Why is the target audience important?
Knowing your target audience is one of the most crucial things for an effective marketing strategy. Focusing on a specific audience, who are more likely to purchase your products/ services, helps the businesses to know where to invest and how much. This is a much more affordable and cost-effective way to reach potential clients and generate business.
How do you write your target audience profile?
It is necessary to know your target audience. Hereâ€™s how you can write an effective target audience profile.
- Based on Consumer Needs: Identify the needs and problems of your target audience.This will help you in creating an impact on the market place.
- By Profiling existing customers: Another way to get to know your audience is by communicating with your existing customers. You can ask for feedback regarding your product or ask them to fill a survey. Loyal repeat customers can help you to understand what kind of people you should be targeting with your brand and products.
- By understanding the competition: Get to know about your competitor's target audience. Do they fit with your target? Fill in the gaps that your competitors have missed as this could help you boost your sales.
How do you present a target audience?
You can present a target audience based on:
- Cultural Segmentation: Audiences are segmented based on their religion and spiritual beliefs.
- Behavioral Segmentation:Audiences are segmented based on their user status, engagement, purchase pattern etc.
- Demographics Segmentation: Audiences are segmented based on age, gender, location.
- Psychographics Segmentation: Audiences are segmented based on personality, their attitudes, their values, interest, opinions and lifestyle.
How do you identify your target audience?
- Customer segmentation: Customer segmentation is carried out on the basis of behavior, psychographics, demographics and geographic. This generally includes age, gender, location, attitudes, interest, belief, purchasing pattern, user status etc.
- Company competencies: It is based on the companyâ€™s Unique Selling Point (USP). How is it different from the others in the marketplace? What are a companyâ€™s weakness and strengths? Every company should have a core competency.
- Revenue Potential: It is calculated on the basis of demand forecasting and expected sale of product. A company should calculate its revenue after it introduces a product/service into the desired target market.