3 Ways To Truly Understand Your Target Market in 2015
The New Year is finally here. With this fresh start comes a new and exciting opportunity to accomplish your small business goals, and increase your sales revenue. Of course, one of the most important elements in increasing sales revenue lies within truly understanding the needs of your target market in order to reach them, inspire them, focus your marketing efforts on them, and, ultimately, help them make wise purchases from you. Here are 3 ways to do just that.
1. Start Using Big Data
It’s amazing the amount of software that is available these days to help small business owners collect large amounts of accurate data about their customer base. If you haven’t jumped on the big data bandwagon yet, now is the time. When you focus on collecting data about your customers, you come to understand what consumers’ likes and interests are, what kind of content appeals to them, and you can gather a wide range of helpful demographic information. All of these data points are used to help you fine-tune your marketing efforts in order to make sure you are sending the right messages to the right people.
The type of software that you use to collect information about your consumers is largely up to you, and you should choose whatever suits your individual needs best. However, the one tip everyone should keep in mind is to consider using a platform that mostly collects first-party data (data that is offered up to you by the consumer through methods like social login, for example), rather than data that solely relies on 3rd party data (information collected by cookies).
2. Learn the Ropes of Data Analysis
While big data can offer a large amount of accurate and helpful information about your target market, it doesn’t do much good if you don’t know how to analyze the data.
Take some time to really come to understand the data that you are collecting. Most software programs will come with basic training courses to help you understand the program. It’s worth the extra time to make sure you understand all of the features and benefits of your data collection software—especially when you made the investment for the software. If the software doesn’t come with training, there is always the University of YouTube!
If you don’t have the time to learn about data analysis, then simply hire someone on your team who does. Getting help from an expert can go a long way.
3. Use the Data in Your Marketing Efforts and then ask for Feedback
Finally, once you’ve collected enough data to start understanding the needs, likes, and wants of your target market, create some advertising campaigns that are personalized and direct. You can test different ads on your audience and see what ads they respond to the best. Additionally, don’t be afraid to do some market research. Offer an incentive to your target market for participating in a survey. The more information you can gather and analyze about your marketing strategy, the better you can focus, tailor, and adjust your strategy in order to truly reach your target market.
Gathering, analyzing, and using big data is one of the best ways to get to know your target market, and learning to utilize the big data tools is a great goal for 2015. At Shield Funding, we look forward to helping you usher in the New Year with many more small business tips. Check back on our blog regularly for more tips on succeeding in business.