"Our target audience,” - Phew! - We can serve everyone! Everybody needs our product!"
"We know our clients well and do not need any further details!”
"A single ad campaign will be just enough for us. We do not need any additional research that is time-consuming and expensive…”
This is typical reasoning voiced by our clients. If you think alike - it is high time you changed your mind. In this blog post, Kateryna Husachenko, Marketing Strategist at Promodo, reveals why is it important to know your customers. Our expert will also prove that such biases on the client's end are at least erroneous. Eventually, such perceptions result in ineffective spending of marketing budgets.
Migration processes, solvency slump, ruined infrastructure capacity, deficient logistics, and loss of investment have all affected the demand side and lowered productivity. Nonetheless, our most recent research Exploring the Impact of the War in Ukraine on eCommerce: A Comprehensive Research for 2022 indicates that domestic businesses manage to develop despite the ongoing warfare.
In 2023, the domestic market has been prone to major transformations. Businesses are adapting to the new normal with a major strategic focus on the effectiveness of marketing campaigns. While companies prioritized effectiveness and experimented with key performance indicators (KPIs) before the war, today everyone emphasizes maximum return on return on ad spend (ROAS).
Your marketing strategy will be insufficient without a proper understanding of how your customers make purchasing decisions. Getting to know your client comes as a strategic marketing must-have, therefore.
Among the major challenges businesses will face in 2023 is the prediction of customer behavioral patterns. High on today’s marketing agenda is your understanding of how to get to know your customers.
With this data at hand, companies actualize their customer profiles and come up with the best-fit offers that resonate with immediate customer needs and preferences. Knowing what customers expect is essential for your marketing performance.
A customer profile embraces the features of fictional characters who encompasses the features of a target audience segment. The portrait is at the heart of the marketing effort. If you lack this essential component, you’ll be unable to elaborate an effective marketing strategy. Neither will you know what the customer really wanted.
A target audience profile assumes:
Read more to know what the client wants!
Considering ever-changing trends and individual customer preferences, it is vital to update your target audience profile continuously. This way, you’ll know how to identify client needs. While the nature of your business performance shapes over time, there are simultaneous changes among your target audience: age, habits, hobbies, and customer wants and needs, etc.
More often than not, companies describe their ideal customer as a 25-45-year-old female with higher education and an above-average income, married with two children, and likes fitness and adventures. At Promodo, we call such a mystical person ‘the Queen of Marketing.’ However, there’s no such customer at all. Generalized data like this deprives businesses of real-to-life approaches to best target their audience. This means you should be getting to know your customers with the utmost precision, Kateryna Husachenko, Marketing Strategist at Promodo.
An in-depth analysis of a character as a typical representative of a certain market segment will help you focus on what the customer wants by:
At the core of any business venture is a customer who pays money to satisfy their own needs. This rings the bell of what is the first thing the customer wants. In times of an overwhelming amount of data, many companies downplay a genuine comprehension of their customers. Few marketers are capable of diving deep into their customer profiles continuously. Subsequently, they lack an understanding of what the customer really needed.
If you lack time to make an in-depth analysis of your target audience, we suggest starting small. Digital marketing involves analytics and data received from ad managers. In this vein, SimilarWeb is your reliable tool to retrieve a substantial amount of data about customer wants and needs and your closest competitors, Kateryna Husachenko, Marketing Strategist at Promodo.
With sufficient data at hand, you'll be able to detect core points for your business growth. In one of our corporate cases with agro-business, we benefited from analytical sources to define shifts in behavioral patterns among the client’s customers:
The analysis led to a relevant hypothesis on how to adapt the product and adjust ad communication. Notwithstanding, we were still left with an open question of why the client’s target audience is so different from its niche competitors, considering that the client sells unified products. The solution was in a robust qualitative and quantitative research оf the client’s audience.
Simple as that, no one would tell you more about your customers than your customers. The information will help you explore a customer’s path to purchase. Individual customer experiences will help you scrutinize your audience segmentation. In this vein, we suggest using the 5W method, or Jobs To Be Done,JTBD.
5W segmentation will help you know your customers, detect the audience who most needs your products, and understand the most resonating communication channel. With that, you’ll be able to:
5W is extremely beneficial once you already work with your target audience. Still, if you are up to attracting more users, launching a product, or penetrating a new market, JTBD will serve you best.
JTBD provides a detailed customer profile. The approach will help you get to know your customers better by seeking insights into your targeted audience, people’s daily habits and routines, and the products they consume. Unlike 5W which shows how your consumers use certain products, JTBD will tell you why consumers ‘hire products.’
In most cases, qualitative research is primary. Once you work out the initial qualitative data, you’ll continue with quantitative methods. The latter will provide you with digital data on an actual and potential market capacity and your share thereof.
At Promodo, we use customer profiles as an essential marketing tool that affects pricing, promotions, and market positioning. Knowing your customers is among the success keys to reaching an enhanced business performance and effective marketing strategy.
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