Step 2: Conduct an analysis of your competitors and your customers
Posted: Wed Jan 22, 2025 6:02 am
Once you have created a target audience profile, pay close attention to existing customers and competitors in the business, as well as some other factors:
Client base
Find out why customers come to your company and which of them bring in the most money. What characteristics do these people have in common? By identifying similar characteristics among your existing customers, you can focus on specific buyers who fit the criteria you identified.
To do this, you should rcs database conduct primary research. With its help, you will collect various data in the process of communicating with real consumers of the product. Interview customers and determine how they feel about your company. At the same time, we are not talking about the usual likes / dislikes, since these answers will not bring much benefit in forming a portrait of the target audience. The most important thing is the reasons why customers have developed sympathy or antipathy. Why did the buyer come to your company? Why do they often / rarely use the purchased product? For what reasons does the product match the customer's lifestyle, and what problem does it solve?
If you don't have a customer base, you should skip this step. But after you have your first customers, you should immediately conduct the appropriate surveys.
Competition
A smart business owner never loses sight of his competitors. Therefore, be sure to perform a competitive analysis by answering the following questions:
What do your business competitors buy and how do they get it?
How do they position their brands in the market?
What pricing strategy have they chosen? What are their customers willing to spend on?
What kind of feedback do their clients leave on forums, social networks and reviews?
What channels do they use to attract customers?
Who are their marketing messages aimed at?
Competitor analysis for the company
Source: shutterstock.com
After that, analyze their activity on the Internet, on thematic forums and in social networks. Where does your competitor place ads for their target audience? What people should their PR campaign influence? Come to your competitor to make a purchase and find out how they communicate with their clients.
Based on all this data, you will be able to determine what kind of people your business rivals are focusing on. Depending on the success of competitors and the needs of buyers, you will be able to increase your target audience at the expense of their audience.
But there is an opportunity to apply the information you have gathered in a different way, by contrasting your brand's product with a competitor's product. This will create some contrast. In addition, you may find a targeting niche that is not yet being used by competitors.
Product or service
If you want to detail the portrait of your target audience, you need to take a closer look at the product/service. To do this, you can list on paper everything that your brand offers. The more accurately each item is described, the better. List all the advantages of the product or service.
Then try to evaluate the available offers as soberly as possible. Try to put yourself in the customer's shoes and clarify the details of your target audience image using all this data. For which buyers will the listed benefits be most important? Which customers can solve their most pressing problems with your product/service?
Client base
Find out why customers come to your company and which of them bring in the most money. What characteristics do these people have in common? By identifying similar characteristics among your existing customers, you can focus on specific buyers who fit the criteria you identified.
To do this, you should rcs database conduct primary research. With its help, you will collect various data in the process of communicating with real consumers of the product. Interview customers and determine how they feel about your company. At the same time, we are not talking about the usual likes / dislikes, since these answers will not bring much benefit in forming a portrait of the target audience. The most important thing is the reasons why customers have developed sympathy or antipathy. Why did the buyer come to your company? Why do they often / rarely use the purchased product? For what reasons does the product match the customer's lifestyle, and what problem does it solve?
If you don't have a customer base, you should skip this step. But after you have your first customers, you should immediately conduct the appropriate surveys.
Competition
A smart business owner never loses sight of his competitors. Therefore, be sure to perform a competitive analysis by answering the following questions:
What do your business competitors buy and how do they get it?
How do they position their brands in the market?
What pricing strategy have they chosen? What are their customers willing to spend on?
What kind of feedback do their clients leave on forums, social networks and reviews?
What channels do they use to attract customers?
Who are their marketing messages aimed at?
Competitor analysis for the company
Source: shutterstock.com
After that, analyze their activity on the Internet, on thematic forums and in social networks. Where does your competitor place ads for their target audience? What people should their PR campaign influence? Come to your competitor to make a purchase and find out how they communicate with their clients.
Based on all this data, you will be able to determine what kind of people your business rivals are focusing on. Depending on the success of competitors and the needs of buyers, you will be able to increase your target audience at the expense of their audience.
But there is an opportunity to apply the information you have gathered in a different way, by contrasting your brand's product with a competitor's product. This will create some contrast. In addition, you may find a targeting niche that is not yet being used by competitors.
Product or service
If you want to detail the portrait of your target audience, you need to take a closer look at the product/service. To do this, you can list on paper everything that your brand offers. The more accurately each item is described, the better. List all the advantages of the product or service.
Then try to evaluate the available offers as soberly as possible. Try to put yourself in the customer's shoes and clarify the details of your target audience image using all this data. For which buyers will the listed benefits be most important? Which customers can solve their most pressing problems with your product/service?