All companies require a base of loyal customers to stay afloat. Thus, entrepreneurs benefit from becoming well-acquainted with their target audiences.
First, entrepreneurs must decide the makeup of their desired market. Then, test the waters. Sometimes the customers that purchase the products or sign up for the services surprise entrepreneurs.
Nonetheless, you can gain your desired clientele by monitoring feedback on social media and asking for it through surveys.
How many of the following tips you can adopt depends on your budget. For example, A/B testing requires an investment. However, obtaining data from social media is almost free.
Let’s look at seven tips to follow to learn more about your target audience.
1. Create Buyer Personas
As you decide what your target audience looks like, create buyer personas.
Elements of buyer personas include:
- Job title
- Challenges they face
If you own a heating, ventilation, and cooling service company, homeowners and renters fall into your potential market. ACs require service annually. Ideally, clients will schedule service every six months.
Let’s say that you’re happy servicing ACs but you aim to help homeowners and renters switch to smart thermostats. Buyer personas allow you to explore customer personalities.
The personas enable companies to market to desired audiences on their level. You can overcome concerns about privacy, cost, and maintenance by addressing them in your sales materials.
If you have decided that entrepreneurship is your path, these tips will help you start a freelance business.
2. Monitor Feedback
Social media platforms have created a direct line between companies and their customers. Therefore, they benefit from creating profiles and linking them to their digital assets such as websites.
Then, you have access to the public’s opinion about your products, services, and brand for minimal cost and around the clock.
Research professionals believe that reviews help both companies and consumers. The most helpful ones are 2- and 4-star ratings; they provide valid perspectives and productive suggestions more than others.
3. Conduct A/B Testing
When companies can’t decide if one email campaign will fare better than another version, conduct A/B testing.
If A/B testing takes up too much time, outsource the task to marketing professionals. They can roll out digital marketing campaigns through social media and record the results. Then, make a decision based on the data.
It’s OK to consider the data and take a different direction too.
4. Conduct Surveys
To learn more about a target audience, ask for information directly. If you offer rewards programs, your most loyal customers join them. Since they engage with your brand, send them email surveys.
The best surveys help you obtain meaningful information about potential product launches, price changes, and brand satisfaction.
Some corporations provide incentives to customers who consistently answer their surveys. They use purchasing habits and demographic data to find the best respondents.
If your company holds events, your staff can conduct surveys in person too.
5. Check the Competition
During the good times, companies tend to brag. If a competitor had a great quarter or reached a significant milestone, read their story. The story will give you insights into the market that you both covet.
Find out what worked for the competition that your company has not tried.
Sometimes it’s as simple as running campaigns more often.
6. Review Data
Every field and industry has individuals who collect data. They make their living observing industries and reporting their findings.
Reviewing data found in industry reports helps reveal tidbits about the current trends.
For example, Muckrack keeps an eye on the public relations industry. They provide interesting insights on PR and for professionals annually.
7. Examine How they Interact with Your Company
Mapping the customer journey outlines how you think customers interact with your company. It’s also the experience that you would like them to have with your brand.
To learn more about your desired market, examine if your customer journey map is accurate. Customer relationship management software allows companies to record all contact with prospective clients.
If customers don’t complete purchases or fail to sign up for your service, CRM software can reveal why the scenarios occur.
Companies benefit from learning more about their target audiences. Once you acquire them, it’s more cost-effective to upsell them than to replace them with new ones. Several tools exist that help entrepreneurs compile reports including social media.