How to Identify Valuable Customers
So you developed a notable product–now you’re looking for ideal customers to purchase your goods and services. The next step is to identify valuable customers or your target audience.
But before you can identify your target audience, it’s important to understand the meaning and the purpose for identifying these individuals. The target audience refers to the specific group of individuals that a message is intended for.
However, when it comes to marketing, it’s the predetermined customers segmented from your existing target market, identified as your ideal customers. Or the customers you’re marketing your products and services to, or the group of your ideal customers. These are leads, prospects and potential customers you’re aiming to influence on the daily, weekly or quarterly basis.
The objective is discovering the specific group of individuals who are likely to purchase your products and services. This helps your organization save time, money and more importantly a headache. In addition, it’s almost impossible to target everyone, as you many already know. Therefore, you must narrow down the list of customers you plan to target.
Above all, your organization has a higher probability to engage with the target audience. Consequently, the business will have a better conversation rate. Above all, your return on investment (ROI) increases by attracting targeted prospects.
Strategies to Discover Your Target Audience
The first objective of your marketing strategy should be discovering your target audience! Identifying your target audience enables you to develop a strategic marketing plan.
To be honest, it can become costly promoting a marketing message without knowing who the message is intended for. Imagine reading a book to a group of students virtually without knowing if there are students in the room. It could become a waste of time if no one was in the room. However, if you could discover which students were in the room it would be worth your time. It can become costly promoting a marketing message without knowing who the message is intended for.
Attract Your Target Audience
Of course, before you can pursue customers, you must attract them. Somebody interested in your products and services won’t approach you unless they have reason to believe you have something of value. Therefore, you must put information out to attract your target audience.
Examine Competitors Customers
Examining your competitor’s target audience is a strategic technique that can enable your organization to gain a sustainable competitive advantage. This involves analyzing and understanding the techniques and strategies your rivals use for engaging with the target market. This can be accomplished by executing a process known as the competitor analysis.
Analyze Solutions of Your Product
Secondly, figure out which problem(s) your product(s) solve and solutions your services deliver. As an illustration, let’s examine the mobile industry. Smartphones took the communications industry by storm in 2004. Before customers realized it, they were paying $2000 for a mobile device. Mobile phone companies were earning tons of money.
However, as history repeats itself, for every up, there’s a down. Individuals began losing their phones, cell phones were easily broken, these devices started to become costly. Therefore, people began to complain about the cost of replacing phones. As a solution, most companies began offering mobile insurance.
Here’s a second illustration, let’s examine independent vendors. Over the years, independent vendors have targeted groups on a seasonal basis. Some vendors have set up booths with balloons and flowers to attract people in relationships for Valentine’s Day. Whereas, others have sold hot dogs downtown in the winter. No matter which season the vendor pursues, he/she knows which products that are trending for that season.
Collect Data and Information (Suveys, Focus Groups)
Collecting data and information is one of many techniques you can use to understand your target audience. This can be achieved by conducting surveys or collecting information from focus groups. Collecting data is one of the most effective techniques to identify strengths & weaknesses of an organization. The reason being is you have complete control over the questions. By the same token, you can concentrate on areas that need improvement. This method may be expensive but it pays off in the long haul.
Engage Social Media Networks
Thirdly, you can engage with your audience through social media networks to engage with your audience. Social platforms allow you to engage with a mass audience all at once. Even more, many individuals have social media accounts. Consequently, it’s easier to reach individuals in your audience.
Exploit Social Video Platforms
The last technique encompasses exploiting social video platforms. Video platforms are just as powerful as any other promotional technique. Most people enjoy watching digital content. Statistically, one third of internet users watch content on YouTube’s platform. This provides you with a window of opportunity to understand the needs and wants of customers.