In an ever-evolving digital landscape that is rife with competition, it is becoming increasingly essential to define and conquer your niche. Doing so involves filtering your target market into particular audiences and delving into their lifestyle and behaviours. Gaining this in-depth understanding of your prospects will boost your chances of finding your perfect audience. Below, we’ll explore the benefits of getting specific with your digital advertising, and give you some tips on defining your audience to achieve digital marketing success.
When it comes to defining your digital target market, less is more.
It’s tempting to want to target your offering at everyone – after all, you’d hate to miss out on profitable opportunities. Try to let that mentality go. In fact, by targeting everyone, it’s highly likely that you’ll actually end up losing money.
What’s important to remember is that by defining a more specific market for advertising, you are not excluding those who don’t fall into that category. They still have access to your offering should they want it. You are simply focusing your digital marketing efforts on those most likely to convert. Think about all the ways you can reach your target market through digital advertising – search ads, display ads, social media, shopping listings, video… The more clearly you define your market, the easier it will be to determine the most effective ways to reach them with your digital advertising.
The Search Engine Marketing team at ExtraMile are well-versed in creating the most appealing ads for audiences within a broad scope of industries. Let us get to know your business and discover what we can do for you.
The difference between your target market and target audience
A target market is a group of consumers likely to buy the products or services offered by a certain business. This is based upon the likelihood of them wanting or needing that offering, and being in a position to make the purchase.
If you already have a set product or service offering, chances are that you already know your target market. However, the trick to effectively advertising to said market is being specific.
This is where your target audience comes in. Your target audience will look very similar to the above, however it will comprise of subsets within that market – these groups can also be referred to as demographics and should be the target of your advertising.
Target audience example…
As an example, say you own an independent furniture store and your target market is homeowners aged 25 to 45. This is a broad group of people to target, and it is likely that not everyone in that bracket will want to buy your products. As your furniture is ethically sourced and priced accordingly, it would be beneficial to filter your audience down. Perhaps into female university graduates, aged 25 to 35 with an income of £30k to £50k, who are homeowners with environmental interests. (Source for particular segmentation). Location will also be a factor here, dependant on whether you trade nationally or just in your area.
Identify your target audience
A simple Google search resulted in the consumer segmentation in the example above, however we understand that it might not be that simple to segment your market. In fact, this kind of work usually takes a little trial and error. Try targeting your advertisements at a few different segments and see where you get the best results – after all, digital marketing is all about being adaptive and reactive. Here are some ways you can identify consumer segments who may react the most positively to your digital marketing efforts.
Who are your current customers?
Looking at the people who currently buy your product is an easy way to identify consumers with shared interests and demographics. A great platform to use here is Google Analytics which allows you to gain insight into your audience’s behaviour, interests, demographics (such as age, gender, location), device type and so on. This will give you a better idea of who is more likely to convert, and therefore worth spending valuable ad spend on.
Who are your competitors targeting?
Looking into the marketing efforts of your direct competitors allows you to discover the kinds of consumers they are targeting, and may also open your eyes to a niche they’ve overlooked. This gives you the perfect opportunity to jump in there and get in front of those prospects before your competitors have the chance.
While you won’t be able to see the exact details of your competitors target audience, using social media to perform a competitor analysis will give you a general sense of the people they’re reaching. Look at some of the following:
- What keywords are they using?
- Who are their followers?
- How often do they post?
- How engaged are their followers? (Look at Likes, Comments, Shares, etc.)
- Is there anything they aren’t doing that you feel they should?
These are just some factors to consider, but will provide a great place for you to start with your digital marketing campaign.
Test, test, test…
As we mentioned earlier, digital marketing involves some trial and error. Once you’ve decided on a segment, create ads specifically targeting those people. You can then monitor how well these perform and adjust your efforts accordingly. Perhaps you just need to make a few tweaks or you might decide that you’re going after the wrong people altogether. If so, all is not lost – you can just try addressing another segment you identified earlier in your research.
Digital marketing is all about staying reactive. Your marketing efforts will continually change as your business does. In reality, digital marketing never has a finish line if you want to continue to succeed.
ExtraMile Communications can help you get in front of the right audience, at the right time.
Writing emotive and captivating advertisements based on researched market segments is second nature to our Search Engine Marketing team. Not only do we carefully consider who to target, but also continue to monitor and analyse data to ensure you always get the best results.
To find out how we can help your business achieve digital marketing success, get in touch today.