If your business is going to continue to expand and grow, you’re going to need to implement a data collection for targeting strategy, so that you can continue to convert new prospects, as well as uncover add-on sales opportunities for your current customers. I’m sure you’ve heard this a thousand times, “The way we used to do business has changed,” and this statement without a doubt, still holds true in today’s business environment as well.
Before I even go any further, understand that data collection for targeting is no joking matter. Be smart about how you go about gathering your information, and abide by all the rules and regulations set forth to protect personal information.
Advance growth mode.
It’s time to go into advance growth mode here and get savvy with the way you communicate with prospects and customers. Not utilizing demographic, behavioral, or psychographic targeting, is flat out crazy. Every business with rapid growth is starting to tie together all the great information they have, to create a buyer journey that delivers a prospect or customer exactly what they want, and need, exactly at the perfect time. Now, that’s a pretty powerful way to run your business.
The key to everything that I’m talking about is using the data that you’ve already collected, while taking strategic measures to add to it. Data is everything. It has to be the blood that runs through the veins of your company and drives important business decisions moving forward.
To help you out, what I’m going to do is break down the three primary types (demographic, behavioral, psychographic) of data collection for targeting, and then touch a little bit more on the psychographic side, as that can definitely be the real difference maker in terms of driving your business to high-growth in the future.
Three primary types of data collection for targeting.
These are in no specific order, but all are extremely important in terms of providing fluid buyer experiences.
This is one of the oldest and most tried-and-true methods of targeting, but in today’s business environment, it needs to be paired up with one of the other targeting methods (behavioral or psychographic) to work best. Demographic targeting is typically based on age, gender, or household income. For example, if a company sells car insurance, and they know a teenager is turning of age to drive, they’d target him or her for their insurance services. Sounds simple enough, and this used to work, but know more slick and savvy companies are using data in a smarter and more precise way to predict not only likes and common associations of the prospective customer, but their dislikes as well, making their information more personalized and targeted, thus increasing the ROI and leaving you in the dust if you’re not doing the same.
This is another tried-and-true method of targeting, but it also needs to be paired with (demographic or psychographic) targeting to have the best results. You’re probably getting the idea at this point, no one method is going to work great alone. They need to be paired together to have the maximum return on investment. If you’re a small business and you’re trying to increase customers, you’re going to need to compete against the giants that have a lot of money to spend, but you still have a unique advantage over them, which is that they’re not able to be quick and agile, so you need to jump in right away and use your speed of adapting and evolving your data collection for targeting on the fly, so you can burn them before they catch up. Typical behavioral targeting is based off how long a person stayed on your website, what pages they visited, how long they viewed the information, and so on. Behavioral information is powerful and super useful when used properly.
Ok, know we’re talking about the excitement, which is psychographic targeting. By far this is my favorite area or data collection for targeting. Psychographic targeting typically gives a company deeper insight into what actually motivates a person to buy. If you can nail this area in your marketing efforts, you’re going to be off to the races, and really quickly. Some areas of data collection include what a person likes i.e. hobbies, TV watching habits, subscriptions, and so on, and creates a buyer persona that a company can use to deliver highly personalized content, via printed or online methods, to directly deliver calls-to-action exactly at the right time and place.
Most of the companies you hear about exploding on the news today, are those that have used their demographic, behavioral, and psychographic data, paired together, to deliver highly relevant and engaging content that gets their prospects and customers to take immediate action, right then and there. If you know what someone wants, and when they want it, because you’ve gathered enough data on them, then it’s as simple as putting a call-to-action in front of them.
Wrapping everything up.
It’s time to bring this plane in for a landing, so let me tie-in all the main takeaways, and get moving on.
Never be creepy.
Now, let me put a few disclaimers out there, never, ever, be creepy with your data. I wrote about this in my, “Submarine Prospecting to Get New Customers,” article, and it holds true here as well. By the way, I’d definitely recommend checking out this article, as it has some unique ways to discover data that you’re going to need so that you can start to fill in all of your targeting gap areas. Always look to collect data naturally, and never make it look like you’re collecting data to collect data. I know it sounds strange, but I’m sure you get the idea of what I’m talking about. Also, don’t be so specific with the information that you send out to someone, that it feels like you know too much. Just provide enough information in your personalized marketing materials to relate to the person, not to act like you’re their brother or sister and know everything they’re doing.
I’ve mentioned this a few times above already, and I’m going to say it one more time to drive it home, “Use all three types of data collection for targeting (demographic, behavioral, psychographic) as complementary add-ons to each other.” Look at them as pieces of the puzzle. They all need to fit and go together to make everything look nice and pretty. This information may well be the difference maker for your business earning massive amounts of money on an annual basis, or flat out going out of business, so do something with what you’ve learned here, and implement a data collection for targeting strategy today.