Once your prospect reaches the retention stage, they have officially purchased from you and you have succeeded in turning them into a customer. As a marketer, you need to be thinking about how you can turn this one-time purchase into 10, or this monthly subscription into an annual one – whatever defines customer loyalty for your business. As a marketer, you need to ensure that you have helpful, relevant content that ranks highly for the particular keywords and phrases your prospect might be searching for at this fundamental stage.
Understanding the incredibly different needs and wants of each sub-group, and being able to apply this knowledge to your marketing campaigns is the key to achieving higher conversion rates. Demographic segmentation is one of the more basic methods and involves grouping consumers based on factors such as age, gender, marital status, education, religion, race, income, occupation, and family size. This data is one of the easiest and quickest for brands to collect and analyse, so it’s no real shock that most companies successfully segment their customers using demographic information. It can get pretty confusing when you see the terms ‘target audience’ and ‘target market’ being used interchangeably, and many marketers unknowingly assume that they are the same thing. Whilst sometimes they may be the same for your business, this is not always the case for others, so let’s quickly take a look at the differences. Christopher Penn cleverly compares a marketing strategy to a menu; a menu is a repeatable process and a framework.
When planning your marketing strategy it’s important to take a number of external factors into consideration. One of the most commonly used analytical tools for assessing such factors is the PEST Analysis. Every goal must have an end date for when you expect to have achieved that metric.
Psychographic segmentation focuses on your target audience’s personality traits, values, interests, lifestyle choices, opinions, and motivations. This sort of data is often collected via focus groups, surveys, interviews, and case studies.
Getting the timing right is crucial to the success of the goal. You need to make sure you have given yourself enough time, otherwise, you will be writing your marketing efforts off as a failure before you have even given them a chance. Customers at the advocacy stage are also more likely to provide you with their honest feedback. They believe in you just as much as you believe in yourself so be sure to utilise this! Use tools like SurveyMonkey to send out an email in an attempt to gather as much constructive criticism as you can. The more insight you have from your current customers, the better experience you’ll be able to provide for them and future customers. If your product or service requires some form of set up, then having an effective onboarding process in place to guide consumers through these steps, will also help to keep your customers happy.