Target acquired: How to define and use your ideal target market

Don’t assume you know who makes up your target audience because you could be wrong. Here’s a look at how to identify a target market and create niched marketing campaigns that sell.

The post Target acquired: How to define and use your ideal target market appeared first on Marketing Land.

Ironically enough, when it comes to promoting themselves, many businesses jump straight into marketing and forget to really think about the most important part of marketing: their target market.

This problem isn’t just limited to new entrepreneurs or start-ups, either. I’ve talked to plenty of well-established companies who can only describe their target market in broad generalities.

This is a real problem because knowing exactly who you’re targeting with your marketing is the key to successfully reaching, connecting with and convincing them to buy what you’re selling. So, while it’s tempting to jump right into building your marketing campaigns and putting together creative, it always pays to stop and think about your target market first.

In this article, we’re going to take a look at how to identify your target market and use what you know about that market to create target marketing campaigns that sell.

Who am I targeting?

Whether you’re a new business or a decades-old company putting together a new ad campaign, you should always be asking yourself “who am I targeting?” Even if you sell products with broad appeal, this question is still important. Specifics sell and the more specifics you know about the market you are targeting, the more effective your marketing will be.

For example, if you sell lotion, you might think that your target market is too big to define. I mean, almost everyone gets dry hands at some point, right?

While that might be true, there are a lot of different reasons why people buy lotion. Some people live in a dry climate. Some have a skin condition like rosacea. Some people want a lotion that smells good, while others want a scent-less lotion because scented lotions irritate their skin.

Would it make sense to use the same marketing for all of these different groups?

Even if your scent-less lotion happens to be great for people who live in a dry climate or have rosacea, it’s hard to effectively market to all of these markets simultaneously. After all, if someone searches for “rosacea lotion” on Google, they aren’t looking for lotion because they live in a dry climate. They want a lotion that will treat their specific skin condition.

Even within a more targeted market segment like “rosacea sufferers”, there is often room to refine your target market further. For example, you’d want to use very different marketing tactics to market your lotion to moms with young children suffering from rosacea than you would if you were trying to sell to middle-aged men with the condition.

Can you see why understanding your target market is so important? The more clearly and precisely you can answer the question “who am I targeting?”, the more focused and effective your marketing will be. Obviously, you have to balance market size with market specificity, but understanding who you are targeting and what motivates them is the key to create compelling marketing campaigns.

With all that in mind, here are a few easy questions you can ask yourself to help you define your target market(s):

How do my current customers use my product or service?

As I mentioned above, even people who use your product or service for the same thing may use it for different reasons or in different ways. For example, if you offer invoicing software, you may have some customers who use it for every client and transaction, while others only use it for certain clients or situations.

Odds are, invoicing software addicts are probably your most valuable customers and you will want to both target them more aggressively and with different messaging than you would more casual users. Your software will be an integral part of their business, so certain selling points about your software will appeal more to them than they would to your standard users.

Segmenting your current customer base by how they use your product or service can give you a lot of insight into your target market(s). Odds are, if your current customers love your business for a particular reason, potential customers who are motivated by the same things will be likely to respond to marketing that focuses on that same issue.

What am I trying to sell?

This might seem like an obvious part of any marketing campaign, but when it comes to defining your target market, knowing what you are trying to sell is important, especially if you’re changing what you are selling. Many businesses try to use old marketing tactics to sell a new product and then wonder why their results are bad.

Whether you’re trying to market something new or simply get more sales for a particular product or service, it’s important to think about who your new target market is. Different products and services appeal to different audiences, so even small tweaks to what you’re selling can have big effects on how well your marketing works.

For example, if you sell cookies and decide to add organic, egg-free cookies as a new product, you need to market them differently than your standard cookie line.

Let’s be honest, most people who buy organic, egg-free cookies aren’t buying them because they are the best tasting cookies. They care about the ingredients more than the flavor, so your marketing should focus on how healthy and environmentally friendly your cookies are.

At the same time, if most of your customer base loves the flavor of your standard cookies, they aren’t likely to start buying your organic cookies because they are environmentally friendly. They want the delicious cookies they know and love, so you should focus on marketing the flavor of your core cookie offering to your less ingredient-conscious target market.

Ultimately, what you are trying to sell has a huge impact on how you sell it and who you sell it to. As a result, “what am I trying to sell?” should be one of the first things you ask yourself during the marketing process.

What is the competition doing?

While I’m a big advocate for standing out from the competition, you can also learn a lot from the competition—both about what to do and what not to do.

