How can audience analysis help you make the best of your marketing and advertising strategies?
Businesses managers and advertisers depend on data flowing in from various sources. Today, no one relies on just one source of data anymore. Each brand leverages several social media platforms, digital platforms and online paid advertising tools. That has resulted in a considerable heterogeneity of data sources for one brand or business. Each source demands unique data collection, management, and cleanup process. Depending on the size of your audience on each platform, the bulk of data will also vary significantly. Audience data should include several standard information including demographics, psychographics, and general CRM input.
What is audience analysis?
All kinds of advertising and marketing platforms promise generation of data in one form or another. Although, having an overlapping bulk of data in real-time is highly rewarding for any brand, unifying the results and converting the data into uniform and actionable information is the challenging part. The need for data unification and translation is ubiquitous for all brands across the world. The presence of hundreds of advertising and promotional platforms emphasizes the immediate necessity for a dedicated program that can do so reliably. Here are a few of the benefits any integration platform should provide to the marketers and advertisers
- The integration between a data analytics program and a management platform for the verification and streamlining of collected data.
- The options for real-time sharing of data for segmentation, audience discovery, and optimization.
- The Enrichment of customer profiles and definition of prospective customer profiles via data analytics.
- The elimination of coding and language complications during the data management, collection, and integration process.
Dedicated software for data collection and integration during audience analysis ensures the same. The presence of reliable and round-the-clock audience analysis software provides the collection of hits each time a visitor interacts with your digital properties. When working with dedicated tools, you will see that each audience has a designated ID. Each time someone interacts with the brand presence online, the software looks up the visitor’s ID in their audience manager. The program assigns unique IDs to the visitors and the audience to make the analysis easier than assessing random hits.
How has audience analysis helped brands reach a bigger audience?
Today, we will move away from the question – “what is audience analytics” to the question “how to use audience analysis for the benefit of a brand?” Any form of audience analysis helps a brand understand their target audience and their preferences. Do you know who your ideal audience is? Do you know how to target them? What kind of content and campaign will they appreciate the most? Even the most popular b(r)ands require audience analysis from time to time when they are looking to launch a new product or two. Red Hot Chili Peppers recently started The Flea Bass. Before the launch, they turned to Fender for running their audience analysis. The results were predictable, but that helped in strengthening their campaign characters. The audience loved Flea’s individuality, quirky and fun personality. The result was the groundbreaking #MyFleaStyle campaign that skyrocketed the popularity of the yet-to-be-launched bass.
That is precisely what audience analysis is all about. You may want to note that even a famous name like RHCP did not dare to conduct their audience analysis although they have been playing on stage for more than 35 years. The audience might sound like one integrated entity, but in reality, they are a diverse body of eccentric paying customers, who have particular likes and dislikes. Trying to listen to each one of them can land you in a predicament like Bruce in Bruce Almighty. Audience analysis might sound simple, but it requires smart software and enough training to command it for optimum use.
Branded analysis vs. Unbranded analysis
Sometimes, learning about your audience is not enough, and you need to consider your competitors as well. That means your audience analysis can be branded or unbranded. Branded analysis can include the study of specific brands, and unbranded analysis consists of the study of the audience of particular products of various brands and similar topics like technology, digital gadgets, and home appliances. Understanding the dynamics of your audience’s relationship with your products will give you the insight into consumer preferences. These products can also be FMCGs, although these analytics are more diverse and complex.
What are the critical components of an audience analysis?
A standard audience analysis has several key features including their location, age, the digital platform of choice and specific interests.
Locating your audience
The simplest way to understand and analyze your audience is by identifying their location. Filtering the results of analysis by location can help you understand the intention and preferences of an audience irrespective of their brand and product choices.
Characterizing key demographics
Who is your most rewarding audience? Are they male or female? Are they Baby Boomers or Gen Z? Breaking the consumer group down according to age, sex, location and other demographic traits will help your brand gain fundamental insights about the immediate market.
Affinities and interests of your audience
Demographics and location are essential for beginning to understand your audience, but they are not enough. Knowing the members will take a more in-depth knowledge into their likes and dislikes. Look beyond products and brands to understand your audience.
Engage in segmenting your audience
You might have a dedicated audience in a market, but not all of them belong to the same age group. In fact, there are several groups among your current audience with different purchasing powers. Finding smaller segments within your contemporary audience will help you create more targeted advertisements for niche markets.
Finding new consumers
Understanding your current audience will help you locate potential audience groups. It will give you the chance to expand your audience group and see new customers in markets you have never explored before. It requires detailed analysis, characterization, and extrapolation to find new paying customers in a fresh market away from home!
Whether you are looking for a branded audience or an unbranded audience, you need to know more about their buying trends and spending habits. Audience analysis will help you see past the audience as an organism and perceive each paying customer individually.