Zero in on your most likely prospects to maximize your marketing dollars.

If you want to maximize your marketing impact in the digital world, keep the following words of advice in mind: Targeting matters.

Many companies take a scattershot approach to digital marketing, sending their message out to as wide an audience as possible. But this approach wastes your finite marketing dollars on reaching people who are not interested in the offer you are presenting.

Targeted marketing, on the other hand, is tried, tested, and exceedingly effective. It allows you to give people what they want, where they want it, when they want it.

With recent advancements in online targeting, companies can combine their own first-party data with second-party and third-party data to deliver targeted messages to the right customer at the right time. That means you can feed your audience content specific to where they are in their buyer journey (e.g., addressing the particular pain points that a small business owner might have vs. that of an executive decision maker), and on the platforms where they spend the most time. This level of personalization, which caters to customers’ needs and their own individual journeys, has added a level of sophistication that can improve today’s marketing campaigns’ efficiency and scale.

Before You Do Anything Else, Define Your Audience

As you get your targeted marketing approach underway, the first step is to define your potential audience. This will allow you to drive better results by addressing what potential customers want or don’t want.

In one of our clients’ campaigns, for example, we know that single females in the 35+ age bracket are more likely to be looking for love and relationship advice, while a 40+ married male gravitates toward career/financial advice. By tailoring the marketing campaign’s message to these customers, we have been able to consistently and significantly improve response rates.

When identifying your desired target market, consider the following variables:

Demographic Geographic Psychographic Behavioristic
Age Population Personality attributes Volume usage
Gender Region Motives End use
Race Urban, suburban, rural Lifestyle Benefit expectations
Ethnicity City size Brand loyalty
Income Market density Price sensitivity
Education Climate
Occupation
Family size
Family life cycle
Religion

The key to market segmentation is to form unique audiences with different needs at a size that makes sense for your business. A common pitfall we’ve seen is over-segmenting your audiences, which runs the risk of not generating enough data to make informed decisions. That’s sort of like a restaurant menu being so extensive that you’re unable to figure out which dishes are popular, and therefore you end up wasting money on ingredients the chef never uses. Focus first on testing the variables that are most predictive of success to understand which message and offers are most effective for your audiences.

After Eyeballs, Work on Capturing Hearts and Minds

Once you’ve identified your desired audience, you need to create an effective strategy for reaching them. Among the factors to consider in digital marketing are:

  • The needs and wants of your audience
  • The size and potential of the target group—for instance, are they likely to become repeat customers?
  • The quantity and quality of the competition vying for your target audience’s attention
  • The market factors at play. What else is happening that may be impacting your audience, such as a recession or being on the cusp of a technology change?

Different marketing channels will have different targeting abilities and costs. Knowing your audience will help you determine the best venues for your digital marketing message. In some instances, such as if you’re a consumer brand, you may need to use multiple touch points, in multiple formats, to build interest and credibility with your targeted market segments–anyone from business professionals to tech-savvy teens to millennial moms. For instance, an office supply retailer might offer business solutions to office managers via a blog or email newsletter, connect with students through entertaining Instagram posts, and also create Pinterest boards with clever ideas for moms.

As you start building a model for your marketing campaign, taking this early step of identifying your desired markets may save you thousands in ineffective spending and help you identify the low-hanging opportunities to make your campaign successful.

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Take the first step! Define your audience using the variables in the demographic, geographic, psychographic, and behavioristic chart. Juhll Digital Marketing can help!

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