For example, take a look at the ad below:

You can clearly see that this business is targeting high-intensity people who probably lead high-intensity, busy lifestyles. To appeal to this market, their ad copy is high energy and focused on the flexibility of their offering.

If you happen to be a competitor of theirs, there’s a lot you can learn from this. On the one hand, if you want to target the same market, you can look for keywords or phrases they are using to try and catch the attention of their target audience.

Alternatively, if you want to differentiate yourself and try to target an alternative market, you could try focusing on price, a different exercise option or offering lower-key classes that might appeal to less intense potential customers.

Whether it’s a gym down the street or an international conglomeration, your competition can teach you a lot about who your target market is (or should be) and how to approach them in your marketing.

Is my target market niche … or non-existent?

One final thing to keep in mind as you identify your target market is the size of that market. As we discussed earlier, the narrower your target market is, the easier it is to create specific, highly targeted messaging for them. However, if you can only target 10 people with that messaging, it may not be a market worth targeting.

Given the massive reach of online advertising platforms like Facebook and Google, this isn’t a common problem, but it is something to keep in mind as you define your target market(s). If you find yourself struggling to effectively target the market you’ve selected, you may need to take a step back and expand your audience a bit.

As a general rule of thumb, I like to assume that 3 percent of the people you can target with a given marketing channel are ready to buy today and 3 percent can probably be convinced to buy. If that 3 to 6 percent of your identified target market isn’t enough potential business to be worth your time and money, your market is probably too niche to be useful.

Conclusion

While it can be easy to assume you know who your target market is and what they want, taking the time to really think about what you’re selling, who you’re selling it to and how to best sell it can significantly improve your marketing results. It might not be the most glamorous or exciting part of marketing, but it’s a key part of every good marketing campaign.

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Unlocking the True Power of Testing & Other Takeaways from Brooks Bell’s Interview With Ambition Data

Recently, our Founder and CEO, Brooks Bell, sat down with Allison Hartsoe, host of the Customer Equity Accelerator—a podcast produced by Ambition Data. Listen to the full podcast or read on for a few highlights from their conversation:  On what inspired her to build an experimentation consultancy… Originally, Brooks founded Brooks Bell Inc. in 2003 as […]

The post Unlocking the True Power of Testing & Other Takeaways from Brooks Bell’s Interview With Ambition Data appeared first on Brooks Bell.

Recently, our Founder and CEO, Brooks Bell, sat down with Allison Hartsoe, host of the Customer Equity Accelerator—a podcast produced by Ambition Data. Listen to the full podcast or read on for a few highlights from their conversation:

On what inspired her to build an experimentation consultancy…

Originally, Brooks founded Brooks Bell Inc. in 2003 as a website development agency. After working with a few local clients, a chance introduction led to her first major experimentation client, AOL.

Today, you might think of AOL as one of the [now-extinct] internet dinosaurs, but even back in the early 2000s, the media giant was facing its fair share of challenges. According to one story by Time Magazine, despite having 34 million members in 2002, AOL was battling slowing subscriber growth, falling ad revenue and exorbitant operational costs. 

So, the company turned to experimentation. “AOL had the right environment to build a testing culture,” said Brooks. “They had a closed technology environment, their own analytics platform, and their data was clean and connected.”

Back then, AOL relied on pop-ups to drive new subscriptions. Working with Brooks, the company issued a challenge: design a new subscription pop-up that would beat the control experience. And so, drawing from her background in design and psychology, she did—and then she did it again, and again, and again.

But that was just the start. As other large companies began to rely more on the digital space to drive their business, Brooks saw an opportunity to help them tap into the power of experimentation.

“We realized that no one was testing!” said Brooks. “No other large companies had the data, culture and processes in place to test. So we set out to help them build the data fidelity and really recreate what we saw at AOL in those early years.”

On the difference between optimization and experimentation…

It’s one of the more common questions we get: “Brooks Bell is an experimentation consultancy. What’s that? What’s the difference between experimentation and optimization?” As Brooks explains it, it all comes down to science.

By definition, experimentation is the application of the scientific method to determine something. And while optimization is one potential outcome of an experiment, true experimentation requires running tests without a prescriptive outcome or application.

To put it simply – you’re testing to learn. And as long as your results are statistically significant, there is always something to be learned from experiments—even those with flat or negative results.

On how to unlock the real power of experimentation…

Today, in the age of Amazon, a customer-centric experience is critical. But for some established companies, this requires a bigger paradigm shift in culture and processes.  

“Customer-centricity requires rethinking metrics, the type of data you collect, how teams are organized, how teams are incentivized, how you communicate and also your core values,” said Brooks.

