One of the most important aspects of conversion rate optimisation is understanding your audience. If you don’t have a very clear picture of who your target market is, it will be very difficult to convert them into customers. In this blog post, we will discuss what a thorough audience analysis entails, and how to use that information to improve your conversion rates.
By understanding who your customers are, what they want, and what motivates them, you can develop customer-centric business strategies that attract and keep the right kind of business.
After reading this blog, you’ll be better positioned to:
- Source meaningful data from your customers,
- Use that data to understand your target market,
- Segment your audience by meaningful metrics,
- Create realistic buyer personas.
What is Audience Analysis?
Audience analysis is the process of investigating the characteristics of a target audience. The goal of audience analysis is to develop a thorough understanding of the target market so that you can create marketing strategies and campaigns that appeal directly to them.
It also enables you to group different subsets (known as segments) of your target market so that you can more effectively target them with specific messages. For example, if you sell a product that appeals to both men and women, you would want to create separate marketing campaigns for each gender. But segmentation can also go a lot deeper than that. For example, you can use different messaging to appeal to people who are introverted vs extroverted or people who are risk-averse vs risk-tolerant.
What Are Audience Analysis Data Sources?
The data needed to conduct an audience analysis can come from a variety of sources, including:
- Website analytics (e.g Google Analytics)
- CRM data,
- Social media listening (including review sites and forums),
- Customer surveys,
- Interviews and focus groups,
- Sales data,
- Census data.
Audience analysis can be conducted on your existing audience or a potential audience that you are trying to reach. For example, you may want to investigate the audience of a close competitor or explore a rising niche market.
Historically, if you wanted deep and meaningful data, you would need to spend time and resources interviewing and surveying your audience. To get an accurate representation of your target market, you would need to interview a large number of people.
Nowadays, many software platforms allow you to gather highly valuable data without having to directly engage with your target audience. With the advancement of natural language processing technology, it’s now possible to analyse huge amounts of consumer-generated content online and mine valuable insights from places such as social media channels and review sites.
Different Types of Audience Segmentation
Demographics are the most basic characteristics used to segment an audience. Age, gender, income, education level, occupation, and location are all examples of demographic information that can be used to identify a target market.
However, demographics give you a very limited view of your customer base. Individuals are far more complex than a list of basic statistics. Effective marketers go deeper to flesh out their understanding of their audience.
Behavioural data can be used to segment an audience based on their actions. What kind of behaviour indicates interest in your product or service?
For example, someone who visits your pricing page but doesn’t purchase anything is probably not ready to buy. However, they may be interested in learning more about your product, brand or services.
Psychographics are psychological characteristics that can be used to segment an audience. Things like personality, lifestyle, values and interests all fall under the category of psychographics. This type of information is much more valuable than demographics because it allows you to understand what motivates your audience as well as what deters them.
Creating a Buyer Persona
A buyer persona is a semi-fictional character that represents your ideal customer. Creating a buyer persona helps by giving your marketing, sales and product development teams a clear picture of who you are aiming your marketing efforts at.
With the insights you’ve gathered, your aim is to give a well-rounded, three-dimensional view of the people you are trying to connect with. The more detailed you can be in your analysis, the better.
Example Buyer Persona
Location: Large urban city
Personality: Open, extroverted and emotionally driven. Values experience over information.
Interests: Fashion-forward, shutterbug, enjoys weekend getaways
Lifestyle: Busy, social and always on-the-go
Values: Fun, family and friends
Motivations: Being accepted and respected by her peers
Challenges: Celest is always on the go. She’s juggling work, her social life and trying to keep up with the latest trends. Celest is always looking for brands that can make her life easier. She’s drawn to brands that are convenient, efficient and fun. When she’s making a purchase, she wants to feel like she’s in the know.
Using Symanto for Audience Analysis
Symanto’s advanced NLP technology gives you accurate audience insights based on publicly available data from social media channels, review sites, forums and more. You can even input your own CRM data and chat transcripts to analyse your customer base.
Discover what your existing audience values most about your brand as well as their pain points. Run a like-for-like audience analysis on your main competitors to discover possible ways to poach customer market share.
Symanto also offers two research-based psychographics models to help you get a deeper understanding of the personality traits and motivations of different segments of your audience.
Based on Carl Jung’s widely accepted personality theory, Symanto Psychographics can detect key drivers based on even short excerpts such as a Tweet or social media comment. Discover whether your audience is more likely to be influenced by logic or emotions and whether they value experience over information.
If you are looking to analyse a larger body of text, e.g. a long-form interview, then the Symanto Big Five personality model may also be useful. Symanto Big Five measures people based on five core dimensions: openness, conscientiousness, extraversion, agreeableness and neuroticism (known by the acronym OCEAN).
With this information, you can get a much clearer picture of your audience and build more efficient and effective targeted marketing and sales strategies.