The universal truth about marketing is that you can’t target every person, but you can sell to everyone. If you can potentially sell your product to everyone, then why is establishing a specific niche of the market so important? The answer is, this group of people have a high chance of taking interest in your product and converting. That's why you need to do an audience research.
Rather than hoping for a low chance of a large group of people buying your product, you should focus your energy on the high chance that your target market will buy from you. Here is a short guide on how to conduct audience research to dominate your niche.
How to Do Audience Research
If you managed to already sell your product to a handful of people, you can use them as a reference to create a target buyer persona. A buyer persona is a fictional character that represents the ideal archetype of your buyers or target market. The buyer persona, shares in common a few characteristics with your real-life buyers, such as the age, location, problems or concerns, buying power, and lifestyle preferences and behaviors.
The point of this exercise is to help you understand your potential customers and the marketing message to which they respond best. This can also help you target your ads to a specific demographic to avoid unnecessary overspending and to protect your brand’s image by making your ads relevant to the correct people.
Tip: If your business is a B2B, you might add extra details, such as the job title of your buyer (purchasing, outsourcing, CEO, CFO, etc.) and the company size as well as their products and services.
Learn about your competitor’s buyer persona
Chances are, your competitors play in the same field, even though they might offer slightly different values. Still, you can learn a thing or two about the kind of buyers that are interested in their products. This includes the way they interact with their customers offline or online, and the easy-to-miss little details that are appreciated by their customers, that you might not have considered as important.
For example, if you run a healthy food catering service, take a look at their website and social media accounts. Take note on how they position themselves, how they appear in the eyes of your shared buyer persona, and how they communicate with their audience. Who do they follow? What ‘story’ do they post each day? Perhaps their success in attracting upmarket health-conscious individuals are due to the quality content on diet-related issues.
Make your offers clear and remind them of your values
You can offer a product that fulfills its design specifications, but you can ‘package’ the product a certain way to create great customer experience, which adds value.
For example, in essence you sell a bottle of cold brewed coffee concentrate. You target people in their 20s and 30s who enjoy cocktails. The design specification is that your cold brew shouldn’t be too acidic to be added into martinis to make the now trending espresso martinis. Your target market’s top concern about espresso martinis is that it’s difficult to make espresso without a machine.
If they successfully make an espresso martini at home, they get the feeling of achievement and respect, which is important for social life. Your product not only solves a technical problem in mixology, but also benefits the user. It makes their lives more interesting!
In the end, you should be able to write a target market statement
A target market statement is a short paragraph that describes how your product benefits your target market. Include who and where your target market is, what their problems are, what potential solutions they have found, their resources (purchasing power and time to invest), and their culture (shared attitudes and behaviors). This should be your goal when doing an audience research.
Need help with audience research?
Doing an audience research is an essential part of your marketing strategy. To learn even more about marketing strategies for social media management and advertising, why not ask an expert? Island Media Management is a digital marketing agency based in Bali, with a representative in Jakarta.
We offer advice on Branding Strategy to help you with campaigns like reputation management, internationalisation and localisation, media planning, SEO and copywriting, web design and graphics creation.