COM0014- Blog 3; Product or Target Audience? What comes first?

When it comes to marketing and advertising, in order to ensure that your business is getting the right exposure through your efforts, it’s important that you know who your “target audience” is and how and where to reach them. Before developing any new products or services, it is vital to understand who your client is.

Canva - Focus Photo of Yellow Paper Near Trash CanNow close your eyes and think about designing a new product or service without getting any specific information about target market, you will find it hard, Wouldn’t you? You might come with a product that appeals to your age group but perhaps might not appeal to clientele of the business because your age, preferences and taste differ. Hence, if you do not want to waste your dollars for advertising, it is vital that you breakdown your target market.  Canva - Target and Arrows

I have worked in Retirement homes and I always wondered who is their target audience to get them through the doors? Yes, I would agree with your thought process that it would be senior itself as they will be living in such a facility. But how about children of parents that will need to find an appropriate place when their parent(s) are unable to live at home by themselves. In my experience, a very small percentage of seniors would make this decision on own to change their living arrangements as it is hard and extremely emotional to sell the home that they have lived and is full of memories.

Canva - Pen Drawing on a MapWhen was the last time you opened a magazine or whitepages directory? When I started working in the industry, there was lot of focus on print ads and fast forward few years we stopped advertising in print and had everything digital. We had a lot of success in targeting our market through Google AdWords as majority of us like to go to Google to search for everything!

Our target audience for home was children of seniors in their 50s-60s both male and female with higher education and higher income level. The senior itself was anyone after age of 65 both male and female of any ethnic race, single, married or divorced; with high income level (private savings or higher pension) to be able to afford private care and enjoy the social environment.  Canva - Old Couple Walking in Nature

In conclusion, I would ask you, what comes first product or target audience? Can you design products before knowing your target audience or you design a product and then go find target audience matching your product?

COM 0014 Blog#3 Target Audiences

target-audience-300x210Frank Cowan Company (FCC) is an insurance company specializing in municipal and specialty organizations making their target market very focused. With such a niche target market, demographics and psychographics aren’t used in the same way when determining the target audience and building their profile. The target audience is not broken down in to segments but types of organizations and those organizations are municipalities and public service, healthcare, education, community, children’s and social service organizations and insurance brokers that FCC partners with to insure these organizations.

We know our target market, now we need to communicate with them. High level it may appear that narrowing in on these organizations and communicating with them online maybe relatively simple, focus on a social media platform and target those using that platform. However, it isn’t that cut and dry. With the variety of target markets and the different types of social media platforms available, FCC needs to focus on multiple platforms to ensure the best reach. This switches the focus of using one platform for the majority of FCC’s communications to a very focused message and that focus is Risk Management. Risk Management is the key to preventing insurance claims and potentially saving an organization dollars spent on deductibles and premiums.

No matter what type of organization, managing risk is top of mind and when you are an organization that faces unique risks, specialized advice and offerings are important. FCC uses their knowledge and expertise and provided advice on these unique risk factors as a tool to build awareness, discussions and to connect with their target market.

Check out FCC’s Inspector Insights and Risk Management Insights posts on Twitter, Facebook, LinkedIn and Pinterest.

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