How to Prioritize Target Markets Based on Data

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Considering opening a franchise in a new location — or trying to drive more traffic to an existing one? Every marketing strategy needs reassessment to keep pace with market conditions, but when you want to prioritize target markets, you need data-driven marketing campaigns.

Here’s how to prioritize markets in target cities using customer feedback and other metrics.

Determining Which Markets to Target

A business thrives largely due to its traffic and demographics. A grab-and-go eatery located off an interstate or near a large shopping or business sector appeals to a particular market segment that might steer clear of a casual dining spot tucked near a residential neighborhood, at least during the workweek. That said, the casual dining spot might appeal to millennials, families or another target audience provided its offerings match their age group, lifestyle and income level.

Regardless, your business is always vulnerable to external events that can impact market conditions. Demand for product features and functions can shift. New technologies and competitors can arise, and consumers’ tastes and experiences can change.

That’s why before launching any marketing campaign, it’s crucial to gather data on the sales and marketing trends you want to target, such as consumers living in a certain area or belonging to certain demographic groups.

While Google data, white papers and case studies on different market segments can prove helpful, so can customer surveys and other feedback on social media.

It’s also valuable to size up your location with a fresh eye. Is there a competitor nearby? Does this saturate the market or offer customers an alternative?

How accessible is your business? Is there adequate parking, including for customers with disabilities? Is entering or leaving the parking lot a hassle?

Inside your business, consider the customer journey. What do you know or can observe about how customers interact with your services and goods? Are there any pain points to address with a new layout or merchandise that you can promote in your marketing activities?

Data-Driven Success

As you analyze data from your target markets, keep your ideal customer in mind. Ask your team to focus their efforts in sales marketing on making the customer experience easier, more personalized or more enjoyable. A strong customer focus is always vital to provide the greatest service over the long term.

Evaluate any changes to your content marketing and product marketing through small-scale trials that enable you to gather real-world data without significant resources. This might be as simple as asking online customers to allow cookies exclusively for statistical purposes, composing a survey or another incentive for your target audience that you can then track through browsing behavior or unique IDs.

Once you’ve determined your priority markets, optimize your message for the channels that are most effective for reaching these demographics, whether that’s content marketing, email, traditional media or social media. Do a cost-benefit analysis to help visualize which sectors or strategies have the greatest opportunities.

Remember, you don’t have to tackle all your target markets at once. You can fold in new marketing operations at any time once you’ve tested the success of your current business strategy.

For more tips on conducting a market analysis to prioritize target cities and customers, talk with one of our experienced marketing specialists today.

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