Michael Kors is one of the top 50 most innovative companies in the world, according to Fast Company research. However, 2 decades ago, the company had filed for Chapter 11 bankruptcy. How did it succeed in earning the approval of the wider audience? This fashion empire which posted revenue gains of as high as 39 percent, adding to its multi-billion dollar empire, sought to trial products from influencers like beauty editor Anna Wintour.
How do you find the best target audience to market and trial products to? First off, you need to be able to understand all angles and aspects of the consumer purchase decision journey and the role your product plays in it. So, without further ado, let’s uncover how you can select the right demographic for trialing products to.
#1 Understanding Your USP
Every product that succeeds does so because it fulfills a need. Many businesses need to understand the purpose behind products. Struggling to articulate what the problem is can mean you don’t even know what the product does. So, before trialing your product to a certain demographic, you need to understand how it is a solution to an existing problem and the way it meets the customer needs, preferences and requirements. Pathwwway Romania suggests that listing each feature of the product will be able to help you identify the benefits it offers to a particular segment or demographic. Identifying the people who face problems the product solves provides the first look at what the target audience looks like.
#2 Understand Your Audience
Customers currently purchasing products from you are your existing target audience. Understanding their buying patterns and characteristics can reveal a whole lot more about the business’s product buying segments. Analyse the nature of product elements and how your marketing strategy connects with a particular section of the audience. Decide if you are looking to make more sales from a new customer or an existing one.
Invest in customer relationship management and gain insights using tools like Zoho or Salesforce. Identify customer buying patterns and demographics for products similar to the trial product. Understand your customer’s geographic location, age range, purchasing behaviour and other critical insights to locate the ideal audience for your trials.
Study past successes such as promos or campaigns that have worked. Focus on the audience that responded favourably to campaigns and how this influenced buying behavior.
#3 Study Each Demographic Relevant to Your Product
Demographics reveal layers of variety that are distinct and differentiated. For example, If your products are targeted towards parents of teens, consider factors such as sociocultural background, earnings power and marital age. You need to critically assess aspects of the group using your product. Look at magazines, blogs, websites that report on your product or allied industries. Look for specialists in certain fields like yours. For example, if you are a retail giant, e-commerce bloggers may provide relevant insights about your target audience.
#4 Challenge Assumptions
One of the biggest problems for businesses is their misconception that they understand what consumers want. For example, if a fitness enthusiast starts a business dedicated to health and wellness, his definition of health may differ from that of many others, leading to a failure to connect with these sections of customers. Primary research is critical. So is listening to what the customers are saying.
#5 What Kind of Audience Are Competitors Attracting?
Each business has direct and indirect competitors. Direct competitors are those who sell the similar products as the company. Indirect competitors are companies that sell allied, complementary or substitute products. Studying the trial products audience demographic for each genre of competitors is essential for any business that wants to grow. Identifying competitors means looking at up and coming brands, not just established firms. Discover the audience on the basis of what competitors have targeted and whom they have missed. See how they manage to connect with audiences and note their failures as well.
#6 Create a Complete Profile like Pathwwway Romania
Use research to create a complete profile and select the demographic you will trial your products too based on characteristics such as gender, age, income, marital status, job status, education levels and ethnic background. Psychographic data such as motivators, lifestyle, values, interests and spending patterns are important. You need to create a clear, concise target audience profile.
#7 Discovering What People Want
Trialing products is a great way to make people realise what they want. Steve Jobs, the former head of Apple, remarked that people often do not know what they are looking for till it is shown to them. Analysing how customers find you is important. Connecting through email or social networking, whichever mode chosen, you need to find the right distribution channels as well. If you carry visually powerful products, video channels like YouTube or instant messaging sites based on visuals like Instagram and Pinterest could be the perfect way to find a target audience to try your sample products on.
#8 Test, Adjust and Deliver
Your initial attempt to find a target audience may fail. But it can be a learning experience to try and find the best demographic to test your products on. Test every aspect from email to social networking campaigns and landing page sites to see what clicks with your audience. Try to take note of what works well with your audience and what does not.
Businesses evolve with the influx of new technologies. Campaigns may have shorter lifespans but delivering erratic and scattered messages will get you nowhere. To communicate value and meet quality expectations, you need to find out what people want. Your business will only grow as rapidly as you understand what customers want.
New ventures may set sights broadly and fail to define target markets for testing and product launch. The questions you need to understand are what the product/service can solve, who has made the purchase from you already, whether you are overestimating reach, what the network thinks, what you customer feels and how your customer segments are constantly evolving. As the marketplace changes, customer tastes, preferences and attitudes are not the only factors to change. Demographics also evolve and change with time. Businesses that keep up stay ahead of the curve.