Get to Know Your Target Market Using Quollo
Certain principles underpin every single business; for example, revenue needs to outweigh costs to make a profit and continue operating. Elsewhere, we need to know our target market to reach out to them in the right way. Without an understanding of our target market, we could end up developing products they don’t need or want.
Today, we’re going to talk more about the importance of knowing your target audience. Then, we’ll tell you all about Quollo, an emerging tool that helps with market research. By the end, you should be able to assess whether or not your current market research strategies are good enough and what you can do to make them better.
What’s a Target Market? Why is it Important?
First of all, what’s a target market? Ultimately, it’s a group of people that have a problem that we can resolve through our products and services. If you run a car repair shop, you have a service that can help those with a faulty car. Depending on the services the garage offers, the target market would include people who need anything from routine maintenance services to major overhauls.
When first launching a business, we have to devise a target market based on assumptions. With no prior data or customers, we predict the group that needs our products. One mistake that many companies make is failing to update this target market over time. If you have an idea of a target market at launch, this is great, but that concept may need to evolve as the wants and needs of consumers does the same.
As an example, let’s look at companies that provide clothing and accessories. In 2020, during the COVID-19 pandemic, product demand shifted and therefore so did the needs of the market. Suddenly, everybody needed a face mask for everyday life. Many retail stores then shifted their focus to creating them, thus expanding their target market dramatically. Sometimes, small adjustments can benefit businesses greatly.
The Value of Knowing Your Target Market
There’s a reason why we do everything possible to understand a target market; for one thing, we spend thousands on advertising each year. Without a deep understanding of your target market, how do you know that your advertising efforts are actually going to the right place? Without knowing your market, targeting options for paid search are distorted and you might focus on the wrong keywords with organic search.
In truth, poor market knowledge leads to different inefficiencies within the business. Even if we get lucky and find our target market with advertising, we might use the wrong language or create a message that just doesn’t resonate. Furthermore, we could take product development down the wrong route because we don’t understand their pain points properly.
With a good understanding, we spend advertising funds with confidence, reach out with the right message, find the audience in the right places, and the whole marketing process is more successful.
See Related: Pros and Cons of Audience Targeting on Facebook
Benefits of Using AI for Market Research
Sections of the industry have tried to resist the artificial intelligence wave, but there’s no escaping it. For some marketers, they’ve raised concerns over the security of their jobs. With tools like Quollo, however, it goes to show that AI is a clever and reliable partner to our marketing efforts; working alongside us, not against us.
Benefits of using AI for market research include:
1. Improved Efficiency
It might sound obvious, but utilizing artificial intelligence means that you’re removing the inefficiencies that come with analysis and decision-making. AI doesn’t necessarily do anything that we can’t do as marketers, but it does them much faster. An experienced marketer could analyze your audience and provide insights, but they can’t act as quickly as advanced artificial intelligence models.
With AI now providing the insights, your marketing team has more time to focus on the bigger picture and implementing these insights. The tool analyses real-time data and offers advice that we can act upon before competitors.
2. Lower Costs (Investment)
You’re probably thinking, ‘we don’t need yet another cost’, but spending money on an AI market research report is all about the investment. With improved efficiency, you’re saving time, and this means money too. Eventually, the saved time and valuable insights mean that the tool pays for itself. When done correctly, the insights help to convert more customers, and the whole business benefits.
3. Stronger Reputation
AI brings benefits for the people we rely on to survive — the customers. We use target market knowledge for advertising, but it’s also valuable for content creation and product development. Knowing your target market means your customers get the content they enjoy and the products they need. Now, you’re seen as one of the best services in the market because you understand the needs of the end-user.
Quollo Market Research Report
Rounding out Trapica’s Marketing Suite, Quollo gives you deep drive insights into your target market. To start, it reviews the audience lists for your business, whether that be existing customers, retargeting, or prospecting lists. Once analyzed, it then gives insights into an audience including interests, geographic elements, and demographics.
After choosing Quollo, one of the most valuable resources you’ll have access to is the Quollo Market Research Report. This report will analyze any audience list available on a Facebook ad account to provide targeting definitions. As you’ll see, the report includes top intent, interest, and behavioral targeting segments for each audience. Additionally, it has sections on demographic and geographic segments.
Quollo is also quick to show results; it only takes 48 hours between linking your account and gaining access to insights. Head into your account and you’ll see all the insights ready in the dashboard. Elsewhere, it’s also good to have Quollo as a specialist market research platform. With other platforms, they normally offer market research on the side. Though some solutions are strong, the fact that it isn’t the main service means it doesn’t get as much investment or attention. On the other hand, Quollo is tailored for market research purposes and is continually improving.
Most businesses have a wealth of data and information simply because they have sold products to hundreds of customers. Why not use this data and examine those who have already paid for products/services from the company? By doing this, it’s easier to create content that resonates with prospective customers’ pain points, interests, and lifestyle choices.
All in all, there are many reasons to choose Quollo as your market research tool. However, none are more important than the potential to learn all about both your existing and potential customers through advanced AI models. Over time, this allows you to shape all advertising content, product development, and other aspects of the business. Thanks to the use of artificial intelligence, it is also capable of handling increased demand as your business and audience data grows.
Conclusion
If you want to get to know your target market, Quollo and AI are fantastic ways to achieve it. The platform has the user in mind, and the dashboard is accessible even for those with little experience in this area. With an improved understanding of our target market, we reach out with the right approach when advertising, create content that resonates and develop a service that consumers appreciate.
See Related: Top 7 Effective Ways to Use Social Media for Market Research
