This is a guest post by Sandra Faleris of SmBizSuccessTeam. To read more from Sandra, visit her blog.
Used to be customer demographics led marketing departments’ strategies. Mass media filled the bill for just about any retail-oriented small business that had a decent-size advertising budget. Vertical publications used to be one of the few vehicles with which business-to-business companies could reach their targets.
It was a shotgun approach but didn’t require “keeping up with the Zuckerbergs, Brins, Pages or Hoffmans”. These days, social media and online advertising can more directly reach your target audience, depending on who they are.
Yet, there are still oodles of customers who are dying to spend their money with companies that answer their phones and offer the personal touch during their purchase.
Loyalty has slipped in place of value. Value means different things to different ages and walks of life. Some might think ‘speed and price’ equals value. Others might equate a long-winded sales approach as “top-notch customer service”. There are also those who want “quality over price” and, of course, those who want “quality and price”.
Now, more than ever before, it is important to know who your customers are and how they, specifically, define value. According to statistics gathered from Facebook by Advertising Age*, the largest group of Facebook users are between the ages of 21-24 yrs. (17.5% male, 16.6% female), followed by the 35-44 age group (15.3% male, 15.4% female). The smallest group of users was the 64+ (4.5% male, 4.8% female), followed by the 55-63 group (5.5% male, 7.2% female).
Text messaging and the use of cell phone statistics are similar to that of Facebook users. Young adults are the most avid text users by a wide margin. Cell owners between the ages of 18 and 24 exchange an average of 109.5 messages on a normal day. (Source: www.pewinternet.org)
It is important to determine the age group of your current and prospective customers. Advertising, marketing and branding efforts need to match the media habits of your target audience to get the biggest bank for the buck.
Knowing who your customers are and what they expect will become increasingly important to the success of your business. So if you don’t know social media and your customers are over 50+ years of age, your strategy should remain with mass media, direct mail and promotions. This group’s definition of value is likely to be within the “quality plus price” category, which may mean they want severe discounting on quality goods/services.
If your customers are in the demographic groups that are in the highest ‘user’ groups for Facebook, mobile use and texting, then you better jump on the Internet and get educated. This groups’ idea of value is likely to be “speed and price”, so the use of mobile marketing and social media that catches them when they’re ready to buy, might be the best route.
The bottom line is that the more you know about the demographics and psychographics of your customer, the easier it will be to understand their idea of value which will help attract and garner a new stable of users.
It’s a long and ever-changing lesson on marketing in the 21st century, but worth the education.