Before you venture into the seemingly endless pursuit of promoting your goods or services, you must learn the basics of successful marketing. Doing so, however, does not just translate to studying the principles of interest-based targeting, proper ad wording, and similar. On the contrary, you must take a much deeper dive into things like customer acquisition costs, campaign scaling, re-targeting based on prior leads, and more.
While many things will set apart successful marketers from those who lose a considerable amount of money in the process, there is one factor that plays an incredibly important role – customer profile. As the foundation of practically every marketing venture, the customer profile is what determines how, when, where, and why you run your promotions. So, it is safe to say that failing to advertise to the right consumer is the equivalent of throwing your money away and hoping that it somehow gets you the right result. To learn more about the process of building a solid profile, consider the following few steps.
Break down the Demographics
Having spent years working at a global prestigious skincare, makeup and fragrance company, Philippe Warnery has seen thousands of marketing campaigns. Based on his experience, the first thing that you should start with is a demographics analysis. The most basic factors that will be looked at during this stage include:
- Level of Education
- Marital Status
- Family Size
- Political Views
- Employment Status
When all of these inputs are combined, which will take a considerable amount of time and effort, you will be able to derive your ideal buyer. So, how exactly do you go about determining which demographic is the most fitting one? By researching your own good or service.
The product that you are selling, regardless of the particular nature of it, will almost always be more aimed at a particular group. Consider some fairly common goods that are made for practically everyone. A great example would be bathroom towels, per se, as one would think that every race, gender, ethnicity, and so on will have to buy them. While that is true, there are still a lot of demographics-based strategies that must go into planning the marketing campaign here.
Historically speaking, women tend to buy bathroom towels more than men. Moreover, those who are married tend to spend more money on towels than single individuals. Just by glancing at those two inputs, one can conclude that advertising to married women would be better than focusing on single men. The same concept applies to virtually every other product that you can think of, and you must spend a fair amount of time thinking about the type of buyer that will be a part of your targeted audience.
Analyze the Geographic Situation
After you determine the gender, age, employment, marital status, and the rest of the demographics that will pertain to your product, it is time to analyze the geographic situation. This is because knowing who to target does not always translate to a successful venture. For instance, even if you know that married women are a good market for you, you will not have much success with the ones residing outside the scope of your brand. Such issues, however, are much more common when you realize that you have to target a demographic that is more likely to reside across rural areas where you run into high delivery costs that defeat the purpose of an expensive marketing campaign. Hence why the geographic situation of your targeted audience matters so much.
Look into Income Levels
Another factor that is commonly just grouped with the rest of the demographics is the income level of your consumers. In reality, there is nothing wrong with looking at this as just another line that you have to cross over as you are researching the market. If you want to maximize the odds of success, though, you must treat the income level of your consumers as an essential piece of information. Why? Because the same demographics will often make different decisions based on their access to capital.
If you take two married women who have a family of four, work full-time, have the same age, and come from the same background, you would usually assume that you can target both with the same marketing effort. What happens if one of them is earning two times more than the other, however? It means that you are most likely wasting time going after the lower-earning woman because her spending patterns will not mirror her current living situation well. Thus, you must dedicate some time to uncovering the median salary that applies to the demographic that you selected. Once you do so, you can determine if your product or service pricing is fair.
Adapt as You Go
As with most other parts of the business, Philippe Warnery reminds that learning how to market to the right consumer is a marathon, not a race. You should not expect to figure out the exact details of your buyer as soon as you begin your research. It will probably take a few stages of trial and error before you can drill down on the most fitting customer while keeping your margin of error small.