Analysis of the Target Group
September 6, 2021
Analysis of the Target Group
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No matter who you are, an affluent single earner or a working-class family man, an active sports fan over 40 years old, male, female, mobile shopper, and middle-aged. Marketing requires a clear focus on the target audience.
The success of a product/service on the market depends on finding the right fit between the person using it and the product/service itself.
A company's core target group is essential to attracting potential customers, not just to a website but also to convert them into actual customers. A company needs to know precisely what the target audience wants and how it makes their purchase decision. It should also understand what added value they expect from the service.
The key is to connect with the consumer. Before you address your target audience, narrow down your target as precisely as possible. The customer approach must be made as precisely as possible to meet the target group's needs best.
What is the purpose of Target Group Analysis
Entrepreneurial success depends on customer satisfaction. Target audience analysis is crucial to ensuring maximum customer satisfaction by finding out details about the market for a product or service.
Using this knowledge, marketing can target the correct product or service to the target group's specific needs. Target groups need to be analyzed before any product development can be implemented, or else the idea will never reach the intended market.
You are required to know who your customers are. For example, you can determine what websites they visit and what they search on Google. Additionally, you can determine how your shop or website should be set up based on what criteria they use.
You should never overlook any additional information you learn about your target group. Here is a detailed description of how research, surveys, user profiles, and studies can be used to obtain this information.
Identifying the Right Target Audience
First and foremost, you must define the target audience, also called target group, to know precisely who you are targeting with your product or service. The target audience consists of people with similar needs.
Demographic and socioeconomic characteristics are usually cited, such as "unmarried women aged 25 to 40 with a high income".
Other factors affecting a candidate's selection include their gender, age, income, place of residence, educational background, occupation, and position. With a clear understanding of the product and the people who buy it, the target audience definition facilitates a targeted consumer approach and a more effective and efficient marketing campaign.
Having an all-encompassing business is impossible. Fortunately, this doesn't need to be the case for your business. The target market you want to target for your marketing and sales efforts is the most important one—the group of consumers who use your product extensively.
Analyzing your target market is necessary to identify your ideal group of consumers and understand them thoroughly. Let's first examine why this type of analysis is essential in the first place, then we'll show you how, albeit with surveys.
Benefits of market research
An analysis of target markets determines where and how your product fits into a real-life market. These details can be used to:
- Find out which markets are the most and least profitable for your business
- Identify accurate buyer personas
- Understand where your products can fill a gap in the market
- Assess the viability of new products
- Discover exciting new markets
- Develop a business strategy that is more specific and targeted
We'll explore these benefits with an example from real life.
Let's say you want to open a pie shop. A target market analysis will help you choose where to locate your bakery, determine the best price point for your pies, create appealing advertisements, and place them where the right people will see them.
Designing a survey to analyze your target market
An effective target market analysis can only be conducted if the right questions are asked in the correct sequence.
Ensure the questions you ask about the consumer's behavior reflect their habits, attitudes, brand awareness, and loyalty to the brand. Inquiries can be specific to your product or general questions regarding the respondent's shopping habits and where, when, and how they shop.
Consider disqualifying respondents from taking your survey with the first consumer behaviour question (if the response clarifies that they are not the right fit). In other words, if we ask, "Do you usually buy a pie at the grocery store, bakery, or restaurant?" If the respondent says that they do not purchase a pie, they cannot take the rest of the survey.
Or use Boomerang Ideas technology to create your next survey. With Boomerang, you can filter your target group by choosing age, gender and location to get the best results. Get highly accurate results with Boomerang's micro-targeting feature known from advertising technology.
Guidelines for conducting a good survey
You must complete your survey with as many types of potential customers as possible to identify your target market.
Follow these steps to reach the best audience for your target market analysis:
Focus on a smaller group of potential respondents.
In some cases, you already know the type of buyers you have.
For example, it isn't easy to sell pies to someone living two 140 km away. According to location or other demographic variables, it may be necessary to narrow your target market before you begin your target market analysis.
Make sure the right people see your survey.
You'll get more helpful survey results and the most appropriate target market (or markets) if you choose an unbiased audience. Using our tool, you can reach the right people, as we survey participants on their favourite social media platforms. Our tool uses the technology in the form of ads on Facebook, Snapchat, LinkedIn and Instagram. This ensures that you get the more accurate results, as we can reach your desired audience on their favourite channels.
These are only some of many effective ways to conduct a good survey. If you follow these rules, you will be able to know your target audience and get an overall idea of what you need to do to better reach the customers. And hopefully, gained a better understanding of how to analyze your target group and use Boomerang Ideas to get accurate results.
Why not give it a try today?