understanding your target market
IN ORDER TO CREATE A WINNING VALUE PROPOSITION (AKA BRAND PROMISE), WE NEED TO UNDERSTAND THE PEOPLE IN OUR TARGET AUDIENCE AT AN INDIVIDUAL LEVEL.
This means not as a mass of demographic statistics but as actual human beings.
Our UVP needs to appeal to their needs and desires, as well as their frustrations, worries, problems, and pain points. When we connect in this way, we create an emotional bond.
Here are your first steps for getting to know these individuals.
FACTS AND FIGURES
Start by looking at demographics. Find out your target buyer's or fan's age, gender, occupation, education level, and income. Try to be as specific as possible. Although you may already have a good idea, don't leave it up to guesswork. When creating a demographic profile rely on hard data wherever possible.
Gather data about them—online and offline. Online, you can use social media sites, forums, reviews and blogs. Find out where they hang out online and spend time there. Offline data gathering methods include surveys and focus groups.
In addition to looking for demographic information also look for psychological data. How do people in your market feel about themselves and the products or services they buy? Try to understand what makes them tick.
ENGAGE IN REAL CONVERSATION
Get into conversations with your target market to learn more about them. A common offline market research method is to conduct surveys. Surveys work well but they're one-sided.
A better approach is to get a dialogue going. You can do this through social media sites like Facebook, online forums, or your blog. Engage people in conversations related to your offerings in Clubhouse rooms.
TAKE GOOD NOTES
When conducting market research, it's important to take good notes. Record all of the data you gather and organize it so that it's easy to analyze. Separate data into categories, such as demographics and psychographic. Look for data that's consistent from one person to another.
Try to find ways to quantify your results. When it comes to market research, objective data is the most important. Subjective data, such as someone's feelings about your product, should be used to support the objective data.
TODAY'S KEY LESSON: invest the time
When armed with all of this information about our target audience, we'll have an edge over the competition. It'll be easy to see what mistakes they are making and how they are not delivering. That way we can fill in the gaps and provide the exact value our market wants.
HOMEWORK: Draw a picture
Use the worksheet below to do the following:
Take all of the consistent trends you find and create a picture of your ideal customer or fan. Identify their demographic information, their opinions, their buying habits, and all the other data you've gathered.
Once you've done this, it's much easier to create a unique value proposition because you'll have a good idea of what your customers want and need from you.
You can even look at the physical picture you've drawn as you're doing your writing, so that it sounds as realistic and personal as possible.
"Failing to plan is planning to fail." This quote, which is often attributed to Benjamin Franklin, provides a great reminder while going through this course from @andreasaidit. Wanna make your brand pop? Here's how >>
"Study your competitors. They can tell you a lot about what to do right, and wrong, in your business." Check out this great course on how to make your brand pop from @andreasaidit for more gems like this one.
"If the value you provide isn't memorable, people are unlikely to buy from you more than once." @andreasaidit is dropping great nuggets of knowledge in her course on how to make your brand pop. Check it out here >>