Discover the importance of targeted marketing for business success. Learn the characteristics of target market & how to do targeted marketing effectively.
A brand once ran Sale Ads on Meta and received a lot of traffic. They were initially overjoyed because of the volume of traffic that came to the Website, but they were later disappointed because there were very few sales despite the heavy discount offered. On analyzing Google Analytics, they found that the bounce rate, which is usually around 45%, had increased to 81%1.
This is a classic example which demonstrates that Social Media Ads aren’t about quantity but about quality – because only quality leads and traffic convert into sales. So how do you achieve Quality in Social Media Marketing? Defining your Target Market is one way to achieve this.
What is the meaning of Target Market?
Any business, especially one that is just getting started, must first and foremost identify their target market in order to succeed. Your target market is who you aim to target with your marketing efforts. This can mean defining the type of person (e.g., age range, gender, marital status), location, or lifestyle they have and invariably a combination of these characteristics.
The information typically used to determine the target market is:
- Who are they? – demographic details
- What are their goals and tensions in life? – psychographic details
- Where do they look for information online? – sources of information
- What genuine benefit can you offer them? – needs
Example of Target Market for a Multi-cuisine Restaurant
The Target Market can also be used to build Marketing Personas. A Persona is a fictional sketch of your target customer. The intent of Personas is to help you humanize your customers. It will help you see them as individuals so that you can craft Ads that speak to their interests, background, demography, and behavior. The main difference between Target Market and Personas is that a Persona is more detailed and focused, while a Target Market considers the entire audience in a more general way. Read more about Personas in this article, “How Persona Creation in Digital Marketing is Paying Off”.
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Creating Personalized content for the Target Market
Once you have narrowed down on your Target Market, create content for people that is most likely to convert into paying customers. Thus, it is important you build content that they care about, one that is personalized and relevant to them. Whether it is blogs or Social Media Ads , create content that is specific to their needs and not too generic – because generic content may result in traffic but not sales. This again ties down to the golden rule of choosing “Quality” Vs “Quantity”.
Social Media Ad is tailored to the 9-5 professionals who love the convenience and variety Online Food Delivery Apps offer
Creating content for various parts of the Marketing Funnel
It’s important to realize that all Ads focused on sales won’t help you grow your brand. You need to create Ads to reach your goals – they include Ads aimed at creating brand awareness amongst your Target Market to Ads that help them buy your product/services. This approach is also called a Full Funnel approach in Digital Marketing where you run Ads to reach a cold customer and then move them to paying customers.
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Understand your competition
Knowing who your competitors are and what they offer can help you differentiate your products, services, and Digital Marketing. It will allow you to set competitive prices and respond to rival marketing campaigns with your own plans that best talk to your Target Market.
Here are some tools you can use to evaluate your competition:
- Facebook Ad Library allows you to search by keyword or brand name to find all active Social Media Ad campaigns. This is a powerful tool to evaluate competitors content strategy
- Google’s Keyword Planner, helps to evaluate competitors Google Ads. It shows the average cost per click (CPC) of the keywords your competitors are running in the selected region. You can discover new phrases related to your brand; and see how often the general public searches certain words
- With a SWOT Analysis, you can map out your challenges and opportunities to best address your Target Market
Do a competition analysis every quarter to avoid being caught off guard by a new contender in your industry or a competitor’s new tactics. The more experience you gain, the better your Digital Marketing Performance will be.
Defining your target audience is the first step when it comes to digital advertising on Meta platforms – Facebook and Instagram. Once you have defined your audience, you target them using the various targeting parameters available to you on Facebook Ads Manager.
This is the part where even well-seasoned digital marketers struggle, as when it comes to Facebook ads, creating an engaging copy and targeting your audience is not enough. You have to continuously optimize your ad campaigns based on their performance metrics and your marketing goals. AdVize is a SaaS platform that uses AI & ML algorithms to continuously learn and ensures efficient optimization of your Facebook and Instagram ad campaigns.
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