Target audience analysis

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Every living project has an audience. Every thriving project knows its target audience perfectly well, what they want, and how to engage with them.

In previous articles on marketing, we discussed equally important topics:4P method,market research,competitor analysisToday we'll discuss how to conduct a target audience analysis for more efficient and customer-focused business operations.

What is a target audience and why analyze it?

Your target audience (TA) is the consumer who most needs or is most interested in your product or service. They are the people whose problems you want to solve or whose needs you want to satisfy. This means they are the ones most likely to purchase your product and ultimately be satisfied.

How can target audience analysis help?

• find your audience and focus on them;
• target a specific portion of the audience;
• retain customersfor longer periods of time, solving problems that are relevant to them;
• determine your niche in the market, which will help you create a more unique product;
• increase the number of potential buyers through a marketing strategy tailored to a specific audience.

What is needed to analyze the target audience?

To get to know your target audience better, you need to analyze the following data:

1. Target audience demographics.Find out who your customers are. The data you collect will help you fine-tune your contextual and targeted advertising. Key indicators to focus on include buyers' gender and age, their professional field, salary, challenges, interests, and needs.
2. Geography of the target audience.It's crucial to understand where people are most likely to buy your product. This is especially important for online stores and delivery services, but it's useful for absolutely every business. This factor is also crucial when setting up advertising. On the one hand, if your product already attracts interest from one area, why not target another to expand your reach? On the other hand, will this have the desired effect if there was no initial interest?
3. Company type.Target audience analysis will also depend on the type of company itself. There are two types: business-to-business (B2B) sales and business-to-customer (B2C) sales. A third option can be considered a mixture of the first two.

Depending on the type, analysis methods will vary. For example, for B2B client analysis, analyzing the client's corporate resources online, including on social media, and participating in joint events with the client company, where you can learn more about their business processes, are well suited.

Social media analysis is also suitable for B2C clients, but in this case, it's focused on personal profiles of customers or potential customers, as well as surveys of social media followers, website shoppers, or in-store customers.

Mark Sherrington's 5W Method

One of the most convenient methods of target audience analysis is considered to be the 5W method, namely:

• What – what kind of product does your company offer;
• Who – who is your company’s potential client;
• Why – why a potential client decides to make a purchase;
• When – when the customer is ready to make a purchase;
• Where – where you can purchase a product or service (website, offline store).

By analyzing all this information and answering these questions, you'll be able to understand how to improve your product for a particular target audience, figure out how to present your product to the right customer, and how to do so most effectively. You'll also save on advertising costs thanks to more precise targeting.

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