Do you cater to anyone and everybody, or is your business niche specific?
In other words –
does one target your custom audience and deliver specific experiences for each segment, or is your approach more general.
When you don’t take the time to understand and understand your customers,
albeit you think that a bigger audience can use your products and services, you could possibly end up in trouble.
It’s simple – your cost of acquisition goes up across all channels,
but you don’t see an equivalent in revenue. You spend more, while you earn less.
Long story short – miss the audience’s heart, and therefore the only wallet that gets hit is going to be your own.
But how does one find your audience’s heart? Through audience targeting.
This article breaks down the topic while watching what it means – and the way it helps.
Let’s start at the beginning:
What is the audience targeting?
Audience targeting is the act of choosing specific clusters of potential customers and creating different strategies and campaigns
for every group to extend conversion rates.
With audience targeting, you’ll separate both your customer base and potential customers into smaller groups of individuals who share similar characteristics.
You can arrange these smaller groups –
usually called segments –
into clusters supported by their demographic characteristics (age, gender, location), shared values, or maybe online behavior.
Instead of a “one size fits all” approach to audience targeting, you segment your customer base into custom audiences and deliver personalized campaigns for these audiences of individuals.
Let’s check out a transparent example of audience segmentation and the way you’d approach the method.
For example, let’s say you sell smartphones.
After researching and searching your data, you notice two different segments:
Young professionals who need their phones in their professional lives. They take full advantage of all the features:
Social Media & Banking Apps, Gmail, the phone camera, etc.
And middle-aged parents, who only use their phones to speak with their children, friends, relatives, etc.
You could craft two specific directions for both segments.
Young professionals will study the phone’s functionalities,
how they will use a phone to figure from anywhere,
you’d sell them the sweet lifetime of digital nomads, etc.
However, the second segment doesn’t care about the liberty of working employment using only a phone. With the latter segment, you’ll talk about:
communicating with their loved ones
being close with their children, regardless of how far they’re
always having the ability to share the great news with their relatives
And so on.
So you see – albeit you’re promoting an equivalent product, your message is different for both segments.
You check out specific criteria,
analyze your existing customers, and adapt to them using particular targeting options.
The concept is comparatively straightforward:
The more specific you get in your segmentation, the higher the results of your targeted ads or email campaigns are going to be.
The more you are trying to succeed in everyone, the more chaotic your messages and experiences will get.
Benefits of audience targeting
So, will it work for you,
or is it just another buzzword within the marketing industry?
There is a standard misconception amongst entrepreneurs and marketers alike:
if I skip specific demographics from my campaigns, won’t I lose potential customers?
As we explained within the phone example, you would possibly lose clients without audience targeting.
And alongside these clients,
you lose respect, awareness, and therefore the opportunity to succeed in building new clusters of audiences within the future.
If you think about it when trying to succeed in everyone, you get nobody.
On the other hand, you’ll develop a compelling story or a robust USP that converts once you know who you would like to draw in.
You have to find out the way to pick your fights.
This means targeting specific people that need you, who will be such as you,
and who can become brand advocates and recommend your services.
However, this only happens if you don’t define your audience. Let’s what happens once you DO put within the time and energy required to segment and target your audience.
You end up getting more clients while investing less in advertising.
When you break down the mass of potential clients into specific segments,
you’ll create both marketing campaigns and customer experiences that cater to the actual needs of said segments.
You start speaking in a specific language, pinpoint core problems and beliefs, and fulfill specific desires.
By doing so, you create multiple personalized experiences for target audiences, and you become more persuasive.
Therefore, you spend your budget wisely.
While you continue to invest equivalent money in your marketing efforts, you attract highly qualified leads.
It happens because you’re already lecturing people that need you.
Therefore, those that don’t resonate
together with your brand, bargain-hunters, and detractors tend to wither themselves out.
This is how you minimize wasted ad spend and save your resources.
In short, you discover the best-performing products that attract and convert new customers.
You create a far better, stronger business.
Audience targeting allows you to make a distinct segment. You identify your rockstars (best-selling products) and build up from there.
But you’ll also see where you would like to enhance. Once you get to understand your audience,
you create and promote more products and services for your audience.
You can use marketing insights to declutter your inventory and only specialize in the solutions your audience needs.
This means you become more laser-focused on improving in certain areas of your business,
and again – you don’t waste resources on products that don’t sell also as you had hoped.
Read more about improving your Product Assortment and becoming a customer-centric business here.
You attract more clients who behave like your best customers.
We know you’ve got a selected group of consumers with whom you’re keen on working.
They buy often, recommend you to their peers, and don’t return your products.
At an equivalent time, you furthermore may have clients who are a couple to figure with,
albeit they don’t add any significant revenue to your business.
You could abandon the latter segment in a perfect world and focus your efforts on the primary one, right?
With audience segmentation, you’ll turn this ideal world into a reality.
Both Facebook and Google offer you the choice of using lookalike audiences
to focus on people almost like your best customers.
Use this feature and increase your customer base together with your desired clients
and abandoning those who take up most of the time but bring you the foremost negligible benefits.