A marketing campaign launched without a preliminary understanding of the target audience is directionless. As of 2021, there are over 4.26 billion social media users globally. As a marketer, you must identify the share of these users that constitute your target audience. Otherwise, all your efforts will be scattered across the internet, resulting in minimized impact. Crypto businesses are solving modern world problems through blockchain and other groundbreaking concepts. To market their project effectively, marketers must identify the set of people that face the problem they are solving. This is the simplest definition of the target audience for a business. Finding the target audience for your crypto business is critical to its success.
Your target audience defines your crypto marketing strategy as it rightly should. Your marketing campaign’s performance depends on your understanding of the target audience. The better you understand your audience, the higher the lead conversion rate. To begin with, your target market is not everyone. Hence, marketing without understanding the target audience is like targeting each of the 5.03 billion internet users globally.
What Is The Target Market?
A target audience is a group of people that are most likely to buy your product or service. It is the same group that you intend to reach out to through a marketing campaign. There are some common traits or characteristics that unite your target audience. The characterization could be made on the basis of one or more factors. The factors are:
- Location
- Age
- Profession
- Gender
- Income
- Educational Background
All these metrics help you understand customer behavior and purchase decisions. Using these metrics, you can target a specific audience to maximize the impact of your marketing efforts. You can further classify your marketing campaign through target market segmentation for better results.
Target Market Segmentation
Finding the target market for your crypto business is the first step. Marketing is an ongoing process, where you have to make decisions depending on the performance of your strategy. Target Segmentation is the sub-classification of your target audience into smaller groups. It helps you design precise marketing messages with high relevance.
Suppose you are a nutrition company manufacturing supplements for different age groups. Designing age-wise ad campaigns and marketing strategies will help you sell different products to different age groups.
Step By Step Guide To Finding Your Target Audience
- Using Analytics To Compile Customer Data: Who will buy your product/service highly depends on who is already buying it. A great way to identify your target audience would be compiling critical data points such as the location, age group, income, and buying habits of existing customers. Once you have data associated with existing customers, you can easily find out the audience you want to target to increase sales.
- Social Media Analytics: 66% of marketers that spend 6+ hours on social media every week have gotten more leads. Social media has a 100% higher lead-to-close rate than outbound marketing. Since crypto is an industry that operates on the internet, the importance of social media marketing is paramount. Make sure you post regularly on social media. Organize polls, AMAs, and other forms of engaging content. Go through weekly, and monthly analytics to find out who engages with your content the most. That way, you can identify key data points critical to finding the target audience for your business.
- Track Website Performance: A website is the first point of contact between a business and its potential customers. As a marketer, you must find out what blog posts or landing pages are attracting the users the most. Different sets of audiences have different content preferences. Regular monitoring & tracking of website performance is one of the best ways to find the target audience for your crypto business.
- Engage With Social Media Audience: Social media must serve as a two-way communication channel for businesses. The best way to identify customer preferences is through engagement on social media. Post content that triggers a response. An intriguing CTA always performs better than normal posts. Posts like “Name 3 tokens you would invest in if you had $10,000” can do wonders. You can analyze the responses later to design an effective marketing strategy.
- Define The Target Audience Yourself: Take the example of a leading sportswear brand like Nike. Nike makes products for anyone who is into fitness or sports. That’s a really vast target audience. Coming back to crypto, be it Gen Z, millennials, or those in their 40s, everyone is investing for financial independence. Marketing becomes easy with a pre-defined target audience. All the efforts go into the promotion of the product. With a wide audience in sight, you can emerge as a dominating force within the industry.
Final Thoughts
Finding the target audience for your crypto business is critical to stand apart amidst the increasing competition in the market. Identifying the target audience is the first step to crypto marketing or marketing in general. As a business, customer satisfaction must be your priority. Knowing your customer preferences is critical to enhancing customer retention rate. Increasing customer retention is the only way to sustain a highly competitive crypto market. Therefore, the importance of identifying the target audience is paramount for modern businesses.