Now that you have collected data about your consumers, how do you effectively target them? Consumers are at different stages in the consumer decision journey. The main task is to find ways to target them at these different stages and better your marketing efforts.
Before we talk about segmentation and targeting a small recap of Digital Marketing Part 1: Generating Insights would give you good context.
There are 5 phases
- Initial consideration stage
- Active evaluation
- Moment of purchase
- Post-purchase experience
- Loyalty loop
So what does each stage mean and how do you plan to target each of them?
- Initial consideration stage– You have to figure out why the brand is in the initial consideration set. Who is your competition and if you aren’t already there, how do you get there. With research, you would understand who your consumers are at this stage of the decision cycle.
- Active evaluation– Here you have to figure out if your products/services satisfy the needs of the consumer. you can figure it out by conducting experiments, testing etc.
- Moment of purchase– All that you have invested in your sales and marketing programs, have they yielded results? It is easy to measure as you would have already defined a clear set of goals to be accomplished.
- Post-purchase experience- This would be the part where the consumer voices his thoughts about the brand.
- Loyalty loop– The consumers who are your advocates.
The above-mentioned analysis should give you an understanding of consumers at different stages. Now we can look at different tools that we can use to effectively target them.
- For consumers in the initial consideration stage, you could do a sentiment analysis by using free tools like social mention to figure out what your consumers are thinking about your brand.
- In the active evaluation stage, you could start off with focus groups and have your products/services compared with that of other brands. Brainstorming sessions could be another way to go.
- Moment of purchase stage talks about the point where the consumer is about to make a purchase. You could have different offers laid out at this point to either enhance his purchase decision or to divert his attention from other brands.
- One way to ensure that is through audits. Audits of your marketing and sales processes. This stage would give you the data you need to find the balance between your investment and conversions.
- For the post-purchase part of it, reviews are your true source of insights in order to segment your consumers and also helps in retargeting them.
- The loyalty loop – As you already know who your consumers at this stage are and how to keep them happy.
As you can see how simplified things get if listening and generating insights part of it is done effectively. Your understanding of segmentation and targeting efforts become easier as you understand the different stages of the journey. How you capitalize on them is up to you. Do remember that a lot of investment is needed. Once you get a feel of things, it becomes easier and cost-effective to implement it. Next time it becomes even easier as you already have a framework in place by then.