Think you know your customers? Maybe not. If you do not regularly check your assumptions about your customers, you could be losing business and market share to the competition. It is imperative to understand your customers in a way that make sense as you market to them. You may believe your target market is affluent men between the ages of 40 and 54, but this is a shallow profile that can lead to generalizations in your advertisements and sales language that are too broad or too narrow. Even though two people may share the same gender, age, financial situation, and ethnicity that is not enough to secure a sale from both individuals with the same marketing.
Instead of marketing simply to demographics, you must learn to identify unique customer segments within your market and develop distinct profiles based upon their psychographics including attitudes, lifestyles, and behaviors. By gaining this sort of knowledge about your customers and tying it into your marketing plan you can directly increase your customers’ awareness of your brand by marketing in a way that alters their perception of your product or service and boosts its image above competing companies. Attaining this level of knowledge also allows you to prioritize your company’s strategic marketing agenda by focusing on those who are most likely to purchase first, while leaving further room to market, for example, to those who are about to enter your primary demographic and psychographic audience.
Gaining this level of understanding about your customers and potential customers allows you the opportunity to gain more customers, increase brand loyalty, and take advantage of your marketing efforts. But how do you get this valuable information? There are several marketing analysis companies that provide detailed psychographics, including details about credit card use, past purchase categories, religious affiliation, political leanings, and other valuable information laid out by zip code or even as detailed as by neighborhood. And while these reports can be incredibly useful it may be better for your business to start its analysis of customer psychographics by learning some simple fundamentals that should be available by asking customers to fill out surveys or by simply looking at the way they interact with you through your website or social media presence. You can quickly learn some of the most important data needed to successfully target more people who are interested in your product by answering these questions:
Who are they?
Where are they?
How did they find out about us?
Who are their friends?
Do they spend with us?
How often do they spend with us?
What have they purchased?
Do their friends spend with us?
What have their friends bought?
What do they say about us?
Once you have managed to answer these questions about your customers you can work on a marketing plan that speaks to what they really want rather than what you think they want. You can successfully offer customers a reason why your product offers what others cannot. You can build brand awareness and identify ways to get your customers to tell their friends about your company. The tools afforded you by looking at who your customers really are and what they want will help you retain customers and increase your market share.