The true power of experimentation lies in its ability to align your customer needs with your company’s strategic goals and your program’s agenda. Furthermore, you can use experimentation to learn new things about your customers in a scientific way.

“Having statistically-sound customer insights can totally change how you organize your store, how you train your team, and how you structure your website,” said Brooks. “This is where testing programs can really drive change.”

To that end, we recently celebrated the launch of Illuminate, our customer insights software for testing teams and executives. Illuminate not only provides a place to store, share and learn from your experiments, but also a means to develop impactful customer insights.

“We launched Illuminate to provide a repository of great test examples, to learn from each other, and to build a library of great test case studies,” said Brooks.  This is because outside of the testing program, any key learnings from an experiment can get lost within the data. Illuminate solves this by encouraging deeper thinking about customers, their needs, preferences, and behaviors. 

Learn more about Brooks Bell’s experimentation consulting services. 

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5 Ways to Optimize Your Website For Converting Visitors into Customers in 2018

One of the central points of a successful website is optimizing your sales funnel for conversion. Here’s a guide to CRO, including the buying cycle and the optimization of your website for each stage. But what is the buying cycle? In a nutshell, it is a patterned process customers go through when contemplating a purchase. […]

The post 5 Ways to Optimize Your Website For Converting Visitors into Customers in 2018 appeared first on Blog.

One of the central points of a successful website is optimizing your sales funnel for conversion. Here’s a guide to CRO, including the buying cycle and the optimization of your website for each stage.

But what is the buying cycle?

In a nutshell, it is a patterned process customers go through when contemplating a purchase.

In most cases, you can break the buying cycle into three stages.

  • Top of the Funnel: The “awareness” stage when a customer is trying to solve problems, get an answer, or meet a need. At this stage, they are usually unaware of their problem, so you need to show it to them through blog posts, eBooks, and other useful resources.
  • Middle of the Funnel: The “evaluation” stage when a customer is doing research on whether your product or service is a good fit for them. At this point, they already know their problem and they are looking for the best solution.
  • Bottom of the Funnel: The “purchase” stage when your visitors convert and become a customer. At this stage, all you need is the right offer.

breakdown of visitor type to your website

Source

Your marketing campaigns must be different based on what stage the customer is in the buying cycle. Your goal is to move the customer to the next phase of the buying cycle, and your final goal is to get customers to the convert stage or to the bottom of the funnel. At this stage, the customer buys the chosen product.

Unfortunately, it’s not that easy. The average conversion rate is only 3% which means 97% of visitors leave the average website without buying. Improving the conversion rate is essential for all websites. If you ignore it and focus only on driving traffic, you’ll quickly spend most of your money with little to show for it in return.

In this article, we’ll focus on how to optimize your website for the conversion stage. Let’s dive into it!

  1. Optimize your checkout page

Making checkout process fast is a really important requirement for ecommerce sites. Many visitors will leave your website at this point if your checkout process is confusing and slow. For example, a checkout process that goes through more than two pages is likely to result in an abandoned cart.

In order to avoid this, it’s a good idea to show a progress bar to your visitors so they know exactly where they’re at in the checkout process.

Another common practice is to minimize distractions as much as possible. A minimal checkout allows the customer to check out instantaneously and increases the chances of a sale. Don’t have twenty fields on your checkout page, ask only what is required and allow the customer to fill the information in broad, convenient fields.

Ultra.com has the perfect example of a minimal checkout:

Optimize your checkout page for increased website conversion rate.

Now let’s see a bad example – don’t try to copy this one:

Optimize form fields to complete the visitor journey.

  1. Don’t force registrations

Have you noticed that nearly every website you visit asks you to “sign up” or “sign in”? But these accounts are usually forgotten in a few weeks and it just frustrates visitors.

Registrations usually involve extra steps in the buying process and it will hurt your store. Some visitor will leave the site because they don’t want to register. Some will struggle with the registration. Allowing guest accounts can simplify the process for new customers. Guest checkout means that visitors can make a purchase from your store without logging in to an account or saving any information in your database.

impact of shipping and delivery charges on checkout process.

If you want to make your checkout process even easier and less frustrating, allow shoppers to use a social media account. According to research, 66% of consumers prefer using social login.

  1. Shipping and handling costs should be clear

Many websites show taxes, shipping charges and other charges at the end of the check-out process. This is a terrible tactic. It will definitely create a feeling of shock for the customer.

That’s why you should always make the total cost visible as soon as possible. It’s even better if you already highlight your shipping costs on your homepage and product pages.

Using dynamic shipping policy is also a good practice. It means that you display real-time shipping rates to your customers based on their address, and include all costs like in the example below.

