2 items tagged "monitor"

  • Identifying and monitoring your target audience as a B2B brand

    Identifying and monitoring your target audience as a B2B brand

    We often make the mistake of not using proper data-driven insights to connect the dots between our business and consumers.

    How well do you know your brand’s target audience?

    Or, how well do you think you know your target audience?

    We find that many brand managers in Europe assume they know their audience very well indeed. They might even have a very clear image in their head of the type of individual they are trying to target with all of their advertising and marketing strategies

    What is often the case, however, is this image in their heads isn’t always completely correct. When it comes to targeting your audience in Europe and motivating them into making a purchase, you need to ensure that your understanding of this group is bang on. Any slight differences between what’s in your head and your audience could result in some of your targeted work falling flat.

    If you know that you have this problem in your business currently, here are steps to take to understand your target audience better. If you follow them through, you’ll know how to discover your target audience and start fine-tuning your aim for them in all your campaigns.

    Brainstorm your target audience

    The first thing you should do is sit down and brainstorm what you already know about your target audience. Think about the characteristics that all of the individuals who are most likely to buy your products will share. Are they in the same age group? What is their job title; what kind of salary do they earn? You should also look at the common challenges, needs, and objections that this group of people might face in their life.

    One great tip is to take a look at the audience that your competitors are targeting. How does that group differentiate from yours? Examine the data-driven insights using the right tools to understand the entire funnel, and how you can leverage this data to incorporate your USP to retarget.

    Take advantage of brand trackers

    Use a brand tracker to get measurable and actionable data on your audience. This data can give you various, but specific insights. For instance, tracking brand awareness will tell whether or not your ideal target audience actually knows about you. As well as that, tracking brand consideration will show if they would consider using your brand. You can also track this data for your competitors and compare how your brand fares against them. 

    In addition, you might even discover that this isn’t actually the best audience for you to be targeting. By digging deep into all of this brand tracking data, you might see new audiences appear that you had never previously considered. Just make sure to choose a brand tracker that caters to niche audiences.

    Develop a persona for your target audience

    Now it’s worth creating a persona of what the quintessential member of your target audience is like. There are so many benefits from audience personas, so why not use it?

    For example, if you target the millennial generation, go beyond a generic idea of a millennial and think more closely about who you are selling to. If you find that millennial females who live in urban areas and work in the tech sector buy your product more than anyone else, then their defining features and characteristics should also be those of your audience persona. 

    Once you have made a persona, it’s important that you inform everyone on your team. To keep everyone on the same track with all their strategic work, you all need to be targeting the same persona.

    Start targeting

    Now that you know who you are aiming at, it’s time to start trying to reach them. In order to target your audience, focus your efforts on the channels they use most often. 

    If you know that your target audience spends a lot of their online time using Twitter, then it’s worth starting a campaign on that social media platform. However, if you are targeting an older audience who might prefer to spend their evenings in front of their TVs than tweeting, think about running some TV adverts.

    Researching the channels that your audience use really can help you immensely, not doing so could end with you shooting blindly and completely missing. 

    How does running marketing campaigns help find your target audience, you may ask. Well, how can you be positive that they are the audience for you unless you see if they work? And don’t forget...

    Continue to monitor

    So you research your target audience well and then start to target them using suitable methods and channels. Job done, right? Not quite.

    Sure, you’ve taken the right kind of steps so that the right kind of consumers will see your brand marketing. But how do you know whether that’s really happening once your adverts and promotions are out there in the wild? How do you know that they are helping your sales?

    Keep your eye on the ball and monitor how your marketing efforts are doing. You can do this by tracking your brand guidelines and campaigns to make sure that they are hitting the spot. 

    It’s also worth noting that target audiences can change or shift over time, so monitoring them is a continuous task for every brand manager. As long as you do make monitoring a habit of a lifetime, then there’s no risk of you ever being left behind by competitors

    Those steps don’t sound too difficult, right? If you follow through with them, you should discover new things about your target audience that you might never have realized. And those nuggets of wisdom could help you polish up your marketing campaigns like never before. 

    Not only that, but you can now carry out all of your campaigns confidently, as your target audience shouldn’t be even easier to reach. 

    Author: Steve Habazin

    Source: Entrepreneur Leadership Network

  • The types of news stories around your competitors you should monitor

    The types of news stories around your competitors you should monitor

    There’s an old saying 'the news never sleeps'. And it’s never been more true than it is in today's media-saturated world. Internet news sites and the 24-hour TV news cycle have combined to create a non-stop news environment that churns out stories faster than any human being can possibly read them.

    For professionals charged with collecting competitive intelligence, this constant news output creates an unending deluge of articles waiting to be skimmed, sorted, and distributed. Where an automated competitive intelligence process used to be a luxury, it’s rapidly becoming a must-have for businesses that are serious about capturing high-quality, timely information.

    Here are six types of news stories that a well-calibrated CI process will always capture:

    Product launches

    When the competition releases a new product, service, or solution, it’s helpful to know the 'what', 'why', and 'where', behind their new offering as soon as possible. If there’s a launch day event, press release, or management statement, a good competitive intelligence process will bring them to your business’s attention.

    Upgrades

    As exciting as new products are, when the competition tweaks an existing product, it can have important implications. An upgrade may not receive as much publicity as a new product, but it will often garner a mention in a blog and social media post.

    Industry reports

    Whether released by a competitor or an independent organization, industry reports can provide insight into where other businesses stand within the industry space. Reports released by competitors often contain valuable research, while external reports tend to offer a broader picture of where your competition ranks according to various criteria.

    Sales wins

    Attracting new business isn’t a zero-sum game, but there are still plenty of reasons to take note when a competing company scores a new client or sale. Many companies will toast their wins publicly, via press releases and blog posts. On the other hand, if your competition doesn’t advertise its wins, a thorough CI process can still alert you, via news articles and industry news sites.

    Testimonials

    If you want to do comptetitor analysis in order to find out on what your competition can really offer its customers, testimonials generally offer the most in-depth, concrete information. CI should capture testimonials and case studies written by your competitors, as well as external reports from customers, partners, and industry review sites.

    Awards

    Awards aren’t everything, but when your competitors win big, they’re receiving free publicity and fostering a sense of prestige within the industry. If your competitor is presenting the award, it can be indicative of an underlying relationship with the winning company. Your CI process should keep up with awards being given to and by your competitors.

    Source: CI Radar

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