Our tips for finding your target audience/s
If you're a growth brand and are still in the process of figuring out your target audience, we're put together a brief guide on how to do this. If you've found your target audience yet wish to explore new audiences that will likely deliver a high ROI, the below tips still apply.
1. Make sure you have the right custom segmentations
This is very important. You'll need all the relevant characteristics in your dashboard in order to assess their value for your brand. If you're unsure which custom characteristics are right for your brand or category, check out our help article here.
2. Create all relevant segments in the dashboard
Now that you have all your characteristics showing in your dashboard, create segments for all of your relevant audiences using Latana's segment builder. Unsure which segments to build? Start simple or refer to Latana's Characteristics Heatmap for guidance.
3. Evaluate each audience
The final step! Now that you've built all of your possible segments, you can start evaluating their value in terms of ROI for your brand. Check out the audience framework shown below:
Does the audience you're looking at have high awareness and high brand strength? This is a strong indication they should be one of your key audiences! Do they have high awareness, low brand strength? This generally means you've invested in this audience in the past, however you're not seeing a positive ROI on your marketing spend. Low awareness and high brand strength? This probably means you're not capitalising on a promising audience.
We define brand strength as a combination of key KPIs - Brand Consideration, Brand Preference and Brand Usage. At the core of this framework is the idea that your best audience is one that has a strong need for your product, shows purchase intent, prefers you to the competition and is already using your brand.