Marketing Plan Target Audience Analysis

After the publication of the articleand its success, we have received a multitude of requests in which readers indicated that they were missing a key point in any Marketing Plan , the analysis of the target audience, and as the customer is “almost” always right, on this occasion we have been obedient to you, because you deserve it, so we further complemented the guide with the analysis of the target audience.

 

Occasions whether for 

The analysis of the target audience is essential for the design of actions that will contribute to the achievement of the set objectives.

 

 

Definition of target audience

A definition that sums up this concept and that I have incorporated into this post with permission from my friend . Jose was talking about this concept recently. It is understanding the target audience as:

 

The homogeneous demand groups

To which a product is directed, whether it is a good or a service; and which is initially defined based on demographic criteria such as age, gender and socioeconomic variables…” 

Or, to put it another way, with a focus on marketing. The target audience would be all the people to whom we sell or want to sell our products and services. That is, grouped by marketing variables, which optimize and make profitable the marketing efforts aimed at achieving the final objective: the sale (human and economic).

The vitally important

Marketing professionals we have it clear. NOT just clear but sharp, defined and identified our target audience.

It may seem obvious, but many companies do not work on this part of marketing in detail. And if not, keep reading and tell me at the end of the post if you work on all the data. About your target audience or your target market.

First step, which we intend to achieve

 

The goal is to extract, analyze and cross-reference all possible and available data to obtain different profiles. That is, to be able to segment and catalog the customer portfolio. Based on homogeneous group characteristics; such as socio-demographic data, purchasing habits, consumption habits, economic-financial data (purchase volume, ROI, etc.), digital data (repeat visits, average time, bounce rate, content consumption, etc.).

This analysis is based on two types of sources mainly:

 

By crossing and comparing both, we can define, for example, typical profiles of potential clients, compare the data in our portfolio with sector data, discover new market niches, etc.

Internal data of our target audience

Many companies do not work with all their customers’ data on a daily basis, so it is important, even if only once a year and within the Marketing Plan , to collect, review, extract and analyze all the information we have on each of our clients.

If our company works with a customer focus, we will probably have a CRM tool that makes this management easier. Otherwise, we will have to prepare Excel spreadsheets and get to work.

At this point we will put on the table all the data that the company has collected from the client portfolio. Data that will help us to:

Set the criteria for segmenting the database by type of customer : revenue volume, number of orders, purchase frequency, purchase volume, profit per customer, margin per customer, profitability per customer, etc.

Establish segmentation by type of customer: socio-demographic , consumer habits, purchasing preferences, purchasing motivations, level of satisfaction, level of complaints/claims…

Define segmentation by customer type: new customer, recurring customer, loyal customer, prescribing customer or fan customer.

Establish segmentation by any other type of variable : sales effort versus average portfolio profitability; average annual income versus purchase volume…

With all this data we will have a detailed x-ray of our target audience. 

Segmenting from different perspectives and drawing conclusions that will help us enormously in decision-making. We can have a type of customer who buys little but with high profitability and is interested in doing a certain type of action versus a customer who buys large volumes but whose profitability is lower.

Both communication, the designed actions, and the treatment should be different.

External data of our target audience

As a that analyses and compares the inside and the outside, that is, the company itself with its environment, market and sector. As far as the target audience is concerned, it was not going to be an exception.

It is very useful to carry out research and data collection actions related to target audiences in our sector, market, competing companies, etc.

Well, they are not going to give guidelines on average behavior, where we compete, whether we are doing things in a way that is consistent with the sector or not, whether we are attacking new market segments or niches…

And you might ask yourself, great, as always very easy, but where can I go?

Well, we can find this type of data in:

This is a negotiable service (for example: – phone number library at the cheapest price and search for phone number library information with 100% valid + quality data in multiple ways, just find business contacts… List your products and services… We mentioned earlier that Clock can work to provide support to our customers through a 24/7 phone number 79. Everything will be reflected in the size of our library.

Specific sectoral analysis : tourism, culture, technology…

Consumer panels from Nielsen, Kantar, GFK…

Reports from public institutions and/or administrations : such as the 2104 from the Ministry of Industry

National Institute of Statistics (INE)

Other private sources that publish very interesting annual studies: financial analysts, BBVA Foundation, La Caixa Observatory, IAB Spain reports on the use of social networks, Mobile Marketing.

phone number library

Conclusions

The concept of target audience is used in marketing when we are going to design specific marketing actions, to define exactly who we are going to address, maximizing and optimizing resources and trying to obtain the highest return on investment.

Therefore, the target audience can be potential clients and/or current clients. Everything will depend on the marketing approach we want to take.

At we like to understand this how anker uses the internet to build its own brand concept, target audience, from a broad perspective. An approach that allows us to work to extract data, perform analysis and draw conclusions that help in decision making. And therefore “facilitate” the achievement of the set objectives.

Because in the end, the common segmentation variables or variables that help us create homogeneous alb directory groups, whether they are made up of a million people or just one (one-to-one marketing), are based on the same type of data. Data that ultimately does nothing other than define the person in a “tangible” way.

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