Earlier we discussed the importance of identifying your target customers by going beyond demographics to examining them by their psychographics, their friends, and how they interact with you through your website and social media presence. There is nothing more damaging to your reputation than not knowing to whom you’re trying to sell, so once you’ve studied your customers and developed an accurate perception of who they are, you must ensure that it’s those people you are targeting. Otherwise you’re simply wasting your advertising and marketing budget.
Once you are have studied this information about your customers, you will be able to organize each psychographics group in priority for your advertising and marketing campaigns. You can refine your marketing strategy to speak to the individuals in each group. For example, in your research, you may have found that your company has a market share of 40% among one of the identified customer segments. In this case, aggressive marketing to that group may be ineffective, as it is quickly reaching its saturation point. Maintenance marketing to keep current customers and gain enough inflow to prevent attrition may be best for this group.
On the other hand, your analysis of the data may show a group of customers who are very excited about your product, but amongst whom you only have a five percent market share. In this situation you may be able to greatly increase your marketing to that group in order to significantly grow your market share, and since through your research you have identified the most effective means of marketing to this group, you can put your marketing dollars right where they need to be.
This must become a cycle in order to make your marketing efficient, keep your customers, and bring in new business. As your customers’ life circumstances change or as certain marketing opportunities evolve, you need to adjust your marketing to keep it relevant to what the customer wants. You should enter a constant cycle of:
Discovering your key customer profiles
Mapping and positioning your marketing based upon the segments you identify
Prioritizing the market opportunities
Tracking consumer behavior and making adjustments based on discovering key customer profiles
This enables your business to stay with your customers’ interests and continue sending relevant marketing to them without wasting money or time on efforts that don’t work anymore.
Customers change with the times, and you must adjust to this as well. A prominent example is in social networking where MySpace once reigned supreme. When Facebook became popular, the people who used MySpace migrated en masse to Facebook, requiring most companies who had previously been advertising on MySpace to shift their marketing focus to Facebook in order to continue reaching those customers. However, there is a segment of people who remain on MySpace. If your customers are part of the group who are using MySpace on a regular basis, you need to know that in order to target your marketing efforts there. The best way to learn about your customers and market in the way they need is to learn from them and observe how they interact with you and with their friends. These observations will give you the tools you need to be efficient in your marketing by following through and giving your customers an effective marketing message they want to receive.