For a business to succeed, it must be able to properly identify the potential customers who are most likely to purchase and benefit from their products or services. Proper audience targeting allows the business to maximize their ROI on marketing and advertising investments, by minimizing waste.
Or, to paraphrase The Art Of War: If a business knows itself and it knows its customers, it is unlikely to fail.
Conducting Customer Analysis
Your Customer Relationship Management (CRM) database includes a wealth of information, which is a great starting point for customer analysis. You should be able to easily compile information on ages, gender, geography, purchasing power, and more. This, by itself, allows you to quickly identify and target buyers who are already similar to your best customers.
This can be enhanced by drilling down into specific thoughts and comments from customers:
Cultivate Customer Feedback
Customer satisfaction surveys are still one of the best ways to gain insight into your customers’ motivations and thoughts on your business. Surveys are inexpensive to run, using online tools such as SurveyMonkey or TypeForm. Don’t make them too lengthy, or customers will abandon the survey. According to Hubspot, surveys should be less than 15 minutes, and ideally around 10 questions.
In addition, do frequent searches for your company on social media outlets like Facebook, X, TikTok, and Reddit. See what people are saying about you ‘in the wild,’ and take it as valuable feedback.
Focus On Customer Retention
In nearly all cases, it is cheaper to retain an existing customer rather than acquire new ones. Specifics vary depending on market, although 4-5 times cheaper is a common average. Therefore, your marketing should also have a focus on targeting and retaining your existing customers.
New customer acquisition should not be ignored, of course, but retention-based marketing will typically bring better returns.
Personalization Is King
Currently, customers in virtually all markets want personalized experiences and marketing. A 2024 study conducted by Forbes found that 81% of respondents wanted a personalized interactions, and 70% preferred companies who recognize them and their purchasing history.
The better you understand your customers, the better you can serve their needs. This leads to improved customer retention, and long-term value.
NorthPoint Executive Suites can’t do your marketing, but we can provide exceptional workspace solutions that your marketing team will love! From dedicated offices to shared coworking spaces, our facilities in Duluth and Alpharetta provide a beautiful working environment with robust amenities. Click here to book a tour.