This is the most important thing that you can do for your business – so read carefully.
By researching your target audience thoroughly, you will learn information that will make your business successful.
I am sure everyone knows the importance of this. But people often get overwhelmed when it comes to conducting the research.
There is often a perceived high cost associated with this and it is difficult to understand where to start.
In this blog, I am going to quickly explain what you need to look out for when conducting audience research. Then I will show you a simple 5 step approach to help you conduct amazing research for next to nothing.
This is going to set your business up for success. Especially the last step, this little trick is going give you a huge advantage over your competitors.
Why we conduct target audience research
The main aim is to understand the main problems they face, and how your products and services can help overcome them.
If you figure this out, you will develop your product to meet their needs better than your competition. You will also be able to tailor your marketing to communicate this more effectively to your audience.
Other reasons we want to conduct great target audience research are:
Find where they hang out
Understand their emotional triggers
Discover what they like and dislike
Find where they are geographically located
Learn their socio-economic makeup
Understand your key demographics
Learning this about your audience will help you craft an amazing marketing strategy, increasing the number of customers you create.
A simple (and cheap) 5 step approach
There was once a day where conducting amazing audience research would have cost you a lot of money.
Luckily for us, we live in a digital age, where social media and big data prevail.
The amount of information sites like Facebook and Twitter have about people is astounding. You just have to know how to harness it…
Step 1 – Your network
Start by creating a questionnaire using a service like Survey Monkey. They offer a free service with limited functionality. Use this if money is tight.
Design a questionnaire to help you understand many of the points that we discussed previously.
If you need some help, check out this article for more information on how to design a questionnaire for audience research.
Then share this questionnaire with your immediate network. Let them know what you are planning to do and ask them to fill it in for you.
You can take it a step further and ask them to share it with their network so you can get even more responses.
You don’t need a huge number of responses. We are just trying to get a basic understanding of what your target audience looks like and what problems they face.
Step 2 - Big data
The next step is to leverage the big data from the social media giants.
Both Facebook and Twitter have free tools available that allow you to look at the data they have collected on their users.
Start by searching some of the things you know about your audience. Then you will be presented with a lot more information about them.
Take some time to drill down into a really targeted audience. This will help you to build a better understanding about your core audience.
Step 3 – Read reviews
This is a fantastic tactic to help you understand what your audience really likes and dislikes about your competitors’ products.
Check out sites like Yell, Facebook and Amazon to read reviews of similar businesses and products like yours.
Make sure you check out the bad reviews as this is going to help you understand if your audience feels like their problems could have been better addressed.
If you have a service business and are struggling to find reviews on Yell or Facebook then look at books on Amazon. Search for a book within your niche and read its reviews.
Step 4 – Create a customer persona
From what you have learnt so far. Create a customer persona on what you think your ideal customer looks like.
Include information about their problems, key demographics and interests. Everything you need to paint a clear picture of the type of person you are selling to.
It doesn’t need to 100% accurate. At this stage, a customer persona rarely is, as people will almost always respond differently to your products when you launch.
The key here is to be open to adapting.
You now want to take the information you already have and create a marketing strategy to target this type of person.
The next step is the simple tactic that is going to help your business skyrocket.
Step 5 – Survey your customers and optimise
This is where you will hone in on that customer persona you created.
By using a questionnaire similar to the one you previously created, you can survey your first batch of customers.
Once you have learnt more from these people. You can refine your marketing and products to focus more on their needs and desires.
These are the people that purchased your products. If you can understand why they purchased from you and find more people like them, then you have hit the nail on the head.
By simply learning from your customers and adapting your business to serve them better, you are instantly more attractive to people like them.
Rinse, wash and repeat
As a business, you need to be constantly learning otherwise you will lose that competitive edge.
Markets changes, people’s needs change, new competitors appear. All of this is going to affect how your audience perceives your business.
By constantly learning about their changing needs, you will set your business up for success.
This simple strategy is not going to cost you much in time or money. But will have a hugely positive impact on your business.
Want more time and cost saving techniques?
Then check out our FREE high-performance low-cost business training. Here you will find a lot more tools and strategies to help you run an even more efficient business.
Click here to access your FREE training now.
Did I mention it was FREE?