A solid marketing plan takes a lot of upfront work. You need to decide what to promote and how to promote it. While these are important considerations, they won’t do you much good if you neglect to determine who you are promoting to. Surprisingly, many businesses overlook this crucial aspect of their marketing strategy.
Identifying Your Target Audience
One of – if not the – most important keys to a successful marketing strategy is identifying (and, of course, reaching) your target audience. Otherwise, you might as well be throwing darts while blindfolded, hoping something sticks. The reality is, more often than not, you’ll miss the board entirely. But even many of the most seasoned marketing professionals overlook this crucial step and launch a new campaign without first taking the time to identify exactly who they are trying to reach with their messaging.
All companies have products or services they are trying to sell; your target audience consists of those consumers you hope will purchase from you. Marketing campaigns exist in order for you to reach this group and motivate them to buy from you.
Until you gain insight into your target audience, they are merely a nameless, faceless group of people. The key to reaching them is to understand who they are. You’ll need to figure out their motivations and habits in order to come up with a marketing strategy. Start by asking yourself a basic question: who buys your products or services? This is where market research comes into play.
The Importance of Market Research
If you work for an audiology clinic that sells hearing aids, the answer to your question will seem straightforward at first. People with hearing loss buy your products. But it’s not quite as black and white as it first appears. Hearing loss isn’t confined to a single demographic; it affects young and old, rich and poor, male and female – which leaves you with basically the entire population. Obviously, you can’t market to them all! Which is exactly why market research is so important.
Using data and insights to learn as much information as you can about your customers will help you focus your marketing efforts on the right group of people, thereby improving your ROI on marketing campaigns. Market research takes many forms; it can be as simple as a survey or case study, or might utilize more complex data-driven analytics.
Regardless of how you go about obtaining the information, doing so is the crucial first step in launching a successful marketing campaign.