Determining a precise target audience is valuable. Finding and reaching this audience is even more valuable. But with so much information available, how do you know if you're truly reaching the best market for you? Targeting to carefully segmented audiences saves time, money, and drives up your ROI. Using consumer data is a great way to ensure that you're not wasting any of those opportunities. Here at Altair, we have our own online count system that allows you to quickly and effectively reach your audience. Here are some of our data experts' suggestions for using our criteria to get the best results from your marketing strategies.
Market based on criteria including age, income, presence of children, and gender
This should be your first basic building block with which to segment. Consider your current audience and with them in mind, apply these filters to add similar prospects to grow your public by. And, it's worth noting, just because on the surface your product may only seem relevant to a certain demographic, it's easy to tweak your campaign to appeal to their opposite. You may want to change the message based on the audience you're targeting, but you can still target both. It's just important to make sure you're not blanketing everyone with the same message, since the gap between groups will quickly become obvious and you may lose some valuable potential customers.
For example, if you're marketing skincare products, a younger demographic may be more interested in a campaign that emphasizes its social value: whether it is locally made, if a percentage proceeds a good cause, if it uses natural ingredients. An older demographic on the other hand, may react better to a campaign that emphasizes its usefulness, such as benefits and testimonials that assures its quality and shows its effectiveness.
Marketing based on criteria including demographics, socio-economic status, financial measures, location, and property characteristics all taken into account at once
Once you've decided on your basic demographic segment (gender, age, income), it's time to drill down deeper into those segments. Lifestyle segmentation is one of the best ways to do so. This allows you to get the fullest picture of your audience, taking into account demographics, as well as their habits. Now, it's even easier to define the most valuable and narrow audience, as well as a more highly specific and therefore, effective, campaign.
Case in point: one of the lifestyle segments offered on Altair's count system is labeled Kids and Cabernet (hint: if you're new to this, a great resource for finding the definitions of mosaic segments is on Research Wizard). This consists of affluent married couples with a focus on their children. The majority own homes, are between 36-50, and have an income over $125,000. This group may be a great target for a family cruise campaign, educational toys for children, or health conscious food subscriptions. Using these segments is a valuable way to boost response to campaigns and create substantial new pockets of customers.
Marketing based on criteria of physical region or neighborhood
So you've defined your audience by demographics and lifestyle, and now you're ready to go. Well, not quite yet. Another important consideration is location. Where do your customers live? Where does your product live? Altair allows you to market even down to zip codes. If you're located in a sprawling urban city, and you've done your research, you may find your customers are clustered in certain neighborhoods or areas that you want to focus on and campaign the area to find more similar customers.
If your offer is available anywhere, such as through online venues, then you have a wider geography to choose from, and may want to select a larger area to pull from, and focus more on your demographic and lifestyle selects regardless of region. On the other hand, if your stores are spread out, it may be more valuable to select up to 5 miles away from each store in order to find likely customers that match your chosen profile, and would be more likely to make the drive to your store.
Pulling it All Together
Typically market segmentation goes research, trial, research, campaign. It's valuable to select the demographic you believe will find your offer most valuable, create a campaign specific to that group, pick a portion of that population and run a trial. If all goes well, then perfect. Select your whole population and run your campaign. If there seems to be any issues, then it's back to the drawing board. Is the campaign not resonating with the chosen demographic? Or might another demographic find your offer more appealing? Poll your customers, run surveys, and once you've changed a portion, then it's time to try out a new campaign.
Any service or product that you want to market will benefit from consumer data. It's valuable information, and can provide you with new customers, and everyone knows once someone is converted to a customer, it becomes easier to retain than attract. .Marketing with consumer data allows you to do both and Altair has over 157 million records available for you to pull from. Visit us at Altair today in order to create your very first list and begin getting the most value for your campaign.