The successful path of any product or service to the market is only possible if there is real demand for it from the target group. In order to correctly identify the needs of the public, it is necessary to conduct a study of the target audience or otherwise TAR.
The goal: to create marketing positioning of a service from scratch
a customer of BDC Advice wanted to market a DeFi data aggregator – this is very popular with the public, but the customer was having trouble positioning their product.
The company’s specialists had to create a portrait of the customer’s real target audience and understand their interests and needs. Without making such a portrait, any marketing company turns out to be a waste of time, effort and money.
In 30 days, BDC specialists formed and presented “portraits” of a description for four segments of the target audience and a successful marketing strategy to the customer.
What has BDC Consulting done to achieve the desired result?
In 4 days they determined how the product would come to the market and gained insight into what motivates customers to purchase a product subscription.
What were the tasks:
Break down the audience by age, gender, favorite media channels, and so on. As a result, all consumers were divided into four main segments.
Get a complete picture of how the potential customer sees the pros and cons of the product.
Understand what users really expect from the customer’s products.
Large scaled research
In just under 2 weeks (12 days), BDC interviewed more than 300 potential users of the product using a questionnaire for this purpose, which takes no more than 4 minutes. As a result of participating in the survey, those who completed it received a small reward.
Based on the results of surveys, BDC experts recommend using as many communication channels as possible to reach the maximum audience. To do this, you can attract company pages on social networks, as well as send mailings to email addresses or use banners.
Within 2 weeks, the company conducted in-depth interviews to create the most detailed descriptions of the target audience and identify the pros and cons of the product in the eyes of users.
As part of this large-scale survey, experts conducted 20 interviews of one hour each, examining each segment of the audience individually.
During the process, they concluded that financial incentives are the best way to motivate users of the product to participate in the study.
What did they end up with?
As a result, in a month of studying the potential audience and its surveys, BDC Consulting presented to its client:
four detailed descriptions of the target group; an effective strategy to promote the product to meet the current needs of the public;
optimal trading offers for each of the segments;
an effective marketing strategy with the presentation of the optimal channels to promote the product.
What conclusions have been made?
A well-organized research into the target audience of the product makes it possible to form an idea about:
what the consumer really wants; which competitors of the product are already sold on the market;
how the product meets the needs of potential customers;
which positive features of the product motivate the buyer to prefer it over the competitor’s product;
the price a potential customer is willing to pay for a product.
If you decline TAR, you will not understand which offers in the market are relevant, you will be left in the dark about the looming risks and you will completely waste your marketing budget. Competent TAR always pays off in the end and provides major benefits for the customer.