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Targeted Advertising – Where do you start?
Lets face it…No one can afford to advertise to everyone, so the first step is to determine who you should be advertising to. Start by making a list of the demographic characteristics of your current customer base, this list could include, but is not limited to:
- average age
- household income
- education level
Once you have an overview of who your current customer base is…The next step is to dig a little deeper and determine some behavioral characteristics of this group. Look at your list of demographic characteristics and answer the following questions about them: (feel free to create more questions along these lines, because the more information we have about the customer’s behavioral characteristics, the more opportunities we have for targeting).
- Where does this person shop for daily necessities?
- What does this person do for fun?
- Where do they travel?
- What kind of movies/TV shows do they watch?
- What kind of magazines/newspapers do they subscribe to?
- What kind of music do they listen to?
- What kind of clothing do they wear?
- What kind of books do they read?
Lets analyze further.Now it’s time to look at your product or service and analyze it to gain a deeper understanding of why someone within this demographic would be interested in purchasing from you.
- What are the features of your product/service?
- What are the benefits of using your product/service?
- What problems does your product/service solve?
- Why choose your product/service, and not one of your competitors?
- Is this a price driven product/service? (do customers purchase from competitors, when their prices are lower?)
- Is this product/service elastic? (Price Elasticity – Is a small change in price accompanied by a large change in quantity demanded?)
We can help!Finding this information can be tough. Consider conducting in depth market research within your market segment. There are several ways to categorize the various market research methods, but the primary categories are:
- secondary research
- focus groups
- experiments/field trials.
Three List Lifesaver.Based on these three lists (demographic characteristics, behavioral characteristics, product/service analyzation) we now have enough information to target your product or service to your customers in the most cost-effective, and targeted way possible. The next step is to link the three lists together, each possible link will answer three questions about your new targeted ad: Placement, Message, & Incentive or Call to Action (CTA) Placement (demographic <-> behavioral) is found by linking the information within the demographic characteristics and the behavioral characteristics lists. Message (behavioral <-> product) is found by linking the information within the behavioral characteristics and the product/service analyzation lists. Incentive / CTA (product <-> demographic) is found by linking the product/service analyzation and the demographic characteristics lists.
Final steps.The last, and final steps which are the most important steps of this process are:
- negotiate/purchase ad placement
- on-going ad monitoring & optimization