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There are two prominent ways to categorize your target audience. One is called, demographic; this describes the person's sex, age, family size, education, income, and social class. The audience's demographic may be learned through a populous, or another survey.
The next category is the psychographics of a potential audience. This information is based upon lifestyle and/or personality. This may be more difficult to educate yourself with. The information is not black and white. This information is easier gauged in analysis of activities, interests and opinions. For this information you would need to interview.
Why is an audience's demographic and psychographic segmentation so important?
After you retrieve the information needed regarding your audience, be it through survey, interview or collection of other material, you will have a better idea who will want and afford your product.
This is very important information because advertising and marketing is in no way inexpensive. Selling a product meant for a certain group is much easier, and much more cost effective. If you know your audience, you can cater to their direct needs.
Demographic segmentation, what can it tell you?
By understanding what your audience wants and needs in a product, you can give to them more cost effectively. This is the first thought on many peoples minds. How much will my advertising cost?
And will it prove effective. There is plenty of money being poured into this market daily, and not a penny can be lost on guesswork. Studying demographics will tell you the average consensus on your target audience. Does your audience have an education, and big incomes?
They will be more receptive to the luxury of your product. Or does the audience make smaller incomes, have big families, with high school degrees, you may want to direct the advertising in their favor. Studying this part of the audience is the most important part of the marketing process. It can either cost you or make you money.
Action Steps For Studying Your Audience
1. Survey, research and get to know the in's and out's of your audience.
2. Analyze your results and plan accordingly.
3. Spend your money on the advertising that will work for you in the area you are targeting, assign a budget, and delegate tasks
4. Learn from your mistakes and gains. Keep records of what works and what doesn't for certain audiences.
5. Remember that demographics and psychographics are constantly changing. Plan accordingly.
Important Points About Studying Your Audience
- Choose your demographic or psychographic.
- Include time frame, and other strategies that will work with your particular product/audience.
- Cater to your audiences particular needs. •Evaluate and monitor your performance as you go, be ready to change what does not work.
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