Unlocking relationship-building information
ACCORDING to new studies by Yesmail Interactive and research firm Gleanstar, 80% of marketers lack the customer data to drive effective marketing campaigns.
The key to earning market share is building great customer relationships.
The trick to this is unlocking relationship-building information such as your target market’s social media habits, and on and offline behaviour.
Due to an escalation in target market segmentation and because of the proliferation of brands and rapidly changing lifestyles, we also need to look at the wants, wishes and buying behaviour of specific individuals, not just a broad group.
Marketing today is a minefield of complexity and diversity and needs to take cultural nuances into consideration.
Demographic target market analysis is no longer the only information that we need to look at to market our businesses and products – we also have to consider psychographic analysis.
The names, age, gender, income, physical and internet addresses, profession, education, associations, marital status and number of children are all relevant demographic information, but hobbies, tastes and interests are just as important.
This psychographic information gives us insights into what a target market watches, reads, and listens to, as well as an understanding of their likes and dislikes.
It helps entrepreneurs to sell their product or service to them at the right locations, at the right price, with the desired backup and support.
Remember, that in the cluttered and competitive brand landscape, customers are less loyal and less trusting than ever before.
They also have more power than ever before as a result of social media, it’s easier to compare products online and there’s far more choice.
Your ability to connect to your target market on a level that really gets their attention, and resonates with them, is vital if you want to convert your bottom line positively.
Next time we will take a look at a few considerations to help retain and convert your target market. –