When launching a new brand—product or service—there is a big risk. Understanding the market landscape helps to mitigate that risk, and knowing the right target audience for the brand can assist you. It helps in the structuring of your brand marketing efforts in terms of being more cost-effective.
After all, marketing strategies are all about reaching out to audiences that have active interests in the brand. That means a broad strategy will be far less effective than one with a specific target or niche. In turn, there’s the matter of determining the target market or target audience.
The Target Audience
A target audience is a group of people defined by certain attributes such as age, gender, race, and even income. Businesses try to understand what they know about their target audience in order to create user personas. User personas are made up of the behaviors and attitudes of the dominant members of the target audience. These personas guide the business’ decisions on marketing campaigns.
Databox conducted a survey recently which found that what helped search engine optimization (SEO), content marketing and social media marketing the most was target audience research.
Having a clear view of the target audience also affords a list of pain points. That way, content can be crafted more efficiently, with ads being focused on certain segments using appropriate marketing messages. After all, some messages may mean the world to some people and next to nothing for others. Personalization is something marketers the world over agree is a vital stepping stone towards improving customer relationships.
Needless to say, not having this information can end up costing the business quite a lot in wasted efforts.
Read on to learn more about how to find the ideal target audience for your brand:
Doing Market Research Will Help In Finding A Brand’s Ideal Target Audience
Market research is the logical first step to take. That way, every aspect of the market can be looked into. A SWOT analysis will get the job done since both the strength and weaknesses of a business will be determined easily. Opportunities and threats, in turn, will also be uncovered.
It will be able to shine a light on the following:
- Customer’s buying habits
- Demographics (age, gender, income level, marital status, occupation)
- Economic shifts
- Industries (accounting, medical, lighting, nonprofit and more)
- Location (local, national, international)
- Market trends
- Personality type (persona) and pain points
- Psychographics (attitude, behavior, hobbies, lifestyle, personality, values)
Find Your Ideal Target Audience By Understanding Pain Points and the Purchase Path
The best way to determine your target audience s learning what their pain points are alongside considerations when a purchase path is being pursued. Look into what the ultimate goal would be, too. Personas can then be crafted, as well as content that can be framed to address these details.
Determining the target audience of a brand can seem complicated. It can also be tempting just to go the generalized route. It’s ideal to have a target audience in order to be cost-efficient and really turn a profit. Key ways to find the ideal target audience include doing market research and understanding pain points as well as the purchase path.
Need lead generation support? Reach out to WhoKnows today! We create solutions and tools meant to help employees succeed and businesses improve function.