How To Find Your Target Market & Hit Their Sweet Spot
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One of my favorite quotes is:
“Without customers, you don’t have a business. You have a hobby.”
Every business finds success or failure based on its customers. To catapult a company to success, it needs to be able to find and effectively communicate with potential customers. The right product to the wrong audience or with the wrong messaging, no matter how revolutionary, will fail.
So, how does one find and understand the target market?
The answer: market research. And as the NUVI Audiences team lead, that’s my main focus. My job is to know who your current and potential consumers are and what they engage with.
Typically, market research is done via focus groups, surveys, interviews, and the purchasing of extensive, expensive, and outdated lists and research. These all cost a lot of money and don’t show the whole story, for a number of reasons.
For one, focus groups and surveys produce skewed data. One skew comes because of the inability to access those people you’re targeting. The types of people willing to complete an in-depth survey or participate in a focus group are generally not representative of the market and rarely include people from the target audience.
Also, people tell people what they think the other wants to hear, especially on surveys. Survey and response biases tend to distort the data, leading to consumer insights that are off-target.
Another problem is the time and expense conventional research takes. Frequently, researchers don’t know where to start and have to iterate their way through the focus groups and interviews. That’s costly, time-consuming, and frustrating.
Online conversations, on the other hand, are great places to acquire information. Through online conversations, specifically social media, you can find people from every age and all walks of life. They all talk about what they love and hate, what they’re using and when, and how they want to see things change. Social media’s purpose is to express oneself to a larger audience than just friends, and each social media platform gives people the opportunity to show a particular side of their personality.
How can we leverage it?
NUVI Audiences is a brand new platform we built to help market researchers understand the broad strokes of the market with exclusive insight from Facebook,
perhaps the most powerful social platform for understanding what people truly feel. Facebook’s followership tends to be only friends and family: the people that we feel comfortable opening up to. And, the great thing about Facebook is that everyone is on it; for example, my 75-year-old mom and 18-year-old niece are both on Facebook. Facebook has all walks of life of people on one platform and can give insight into what each group is made of and what they truly think and believe.
How it Works
As the Audiences team lead, we work with people on their strategies, market research, and consumer insights, assisting the clients to dig into the numbers and understand what group engages with the brand the most and how they access it.
For example, one of our clients is working on a new show they plan on premiering soon. Because it hasn’t made it’s debut to the public, no one is talking about it, making it hard to gauge levels of interest, track conversations, or find who, exactly, they ought to target. From the brief description that the TV channel’s rep gave us, it sounded similar to “Law & Order” or “Making a Murderer”.
So, we created several Audience research portfolios surrounding a list of crime investigation shows and then generated the reports. When then delivered the report to the TV channel’s representative.
“Well,” we said, “here are your targets. Here are the areas that you are going to want to focus on, and groups that you’re going to want to advertise to.”
The first word out of her mouth: “Wow.”
After seeing the demographics section, she told us, “this is similar to the information I’m getting, but I’m having to track it down from multiple sources, and it’s extremely time consuming.”
With Audiences by NUVI, we were able to get that data almost immediately. And, it’s not just surface data; Audiences allows users to dig into the data and look at the information beyond just, “go after males in this age group. Good luck.”
Instead, it lets researchers say, “this is the content that this group engages with, these are the topics of conversation that resonates with the entire group, and here’s how we can approach them.”
A huge part of finding the target audience is understanding who to go after and how approach them so the message can be relevant and on point. Below are a few examples of what Audiences can do:
We’re able to see the conversations related to our search.
And, we can see who is talking about it.
We can see what resonates with who by looking at the demographics of those sharing links.
Engagement by age can be further broken down by country or state, giving insight into cultural trends.
This kind of information is vital to my research clients in many different ways. Compared to traditional methods of research, our clients now have the consumer insights that they’re looking for at their fingertips, any time they want it. Audiences might be a replacement for a survey or focus group as it allows researchers to have the power to understand more than ever.
Want to see how people are reacting to a new TV series? Want to know what your consumers are engaging with? Or how to best engage a new market? Audiences Research Portfolios can reveal the insights you’re looking for in a cost-effective and nearly real-time manner.
Audiences solves your problems by:
*making sure you’re finding your audience
*helping you understand what that audience is most interested in so you can hit their sweet spot
*helping you know how to brand your company in order to connect with the right audience
As we’ve seen many times before, it’s when companies know who the audience is and how to best approach each specific group that they see the most success. With Audiences by NUVI, your research is customizable, real-time, any time, and empowers you to do more, see more, analyze more, understand more, and is streamlined onto one platform.
Audiences by NUVI. The world’s largest focus group.