5 Steps to Understanding Your Audience

Posted by Kate Goldsmith on Monday, 23 April 2018

Did you know it costs a business six times as much to acquire a new customer than it does to retain an existing one?

With this in mind, we want to help you reach your target audience effectively, saving you both time and money through well-conducted market research.

High class branding and seamless marketing strategies can attract new customers but is it enough to retain your existing audience? Only 30% of startup companies make it past the 5-year mark; one of the top 10 reasons for this being a lack of audience awareness.

Why Market Research?

So what can you do to avoid falling into this trap? Ideally, it would start with market research, which 71% of business owners believe brings significant benefits to a company.

Our infographic below details the five steps you need to take to conduct successful market research, from identifying your target demographic and psychographics to developing your brand and selecting the right marketing communication platforms.

This is an ongoing process rather than a one-time job and it can take some time before you notice substantial growth but the effort is certainly worth it.

Go ahead and give your audience the best possible user experience and demonstrate your #AudienceImportance.

The definitive guide to understanding your digital audience

 

Sources:

  1. https://www.entrepreneur.com/article/299522
  2. https://www.statista.com/statistics/281174/uk-population-by-age/
  3. https://www.statista.com/statistics/281240/population-of-the-united-kingdom-uk-by-gender/
  4. https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/bulletins/2011censuskeystatisticsforenglandandwales/2012-12-11
  5. https://www.statista.com/statistics/553674/free-time-activities-adult-participation-uk-england/
  6. https://www.statista.com/statistics/531252/survey-agreement-environment-friendly-lifestyle-united-kingdom-uk/
  7. https://www.ons.gov.uk/businessindustryandtrade/itandinternetindustry/bulletins/internetusers/2017