To create and implement a successful marketing strategy, it’s essential to learn how to analyze your target market.
If you’re not targeting the right people, how do you expect to make money?
An effective target market analysis starts with creating a profile of your ideal customer. As you come to understand your first buyer type, you then branch out to multiple personas.
After that, you tie everything together and shape your business’ communication strategy around them.
Top Tips on How to Analyze Your Target Market for a 10X Strategy
1Ask the right customer-focused questions
Firstly, when putting together an ideal customer profile, it’s important to put yourself in their shoes:
- What problem do they have that your business can solve?
- How do they prefer to consume content?
- Where do they hang out?
- What does a typical day look like in their life?
- How old are they? Where do they work/study? What is their annual income?
The list can go on forever. And the more specific you get with your questions, the more you’ll learn how to target high-potential prospects.
2Look at the data
Secondly, your data never lies. It tells you everything you need to know about your customers, business, and sales opportunities.
To interpret your data in a way that benefits your business, dive deep into some of the following categories:
- Average sales cycle;
- Demographics;
- Top-performing pages;
- Effective CTAs (Calls to Action).
When you’re not looking at the data, you won’t know what’s working.
It’s much better to know why you failed than guess why you succeeded.
A key part of learning how to analyze your target market is identifying previously successful actions.
To grow and scale your business, you need to repeat them.
3Study every customer type
Thirdly, it doesn’t matter if this is a first-time, one-time, or repeat customer. You need to pay attention to each person who buys from your business.
In addition, you have to take a closer look at where they came from, whether it’s word of mouth or through an online ad.
Here’s where you can begin branching out to multiple customer profiles.
Be specific, study your data, and empathize with your target market. At the end of the day, you’re providing a product, service, and/or solution to them — so make it count.
To learn more about how to analyze your target market and optimize your communication strategy, schedule a complimentary call with one of our business advisors and uncover your areas of opportunity.
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