizes on a key psychological motivation for the fashion-minded by giving them insight into what’s on their fellow shoppers’ wish lists so that they, too, can be seen sporting the season’s most-wanted looks.

Tweet to eat

If you’ve got a fanbase that’s actively engaged in talking about your brand on social media, it begs the question: how can you take advantage of their promotional activities to reach a broader audience? The answer: integrate your social media campaigns into your traditional marketing efforts. Case in point: Panera’s highly successful #PaneraFaves campaign. Over the past several months, Panera Bread has been encouraging customers to share photos of their favorite menu items on Facebook, Twitter and Instagram – providing added incentive by giving those who participate a chance to win Panera gift cards. While this initiative provides great value on its own by prompting fans to promote the brand to their own friends and followers, Panera has taken this campaign to the next level, running national TV spots that feature these #PaneraFaves tweets and pics. The strengths of this TV campaign are multifold, as they position Panera not only as a brand that pays attention to its customers and their opinions but one that is well loved by those customers, too.

Add it now, buy it later

In May 2014, Amazon launched a feature that lets Twitter users add items directly to their Amazon cart simply by typing a hashtag. First, the user must connect their Twitter account to Amazon. Then, anytime they see an Amazon product link on Twitter, replying to that tweet with the hashtag #AmazonCart — or #AmazonBasket in the UK — adds the product to that user’s shopping cart, where it will be ready and waiting for them to purchase at their convenience. This stroke of marketing genius essentially turns Twitter into a retail pipeline for Amazon, extending the reach of the e-commerce giant beyond its own website to the social hubs where its customers live and talk about products day in and day out. In doing so, Amazon is also wisely fending off the rising threat of social networks transforming into social commerce outlets in their own right. While there is still a learning curve for customers and a few technical kinks to work through, Amazon’s “add it now, buy it later” concept clearly has tremendous potential to shape the future of social commerce.

As seen on TV

Also in May 2014, TaylorMade partnered with Chirpify, a marketing conversion platform, to host a live sweepstakes for their SLDR S golf club during the CBS broadcast of the PGA Byron Nelson Championship. Using their #actiontag (#DistanceforAll), anyone could enter for a chance to win the SLDR S or a trip to the US Open. According to Chirpify, “55 percent of people who saw the message on TV and responded to the sweepstakes on social completed the registration.” This 55 percent conversion rate is nothing to scoff at. It means social is no longer limited to merely reflecting engagement. Instead, it can be used as a clear and defined component of the sales funnel — exactly the kind of approach to and innovative use of second screen and social that defines the next stage of evolution in social media integration.

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