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

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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