It doesn’t matter if you’ve made the best product since sliced bread. It doesn’t matter if your new technology will create added convenience for the lives of billions. It doesn’t matter if your B2B service boasts 200% ROI every time a company uses it.
If you don’t market your product or service, none of that matters.
After all, if no one knows about you, how are they going to buy from you?
Marketing is crucial — and knowing your audience demographics is crucial to a successful marketing strategy. In order for you to maximize your exposure in the market and increase your conversion rates, you need to have a very solid, fundamental understanding of who your customers are.
Why Should You Know Your Target Market?
Before we tackle how to identify your target market, let’s first understand why it’s so important.
Remember that nowadays the Internet has made getting in touch with your customers infinitely easier than it ever was before. In just a few clicks, you can be sending emails, broadcasting on social media, or even cold calling a prospect. Thus, there are now a hundred and one companies busting down your potential customers’ virtual doors.
How do you stand out from all that noise?
It’s simple: personalization.
By personalizing your marketing strategy to your specific audience, your strategy will appeal to them specifically. They’ll instantly realize the value in your product or service because you’re able to word it in a way that’s specific to the way they think and the problems they need to be solved.
However, you can’t personalize to your target market if you don’t know what the fundamental characteristics of your target market are.
If you’re a location-based business, then this is probably the singlehanded most important audience demographic that you need to be able to nail down. You need to know what location is ideal for your customers.
That way, you can stop your marketing team from wasting time marketing to customers that aren’t in your ideal location radius. This leaves more money in the budget for you to focus on customers within your radius that actually have a chance of converting.
Even if you’re not a location-based business, however, you can still benefit from knowing the location. For instance, if you sell software, by knowing which countries your best customers are from you’ll be able to understand what languages to use in your marketing and (if applicable) what dialects of each language.
Think About Stage of Life
Another important demographic that should be top of mind for your marketing strategy is stage of life. The reason why stage of life is so important to know is because knowing this will answer a whole host of other crucial questions about your audience.
For instance, let’s say that your customers are most frequently in college. This will also tell you how your customers typically spend the majority of their day (in class or studying). It will also inform you that their budget and spending power are probably fairly low, given the fact that may have taken out student loans and aren’t able to work full-time.
Consider Spending Power and Budget
Next up is spending power and budget. The last thing you want your marketing team to do is tee up a great-looking prospect for your sales team, only for your sales team to discover that their budget isn’t even a fraction of what your product or service costs when negotiation time comes around.
At that point, the sales team may just give them the deal at a lower price anyway just so as not to waste the lead, and that could result in additional losses for your company.
Prevent this problem by understanding what kind of spending power your customers need to have before you begin targeting your audience.
Assess Their Interests
Marketing based on your customers’ interests is the best way to market to them. People often spend a lot of time on the Internet researching stuff related to their passions and hobbies.
By becoming a trusted resource of information for their interests, you’ll be able to win new business far more easily.
What social media profiles do your customers hang out on? The answer to this question will make your social media marketing far more effective.
After all, you don’t want to spread yourself too thin and make profiles on all the social media platforms. Instead, you want to make sure that the profiles you are on are extremely relevant to your audience. By focusing on fewer platforms, you can work on higher engagement and quality of content.
Solve Pain Points
At the end of the day, your business is here to do one thing: solve a pain point in your customers’ lives. If your business isn’t able to do that, then it isn’t going to be successful in the long term.
Understanding your target market’s pain points will do so much for your business. Firstly, you’ll understand how best to sell to them. You can word your product marketing strategy in a way that shows them how quickly their pain point can be alleviated.
But the other benefit of knowing your audience’s pain points is on the product development side. With a better understanding of exactly what problem needs to be solved, you’ll be able to more easily develop new features for the product or service that align with what your customers want to see.
To discover more about target audience behavior and desires, you need to know their pain points. There’s no getting around it.
Understanding Audience Demographics Will Change Your Business
There you have it — know that you know how to pinpoint your audience demographics, it’s time for you to start implementing this info in your marketing strategy. Remember that knowledge that goes unused is knowledge wasted!
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