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Thursday, January 2, 2020

Why Target Audience Analysis and Market Segmentation Matter



We've have learned to target our audience and not try to put our message in front of everyone as that can waste advertising dollars.

Whether you're starting or growing your business, the best way to compose your marketing message is to know who you're talking to and what they want to know. Imagine coming up with a great product but not having any idea who'll want to buy from you; it will only put all your efforts and resources to waste. That's why it's essential to do a target audience analysis and market segmentation.

Analyze Your Target Audience

An essential part of marketing strategies, target audience analysis lets you know who your customers are and how to appeal to them. It helps you refine your message for a specific group of people for maximum impact.

In addition to identifying your market, target audience analysis lets you determine which marketing tools you should use. If you are selling to car owners and motorists, for instance, investing in billboards and other outdoor marketing tools might be a good idea.

With target audience analysis, you can also put a cap on your advertising expenses. For example, if you're planning to reach a city's entire population with direct mail solutions, you might spend lots of money on the printing and mailing. But if you have a good idea about the type of people who are most likely interested in what you're offering, you can produce and send out a certain quantity of marketing materials.

Segment Your Market

Learning as much information as possible about a target audience is an essential first step to creating an effective advertising strategy. One way to do this is to break down your customers into different segments.

With market segmentation, you'll be able to learn more about your clients, identify what's needed in your market segment, and determine to best meet those needs with your product or service. It will help you plan and execute effective marketing and promotion strategies from top to bottom. The most common customer segmentation includes the following:

Demographic segmentation - This categorizes your target audience according to age, gender, income level, occupation, and education. It's one of the most commonly used segmentation methods because it's easily acquired through census data, analytics software, and consumer insights.

Geographic segmentation - This involves identifying your market based on their geographical areas, such as city, state, country, or global region. You can also divide the market into smaller segments, such as rural, suburban, and urban areas. It is a practical approach for businesses with limited marketing budgets.

Psychographic segmentation - This categorizes your target market based on interests, activities, and opinions. Since people have varying lifestyles, personality traits, and behaviors, using this type of segmentation lets you have an idea of how a specific group of customers will respond to a new product or how to improve an existing one.

You can't possibly market to everyone, and you shouldn't even try. Doing so will only waste your time, money, and energy. The best way to spend your marketing efforts is by analyzing your target market and creating a strategy based on the results.


Photo Credit:Ignited Photography


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