Truly understanding your target audience is the key to brand loyalty, conversions, and long-term business opportunities. The more you know about the people you’re trying to sell to, the more confident you’ll be that you can speak their language with your marketing campaigns, appeal to their interests with your offers, and outshine the competition.
When you understand your audience, from their pain points to the things they love, everything you do to build and promote your business will be more likely to resonate with the people who matter most to your chances of success. Alternatively, failing to fully understand your audience, and you risk producing products and marketing campaigns that never take off, only adding to stress and frustration.
Fortunately for today’s business owners, there are many tools and services available to help you better understand your target audience. Market intelligence solutions could be the key to getting the behind-the-scenes knowledge you need.
What Are Market Intelligence Tools?
Market Intelligence is the term used to refer to data taken from multiple sources to provide a clear overview of your business “market.” Market intelligence can include everything from surveys of your target audience and existing customers to industry data taken from global reports.
Unfortunately, collecting market intelligence on your own can be an extremely complex and time-consuming process. For many business leaders, it can take weeks or months to get a comprehensive view of the industry. During that time, your company is essentially standing still.
Using a solid market intelligence tool can be a great way to accelerate your digital research intelligence. This type of solution conveniently collects information from competitors, agencies, publishers, media outlets, and a range of other environments, making it accessible to save you time.
With a market intelligence tool, businesses can explore their target market, discover potential industry trends, and even analyze the strategies competitors might be using to appeal to the same customers they want to reach. The result is a clear vision of the audience you’re trying to reach, and what it takes to convert leads and prospects into customers.
What Market Intelligence Tools Tell You About Your Audience
The top market intelligence tools allow companies to examine multiple points of data. They work by pulling valuable information about your industry, company, competitors, and audience into a single environment, so you can get a broader picture of your opportunities, and your target audience.
Within your market intelligence tools, you should be able to access behavioral analytics and audience insights connected to your target audience. These tools allow you to analyze customer behavior, and better engage with your existing audience, by collecting information about where they spend their time, what kind of products they purchase most, and even where your customers are located.
Some of the data you can collect about your audience using a market intelligence tool includes metrics that speak to these three areas.
Behavioral data explores exactly how your target audience interacts with your digital assets, like your store, social media pages, and websites.
Market intelligence tools can show you where your customers spend their time online, and how they jump between different resources on the web during their customer journey.
Behavioral data can also provide immersive insights into how your customers interact with your website. You can use your intelligence tools to see how quickly customers bounce from certain pages, or what certain customers are likely to do after visiting specific pages.
Market intelligence tools can help you to dive down deeper into the demographic information you need to know about the customers who interact with not just your company, but competing brands in your industry.
You can learn more about where your customers come from (geographic location), so you can create more specific, customized marketing strategies with a local focus. You can also use demographic data like age range, gender, and even education level to develop better user personas.
These user personas will help you to speak your customers’ language in future marketing campaigns.
By assessing your competitors and their traffic acquisition channels through market intelligence tools, you can get an insight into the kind of audience members you might be missing out on.
Comparing your target audience and acquisition efforts with those of other competitors in your field gives you a chance to see gaps in your marketing strategy.
You could even discover opportunities to target audience segments your competitors are overlooking, helping you to own a higher share of the market.
Using Intelligence to Better Understand Your Audience
Market intelligence tools help you to get a behind-the-scenes look at your target audience, their behaviors, and their preferences, so you can optimize your marketing campaigns accordingly.
Market intelligence tools can even help you to drill down into specific segments of your audience, so you can learn more about how each marketing or sales campaign influences different potential customers in unique ways. This gives you more opportunity to develop loyalty among your target audience, and increase the customer lifetime value of the people you connect with.
Over time, the more information you collect, the more effective your campaigns will become.