Although identifying your target audience is crucial to starting a successful business and coordinating marketing campaigns, many businesses fall into the common trap of believing that their target audience will remain the same over time.
This is often not the case; as your business and product offerings evolve over time, so too does your target audience. Economic, social, technological, and many other outside factors can also cause shifts in a target audience’s beliefs, needs, and interests.
Therefore, it is important to routinely reassess your audience to ensure you are targeting the right people for your business and offerings.
3 Reasons Why You Should Update Your Target Audience
Reason #1: Review Your Target Audience Profile
When two firms join, they are likely to bring two different sets of strategies and ideas for putting comparable objectives into action. Increasing business services will attract buyers who were previously uninterested in either firm.
It’s essential to examine the sort of customer each firm originally targeted and identify which features and personas are still viable but no longer function with the merger for a successful merger. The newly merged company’s future efforts will be influenced by such a significant shift in business.
A key point to note is that your general target customer profile (for example, women aged 18-26 who are interested in fitness products) will likely stay the same over time, unless you launch a new product or rebranding effort.
Reason #2: Observe New Behaviors & Trends
Instead, you should focus on updating the specific details of your target, such as noting their new behaviors (more online shopping, preferring to order in food versus eating out) or their new interests or beliefs (more importance placed on sustainability, equality, etc.).
These changes may be difficult to identify, so performing audience research is a great way to make sure you adapt your brand image, company, and product line to better match your target audience’s changing profile over time.
However, this strategy can be skewed at times. When it comes to toys, children are the primary end users, so marketing directly to them may be more effective.
Despite the fact that their parents purchase the toys, children have a significant effect on how their parents spend money in this area. Children may be influenced by marketing messages to urge their parents to make purchases on their behalf.
Reasons #3: Update Target Audience Preference
Using promotions and marketing campaigns tailored to a vague or inaccurate audience leads to wasteful spending and poor results, so ensuring that you are up-to-date with your target audience’s preferences is important.
Knowing your target audience helps guide the marketing planning process, tailors new products to an updated audience base, and ensures that your company stays on track with current trends to meet or exceed the competition.
Businesses that have clear and updated data on who is most likely to need, want, or purchase their products earn themselves a competitive advantage over others who assume that their target will always stay the same.
Reason #4: Periodically Review Buyer Personas
It’s critical to review your profiles at least once a year to stay up with the current developments that influence them and to include new information you acquired while developing your business plan. You could come across fresh research on your personas, or you might come across knowledge that renders a once-relevant persona outdated.
Buyer personas are essential for ensuring that your advertising campaigns are targeted and not wasted on the wrong people.
Knowing your buyer personas allows you to place your audience’s desires and requirements at the center of your marketing plan, ensuring that they come into touch with your product or service. This, in turn, will aid the growth of your company.
In addition to preventing wasteful spending, taking the time to research your target audience periodically may reveal new opportunities for expansion or growth.
For example, if you discover that a growing portion of your target audience of women aged 18-26 who enjoy fitness now also consider sustainability to be a big part of their purchasing decision, you can capitalize on that by offering a new biodegradable or ethically sourced product line. Doing so will both please your target audience as well as potentially attract new customers who share your primary target’s beliefs.
Overall, understanding that your target audience is not static and routinely performing research to reassess your strategy can be a great way to optimize your marketing spending and grow your company.
Taking inspiration for a new product or updated product line from this research can help differentiate your business from competitors, in addition to creating opportunities to gradually expand your audience.
Always keep in mind that personalities should change along with your company and its goals. Monitoring them can help you develop content that is more likely to generate quality leads and give readers the impression that you are aware of their demands.
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Author: Usman Asif