Has your organization ever decided to expand its horizons by reaching out to a new market segment?
Targeting a new audience brings challenges and opportunities, and responsibility for the success of the venture often rests squarely on the marketing department. As you prepare to approach a new audience, make sure you are doing the following:
As you prepare to broaden your marketing department’s reach to a new market segment, it’s crucial to research your new audience. Conduct your own industry research through surveys and interviews or work with a research firm to get detailed demographic and psychographic information on potential new buyers. Gather existing industry research from other sources and compare their findings. Review what you know about your existing customers and how they are similar and different from this new market.
You’re looking at a new market, of course, but are you making the mistake of considering this market as a monolithic group? Just like your existing market, this one is made up of individuals who represent a demographic range. Furthermore, they may represent organizations from small to large, with differing needs. Consider a range of ways in which this market could be segmented for more effective marketing. When you begin your campaign, you may want to test a few options as you plan ongoing marketing segmentation.
Once you’ve segmented your audience, craft new buyer personas to encapsulate your thinking on the individuals who make up your new market. Compare them to your existing buyer personas. How do these people’s needs overlap with those who already engage with your marketing? What new needs do they present that your marketing can address? Hold onto these personas and adjust them as necessary as you roll out your new marketing campaigns and collect data on their impacts.
With these important elements in place, it’s time to launch your new campaign. Good luck!
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