Welcome back, Brand Innovators!
It is no secret that when it comes to reaching your consumer with advertising efforts, it quite literally pays to know exactly who your target market is. Understanding their age, location and household income is important, but what they buy, when they buy it, who they buy it from and how much they pay is the vital information you need to employ successful advertising efforts. Always remember this: Knowing your consumers better than they know themselves is the key to successful target marketing.
To accomplish this type of marketing, it is ideal for companies to research and build buyer profiles based on the different segments who purchase their goods and services.
What is a Buyer Profile?
Buyer profiles are a fictional representation of the consumer types that interact with your brand. These profiles are based on raw data, and they detail out behaviors and motivations – these are the things that make your consumer tick. Buyer profiles are important because they allow companies to focus on, and target certain groups of consumers. They also set the foundation for the tailoring of marketing messages. Lastly, and perhaps most importantly, buyer profiles are vital to give a business a competitive advantage over other businesses fighting for a share of the same consumer’s wallet.
How to Create a Buyer Profile
Buyer profiles can be built using actual data based on a consumer’s previous buying habits, feedback via surveys, interviews or web analytics, and tracking based on the consumer’s journey. This data all helps to identify trends, anomalies, averages, facts and key demographics. When it comes to deciding what profiles to create, think about why and how your consumers make purchases. Are they purchasing items based on their location? Their interests? Specific item categories? Here at Copart, we divide our buyer profiles several different ways, including by categories of vehicles purchased. This ensures that when we are creating marketing assets that have tailored messaging for each group.
Why are Buyer Profiles Useful?
Buyer profiles can be used to identify areas of opportunity, enhance the customer experience through implementing new features, and aid in the creation of new buyers or products. When finding a story within raw data, you will notice that trends start to become apparent. Sometimes these trends show gaps in the types of products and services currently offered by your business—this is when opportunities begin to expand. Buyer profiles are key when identifying changes in your consumers buying habits. By building and updating profiles annually it is easy to see how your consumer is evolving. By keeping Buyer Profiles up to date, you can better anticipate shifts in purchasing patterns and forecast key statistics. This will ultimately give you a competitive edge over your competition.
If you’re looking to give your marketing a boost and become smarter with your dollars, take some time to do research, look at the data and build confidence in becoming a better Brand Innovator through knowing your buyer base.
Questions or comments? Leave me a comment below!