The more you understand your audience, the more you can allocate more time and resources on ads for the customers that matter and truly need your product or service.
A target audience is a group in which a company is aiming for based off their similar demographics and personal preferences. This information is very important to companies because they don't want to waste their time advertising their services to someone who will never purchase their product or services.
Finding a target audience helps a company communicate to their audience more efficiently and effectively if they know what they are like and what their wants/interests are. Companies that are starting out need to come to the realization that they don't have the time nor the financial resources to reach every potential consumer, that's why you need to narrow down these potential consumers that align most with the product/service that you are selling.
Age: Age is a huge factor to consider when identifying your target market because of how different each age group is and their interest as well as their spending habits. Although age can be important to differentiate a market there can still be multiple different ages that fall under one market.
Gender: Splitting gender can help narrow down your target market because of different similarities and interests. Although marketers would prefer not to narrow down based on gender there are some products/services where it is inevitable due to lack of demand.
Education Background: Education background helps because it can affect spending habits and purchasing behavior, one with a higher background in education is less likely to spend recklessly but can buy as many high-end products as one who is educated.
Income: Income helps marketers analyze the market's buying ability so they can shape products that meet consumers' demand and buying ability based on the price of products.
Location: Knowing where your customers live helps create a pattern and shows which areas are worthwhile when deciding where to market.
Purchasing Habits: Analyzing purchase habits allows marketers to know what customers are buying and shows which products are successful and which ones are not. This is arguably the most important trait because it shows whether your products or campaign are successful or not.
There are many ways you can find your target whether it is through Social Media, Website traffic, or surveys. These tools make it easier for marketers to gather information about not only the consumers but also highlighting what is the most appealing to them.
Facebook - Facebook pixel is a great tool that can be used when looking at audience retention. Facebook Pixel enables you to see whether a customer decided to take action after viewing your ad. What makes this even better is you can reach this potential customer again by using a custom audience. The custom audience is your target market which allows you to target customers who have previously shown interest in your ad.
Instagram - In order to use analytic features on Instagram, you have to make sure your profile is public as well as switch to a business account rather than a personal one. Then when looking at an individual post there will be an option to press on “View Insights” which shows a bunch of data regarding the people who are liking your content. Instagram shows information such as the user's gender, age range, and location.
Google Analytics - Google Analytics is a great tool to use because it is the best platform to use when trying to find a target market for your website. Google Analytics can allow you to see how big of a presence you have on the internet when it comes to how many users view or are active on your website.
Qualtrics - Qualtrics is different from website and social media analytics mainly because it was made for analyzing survey responses. Qualtrics is a great software to use when it comes to both creating and analyzing a survey. Qualtrics makes it so you can create a professional in-depth survey that highlights important data regarding the research question that you want to learn more about. After the survey is created, there are multiple ways you can organize the respondent's answers as well as showing your clients/superiors your findings in a communicative/organized way.
In conclusion, it is very important for a company that is starting out to make sure they know who their target market is so they are not wasting their time advertising to individuals who aren’t or never will be interested in the product or service that you are offering.
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