Understanding your customer and providing them with what they need is the most important part of a successful business. For any service or product, customers are presented with multiple options. So convincing them to use your service or product is not easy. In this week’s article, we will outline a stepwise guide to strategically identify and understand your customer.
The first step is to create a list of 5 competitors who is doing well in your market. Then start analysing them on the basis of their marketing strategy, persona in the current market, sales process and market authority. Based on these detail, create a list of activity that may help you grow your market potential.
Based on competitor analysis, it is important to analyse your market positioning and understand your key strengths and weakness. Once you understand where you stand, there is some key recurring activity – review your google analytics weekly, review your moz reports weekly, review your marketing data weekly (use tools such as infusionsoft for marketing automation), review your sales report with source detail (use tools such as ZOHO Invoice) and analyse your goals and conversion in google analytics. From all these reports, one thing that you will be able to gather by doing all these activity is to understand the activities that are working. It is recommended you use Customer relationship management system such as Salesforce or infusionsoft to understand your funnelling.
Using these tools, you will have data such as demographics of the users(age, gender, location etc.), nature of purchase with user journey and an impact of marketing automation and remarketing. You should draw a workflow for each unique audience and create an attraction strategy for these customers.
Ineract with customer
Survey may be boring these days but get answers for below question from your existing and future customer. You can use the below guide produced by hubspot.
Talk to a marketing guru
Now that you have enough data about yourself and your competitor, you should get engaged with a marketing guru and get them to analyse your data. Your marketing guru should provide you with an insight on activities that you may have overlooked. Its generally better to try upto 3 marketing gurus, one in house, one in your location and one overseas with similar business structure.
You have enough data in your table to succeed. However, only half of the work is done. All the hard work that we are performed in analysing the business is worthless if we don’t set goals and create short-term and long-term benchmarks. Create benchmarking report based on your attraction strategy and link it to your CRM to forecast your progress. Remember, things will change quickly so never stop analysing your data. Use as less tools as possible – our recommendation is to use hubspot or infusionsoft.
Now back to you…
- What strategies are you using to find out your target audience?
- What is your biggest challenge when finding your target audience?