Optimize the registration step in your checkout process.

  1. Recover abandoning visitors on-site

Just because a customer adds something to the cart, it doesn’t mean he/she’s going to buy it. In fact, the average ecommerce cart abandonment rate is nearly 70%. In other words, 7 out of 10 visitors who add an item to their cart will leave the store without buying. But luckily, there is a way to save these visitors and reduce cart abandonment. It’s called onsite retargeting. Onsite retargeting works by monitoring visitors’ behavior, and when their behavior indicates they are ready for some additional message, it will be displayed to them, usually in a popup. I suggest displaying a popup which either prompts them that they are leaving or provides them an incentive to complete the purchase like in the example below.

use pop-ups to decrease cart abandonment rate

  1. Increase the sense of urgency

Visitors often think “I’ll buy it later” while browsing online stores. They leave, and they never come back – even if they really liked the product. Fostering a sense of urgency is a very effective way to overcome procrastination. You have a number of ways to make your visitors feel like there is a “ticking clock”. For example, you can offer free shipping for a limited number of buyers: only the first 50 buyers. Another option is to show when one of your products is out of stock. It can also increase buyer confidence by implying there is demand for the product and showing a certain number of items have already been sold. You can also set up deadlines for discounts or offer free shipping for a limited time, e.g. 15 minutes. The expiration date of the offer creates a sense of urgency in your customers.

Below, you can see an example where they provide $50 off if the visitors finish checkout within 5 minutes.

offer on exit intent pop up to convince visitors to purchase

Summary

Every customer goes through the buying cycle. Customers want different interactions with you depending on where they are in the buying cycle.

In this article, we were focusing on the convert stage. Optimizing your checkout page and allowing guest registrations are important to prevent cart abandonment. Despite all these efforts, some visitor will still try to leave your site, this is when you need to recover them using onsite retargeting and fostering a sense of urgency.

Using the tips we’ve shared, you’ll be able to optimize your website for the convert stage. You should check all points and see how they work for you.

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SiriusDecisions Summit 2018: Bound Event Guide

One of the best events for B2B Leaders is right around the corner…are you ready for SiriusDecisions Summit 2018? It’s a big event, with 3,000+ attendees, 120+ vendors and all the frameworks and case studies you can dream of. I’ve waded my way through the “Sirius” puns, poured over session summaries, sifted through the Sirius […]

The post SiriusDecisions Summit 2018: Bound Event Guide appeared first on Bound.

One of the best events for B2B Leaders is right around the corner…are you ready for SiriusDecisions Summit 2018?

It’s a big event, with 3,000+ attendees, 120+ vendors and all the frameworks and case studies you can dream of. I’ve waded my way through the “Sirius” puns, poured over session summaries, sifted through the Sirius blog, and scouted every open-invite afterparty. Here is everything you need to know about SiriusDecisions Summit 2018.

Our team is excited to share this experience with you. Come say hello at booth 412!

Guest Keynotes

Last year I walked into Summit thinking how the heck does Jewel relate to B2B Marketing? As it turns out, Sirius event planners know what they are doing. I scribbled countless notes about lead nurture vs. nature and authenticity in marketing: “underneath, we’re all looking for the same thing: an authentic human experience.” You know that got my personalization juices flowing.

Jewel keynote on creating an authentic human experience

This year’s keynotes are Molly Bloom and Platon. If these speakers are good enough for an Aaron Sorkin feature film and the World Economic Forum in Davos, respectively, then we must be in for a treat. I expect we’ll witness masterful storytelling on the topics of authenticity, leadership, collaboration and ambition.

Analyst Keynotes

SiriusDecisions is known for dropping big ideas in the analyst keynotes. The 2017 big reveal was the Demand Unit Waterfall®, which shaped the conversation for the whole conference. While I don’t expect such a core announcement in 2018, we can expect the keynotes to guide the themes of the conference.

SiriusDecisions Summit Keynote Preview

Visit the Summit website for keynote overviews. The links below are to Sirius blog posts that give a little more insights into the keynote topics.

If you see these analysts out in the wild, go ahead and buy them a coffee or drink. They work really hard on these presentations. I also recommend following these keynote analysts who are active on Twitter throughout the conference: @julieogilvie, @KerrySirius, @gcanare, @Marisa_Kopec.

Sessions

The full 2018 Summit agenda features three praiseworthy changes.

