Let’s chat a little bit about identifying your business’s target market.
In marketing, a target market is a group of people with similar characteristics who buy a product or service. Casting a wide net that targets everyone will likely lead you to share content that does not engage that audience and leave you endlessly posting. Even worse though, aiming at the wrong market will end in low-return investments. By identifying your target markets, you gain a comprehensive understanding of your ideal potential customers who are most likely to convert.
There are 4 main types of market segmentation: demographic, psychographic, behavioral, and geographic.
Demographic segmentation is the simplest and most popular method of targeting. This approach categorizes people based on qualities such as location, age, gender, income, education, occupation, family size, race, religion, and similar attributes. There are many approaches to gathering this data, but forming your target market using demographics is a good start to creating your consumer profile, but it should not be the sole metric.
Psychographic segmentation is similar but goes beyond targeting by demographic, by focusing more on mental and emotional characteristics. Some of these attributes include personality, values, interests and hobbies, lifestyles, and beliefs.
A demographic profile provides you with a general understanding of your audience, whereas a psychographic profile reveals the reasons why people choose to buy or not buy your product or interact with your ads.
First, let’s talk about WHY we would evaluate your customer’s behavioral data. It gives us the opportunity to increase user engagement, improve conversion rates, enhance customer experience, and target your customers with the right messaging at the right time.
How someone interacts with your brand and products is the consumer behavior to evaluate. Behaviors can be examined in different ways, such as why they purchase the product, when did they buy, how often they re-order, what emails are they engaging with, and so much more.
Where can I apply behavioral targeting? That’s where we come in. Our team of marketing experts, can not only look at your targeting settings through Facebook or Amazon advertising for optimized and effective ads, but we also look at your customer’s journey with you and make the most out of those touchpoints.
While geographical segmentation might be the simplest form of market segmentation, there are still plenty of ways to use it that companies don’t utilize. Different factors under geographic targeting’s umbrella include location, time zone, climate and season, cultural preferences, language, and population density.
Your target area will vary based on your business’s needs. The bigger the business, the wider the areas you’ll be targeting. However, if you’re not strategic about your targeting, you could overspend in one area that may not be where your target audience is. Make the most out of your dollar and be strategic with the net you cast.
Target Marketing is vital for sharing your content, having your content appear in the right places, and most importantly, getting in front of customers. Whether you would like your assumptions confirmed or a fresh pair of eyes and extensive market research into what audience is most likely to convert from a lead to a sale confirmed, our marketing experts are ready to help.