We hear it all the time, "i'm dumping X amount of dollars into marketing and i'm not seeing results." Sound familiar? The truth is, many businesses are wasting valuable resources by targeting the wrong audience. In this post, we'll explore why audience targeting is critical to marketing success, reasons why it could go awry, and how to avoid the common pitfalls that can lead to wasted efforts.
First Thing's First
Our value as an agency comes in by viewing your business holistically. We will never...I repeat, we will never know your business better than you. When you're deeply tied to something, it's easy to become lost or too focused on any one detail. Which leads us to the meat of this article and why you're here.
The Myth of Sisyphus
I want to help frame this by alluding to the myth of Sisyphus, the king of Ephyra sentenced to an eternity of pushing a boulder up a mountain; upon reaching the top, the boulder would roll down again, leaving Sisyphus to start over.
The myth is a fitting metaphor for businesses that target the wrong audience. It's like pushing a boulder uphill, only to find that it's the wrong mountain.
Imagine forgetting about what we call "the hidden buyer". In the B2B world, the hidden buyer is your champion stakeholder that has to be involved on the buying committee. We hear a lot in discoveries, "I want to target CEOs."
While yes, the CEO has a lot of influence over their organization and is ultimately the one who gives the blessing in larger orgs. In most cases, the CEO will not be the one advocating for your product or service. It will probably be someone the CEO has hired to take the burden off of their plate so they can focus on steering the ship. While this target may be "correct" what are the odds you're actually moving the needle?
Mismatches such as this are akin to Sisyphus's endless labor: a futile effort that yields little reward.
The Psychology of Bad Targeting
What If I told you that half of the targeting misses we see are actually just biases in action that no one has bothered to challenge?
The human mind is a complex instrument, prone to a variety of cognitive biases that can lead to suboptimal or just downright bad decision-making, especially when it comes to marketing. Here are some key psychological factors that can contribute to bad targeting:
1. Confirmation Bias
Definition: The tendency to seek out information that confirms our existing beliefs and to disregard evidence that contradicts them.
Impact: Businesses may be reluctant to consider alternative target audiences if they believe their current audience is the right fit, even if data suggests otherwise.
2. Cognitive Dissonance
Definition: The mental discomfort experienced when holding contradictory beliefs, ideas, or values, or when engaging in behavior that is inconsistent with one's beliefs.
Impact: Businesses may avoid making changes to their targeting strategy to avoid facing the psychological discomfort of admitting they were wrong.
3. Anchoring Bias
Definition: The tendency to rely too heavily on the first piece of information encountered when making decisions.
Impact: Businesses may anchor on their initial target audience, making it difficult to consider alternative options.
4. Availability Heuristic
Definition: The tendency to judge the likelihood of an event based on how easily examples come to mind.
Impact: Businesses may overestimate the size or importance of a particular target audience simply because they have encountered examples of that audience more frequently.
5. Loss Aversion
Definition: The tendency to prefer avoiding a loss over acquiring a gain of equal size.
Impact: Businesses may be reluctant to change their targeting strategy if they fear losing existing customers or revenue.
6. Status Quo Bias
Definition: The preference for maintaining the status quo rather than changing it.
Impact: Businesses may resist changing their targeting strategy simply because it's what they've always done.
While understanding the psychological factors that can lead to bad targeting is crucial, it's equally important to recognize that even with the best intentions, execution errors can undermine the effectiveness of your marketing efforts.
The Execution Gap: Why Good Targeting Isn't Enough
While targeting the right audience is essential for marketing success, it's only part of the equation. Poor execution can undermine even the best-laid targeting plans. Here are some common execution errors that can lead to suboptimal results:
1. Misaligned Messaging
- Inconsistent branding: Ensure that your messaging aligns with your brand identity and values.
- Lack of relevance: Tailor your messaging to the specific needs and interests of your target audience.
- Poor targeting: Even if you're targeting the right audience, your messaging may not be reaching the right people within that segment.
2. Ineffective Channels
- Choosing the wrong platforms: Select channels that are most likely to reach your target audience and resonate with them. AKA meet your audience where they are. Not where you think they are.
- Over-reliance on a single channel: Diversify your marketing efforts across multiple channels to maximize reach and impact.
- Poor channel optimization: Ensure that your messaging and content are optimized for each channel you use.
3. Limited Testing and Optimization
- Lack of experimentation: Continuously test and refine your marketing campaigns to identify what works best.
- Ignoring data: Use analytics to track the performance of your campaigns and make data-driven adjustments.
- Failing to adapt: Be prepared to adjust your strategy as market conditions and consumer preferences change.
4. Inadequate Resource Allocation
- Underinvestment: Allocate sufficient resources to your marketing efforts to achieve your desired results.
- Misallocation of resources: Ensure that your resources are being used effectively and efficiently.
- Lack of expertise: Consider hiring or partnering with experts who can help you execute your marketing strategies effectively.
5. Poor Measurement and Attribution
- Incomplete tracking: Use tracking tools to measure the performance and ROI of your marketing campaigns.
- Incorrect attribution: Accurately attribute conversions to the appropriate marketing channels and tactics.
- Lack of insights: Use data to gain insights into your audience and optimize your campaigns.
Avoiding the Trap
To avoid the pitfalls of targeting the wrong audience, businesses need to:
- Conduct thorough market research: Go beyond the basics and delve into your ideal customer's motivations, pain points, and decision-making processes. Use qualitative and quantitative research methods, such as surveys, interviews, and focus groups, to gather in-depth insights. You'll be amazed about how much you can learn by simply talking to someone in your audience.
- Create buyer personas: Don't just create generic personas. Bring your ideal customers to life by giving them names, backgrounds, goals, and challenges. These personas will help you tailor your messaging and marketing activities to resonate with your target audience.
- Segment your audience: Consider various segmentation criteria, such as demographics, psychographics, behavior, and geography. This will help you identify specific groups within your target market that have similar needs and preferences.
- Continuously test and refine: Regular data analysis, iterative adjustments, and a commitment to continuous improvement are essential. By tracking key metrics, gathering customer feedback, and experimenting with different targeting approaches, you can identify the most effective strategies for reaching your ideal audience and driving business growth.
Embrace the Mountain
While marketing can certainly feel like an arduous task, especially when targeting the wrong audience, it doesn't have to be a Sisyphean endeavor.
At Tough Terrain Media, we believe that with the right guidance and strategies, you can climb the mountain of audience targeting with greater ease and efficiency. Our team is here to help you navigate the complexities of finding and connecting with your ideal customers.
Ready to start your journey? Schedule a free consultation with us to learn how we can help you:
- Identify your ideal audience: Discover who your customers truly are and what motivates them.
- Craft targeted messaging: Develop compelling content that resonates with your audience's needs and desires.
- Optimize your marketing campaigns: Maximize your ROI by refining your targeting strategies and tactics.