  1. The 2018 Summit is condensed to three days, a half day less than previous years. This is a good move because that last half day was rough for travel arrangements (and fell after the Green Tie Gala) so attendance was low. Somehow, they still managed to squeeze in about the same amount of session time with the condensed schedule in 2018.
  2. There are 12 tracks to choose from in 2018, up from seven in 2017. The new track structure dedicates more focus within sales, product, brand, and customer engagement functions. SiriusDecisions has long advocated for alignment between the different facets of the revenue organization, so this update is feels like they are finally walkin’ the walk.
  3. Did somebody say role-based breakfast?! I’m so excited for the introduction of role-based breakfasts in 2018. Sessions, as educational as they are, are a one-way communication. Summit isn’t short on networking opportunities, but role-based networking time is valuable for getting inspiration and validation.

Personalization Strategy: A Custom Track

We recommend the following sessions to create your own personalization strategy track. Stop by our booth 412 to learn how Bound insights and personalization helps your demand, ABM, portfolio and content strategies.

Wednesday

  • ABM Infrastructure: A Capabilities-Driven View of the Stack That Drives Growth
  • Creating Demand Maps to Power Account-Centric Planning

Thursday

  • Activating Persona and Buyer Insights for Demand Creation or SiriusLab: Implementing Nurture Programs in a Demand Unit World
  • The State of B-to-B Content: The Good, the Bad, the Ugly
  • B-to-B Demand Creation: By the Numbers

Parties

What would SiriusDecisions be without parties? It is held in Las Vegas after all.

Quick overview of the SiriusDecisions-hosted parties: Fall Out Boy is headlining the Green Tie Gala. The Titanium Celebration is now earlier and in the marketplace, packing in all the networking while freeing up the evening for unsponsored events and dinners. Dress code tends to range from the business casual to business chic (there is the occasional green suit for the gala…costumes optional).

…and moving on to more pressing matters: RSVPs for outside, not-Sirius-sponsored parties hosted by a range of vendors. I’ll just cut to the chase:

 Date  Time  Event Name  Location  Registration URL
 May 7  5:30 PM  ABMargs  Border Grill  bit.ly/2HqBbvW
 May 9  7:00 PM  ABM Royale  Skyfall Lounge  bit.ly/2uOsJk1
 May 9  7:00 PM  Marketing Mingle  Foundation Room  ora.cl/T5FX0

 

Want to hang with Bound?

Bags packed? Request a meeting or visit us at booth 412 (memorized it yet?). Need a ticket? Register with code SPONBOUND for $400 off. Can’t make it? Bummer. You can follow along on Twitter using @bound_360, @Stephanie_Bound, and #SDSummit. When the FOMO resides, go ahead and request a personalization strategy consultation.

Final Notes

Download the event app. Wear comfortable shoes. Bring a jacket (conference centers are cold). See you in Las Vegas!

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VWO Partners With HubSpot To Create An 8-Week CRO Planner

It’s 2018, and CRO isn’t just a buzzword anymore! Over the past decade, savvy businesses have been growing by not only investing in traffic acquisition strategies, but also ensuring that visitors to their website are converting into customers. At VWO, we understand how daunting and time-consuming CRO can seem, so we joined hands with HubSpot […]

The post VWO Partners With HubSpot To Create An 8-Week CRO Planner appeared first on Blog.

It’s 2018, and CRO isn’t just a buzzword anymore! Over the past decade, savvy businesses have been growing by not only investing in traffic acquisition strategies, but also ensuring that visitors to their website are converting into customers.

At VWO, we understand how daunting and time-consuming CRO can seem, so we joined hands with HubSpot to bring you a DIY guide, which will help you learn and implement process-oriented CRO for your business.

DIY Guide to increase website conversions

In our experience of working with 5,000+ customers across the globe, we’ve seen that the journey from start to first few home runs in optimizing conversions usually takes 8 weeks.

Therefore, we’ve designed this guide to take you on a week-by-week journey on how you can lift your conversion rates in a methodical, sustainable manner. Here’s what the 8-week of conversion optimization journey will cover:

  • Understanding the goals and principles of CRO
  • Conducting a conversion rate audit for your website
  • Identifying areas of improvement in your conversion funnel
  • Conducting qualitative research into your visitor behavior
  • Constructing educated hypotheses and prioritizing these for testing
  • Choosing the right experiment and setting up your testing platform
  • Analyzing and learning from your A/B test results
  • Ensuring continuous growth through CRO

…and more!
Guide from VWO and HubSpot on increasing website conversions

After you’ve followed this guide, you’ll be equipped with the know-hows to increase conversion rates time and again, instead of doing it just once.

What’s more, even if your company is young or on a shoestring budget, you would be able to effectively practice conversion optimization in-house, all by yourself.

Grab your copy of The Complete DIY Guide To Improving Conversions in 60 Days here.

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