For many of us, hearing the success stories of business owners around the world makes it seem like running a business is all about having a good idea and putting it into action. It’s easy to feel that way when you hear the origin stories of Apple, Netflix, or Spotify. These are companies that have been launched into the stratosphere by the customer base and their cult following. However, the actual basis that these companies are founded on is much more complicated and well thought out than a product or service concept.
Marketing is a critical aspect of growing the customer base for these companies and ultimately leading to the revenue that keeps them afloat. However, in order to effectively market their products, business owners need to have a clear understanding of who their audience is and how their product applies to their lives. Before launching a marketing campaign, businesses take a minute to identify a few key factors that allow them to effectively strategize and set realistic goals. These include their target audience, which products to market, and budgetary restrictions, among other factors. Based on this evaluation, the marketing team can create a customized plan that will lead to the maximum possible return on investment for the company.
If you’re trying to build a new business plan based on your company goals, these are the points you should consider when developing your strategy.
Who Is Your Audience?
One of the first points you’ll want to take into account in your business plan is who your audience is. You should be thinking about who will find your product most useful and how you can engage them. This all begins and ends with your buyer persona. A buyer persona is a hypothetical representation of a type of customer you want to engage with your business. This should not represent a broad sample of your target audience but rather one particular type of customer. It needs to be as specific and focused on a particular demographic.
You’ll want to consider the age of the potential customer, their location, and their interests. By carefully constructing this hypothetical person, you’ll be able to identify the value they will find in your product or service.
These personas allow you to examine real customer data and ultimately look for patterns in the sales your business is actually making. You should have multiple personas for different customer types, product types, and target audiences, so you can craft a buyer’s journey that will lead to a sale. The Engage customer segmentation tool will get you well on your way to a robust and effective buyer persona.
What Product Are You Selling?
Based on these buyer personas, you can identify which product you want to be promoting to different customer types. Their pain points will give you valuable insight into the type of buyer’s journey they will be most likely to engage with. In fact, if you prefer, you can use customer data based on sales of a particular product or service. You can use customer data to find out which of your products which type of customers tend to be most interested in. This is a good way to supplement your buyer personas or examine customer data effectively.
You’ll be able to target your audience as effectively as possible if you look at both the hypothetical audience you want to engage and the actual audience your business is already reaching. Your marketing strategy will reach the highest number of people and offer them the most value this way.
Product targeting is one of the most effective ways businesses are targeting people in this day and age. By monitoring patterns on your company site in real-time and compiling the information to give similar customer types the same experience, people are finding what they are interested in more easily and being given both the tools that they are looking for. You can then suggest supplemental products or services that they might not have been looking for but will certainly find valuable.
Engage has a fantastic personal product recommendation tool that will add plenty of value to your customer’s experience.
What Price Point Can Your Marketing Department Meet?
The Engage platform is designed to work for users with every kind of budget. Whether you’re just getting started or you’re a seasoned marketing professional, our tool can offer a solution based on the budget you have available.
Engage offers functionality for creating a customized audience and recommending products for each of your buyer personas. Our tool can be directly integrated into Facebook and Instagram. We are constantly working to keep our tool up to date with the latest marketing trends, and you’ll continue to see the innovation our team is known for in updates to our tool.
Knowing your customer is an intricate process based on a combination of your own strategy and the analytics you get from your sales data. However, by approaching it with a tool that takes all aspects of the customer experience into account, you’ll be poised to see the best results. If you’re looking for ways to get to know your target audience better, contact us here or visit our homepage! Our team of professionals would love to help set your business up for success.