A product can only sell well if it meets the needs of the target audience. But how do you know what those needs are? And how much is the TA willing to pay to satisfy them? This is where TAR, or target audience research, comes in.
The Challenge: From Zero to Complete Product Positioning
Our client had a very valuable product (a DeFi data aggregator) but no clear positioning, USP or marketing messages.
First we had to find out what the real target audience was like and what their pains were. Without this TA portrait, any marketing campaign would be a waste of money.
After only 30 days, we have produced detailed portraits for 4 TA segments and a marketing strategy for each, complete with attractive business proposals.
How We Did It1) Goal Setting
Time: 4 days
- define the positioning of the product;
- find out what can entice a target user to subscribe to the service.
We have divided these goals into objectives:
a) Differentiation of TAs by age, gender, GEO, portfolio size, preferred media channels, ways to select a project and requested features. Accordingly, the TA was divided into four segments.
b) Understand how the TA perceives the strengths and weaknesses of the product.
c) Find out what users expect from a subscription.
Time: 12 days
We surveyed over 300 users (against a target of 100) existing product users using a questionnaire that only took 4 minutes to complete. Users received a small monetary reward.
Overview: use as many communication channels as possible to reach more users: corporate social media pages, email newsletter, banners on the site and in the user dashboard, etc.
3) In-depth interviews
Time: 14 days
BDC Consulting often uses interviews to build accurate TA portraits and identify a product’s strengths and weaknesses as seen by users, often with unexpected results.
In this case study, we conducted 20 one-hour interviews (5 per TA segment).
Overview: A tangible incentive (money, tokens or merchandise) is the best way to motivate users to participate in a survey or interview.
After only 30 days of analysis, selection and in-depth interviews, we delivered to the client:
- four detailed TA portraits;
- a clear and relevant positioning strategy in line with the real needs of TA;
- unique selling propositions for each of the four TA segments;
- a complete marketing strategy with a breakdown by promotional channel.
Insights and Conclusions
Well-conducted target audience research (TAR) produces five types of knowledge:
- TA’s real needs: what users want to achieve;
- Direct and indirect competition: what tools does the TA currently use to meet these needs;
- Product-market adequacy: the relevance of the product in relation to these needs;
- Feature Highlights: Which feature can entice the TA to purchase the product;
- Pricing: how much the TA is willing to pay for the product.
What happens if you don’t use ART?
- You don’t know what triggers TA
- Irrelevant or unattractive selling propositions
- Low conversion/subscription/etc
- wasted marketing budget
good tar (whether surveys, interviews, focus groups, etc.) always ends up paying off because it helps generate attractive and relevant offers for each TA segment.