As we mentioned before in previous articles, marketing research is essential before starting on any marketing campaign. Market research provides tremendous insight for businesses, including the main driver behind profits - consumers!
Do you have any idea how marketers can increase sales profits just by creating a buyer persona? If you don’t, you are in luck! In this article, we will be covering the topic on Buyer Persona, in which we believe plays a major role in creating successful marketing campaigns and marketing strategies!
What is a Buyer Persona?
A buyer persona is a fictional representation of your target audience, which is developed based on the market research and captured data you have of your existing consumers. In simpler terms, buyer persona is a generalized representation of your ideal consumers. By creating a buyer persona to focus on, marketers will have a deeper understanding of potential consumers to attract, which will potentially lead to effective marketing campaigns and strategies related to customer acquisition and retention. As a result, businesses will attract the most valuable consumers at a lower cost.
When you think of your business’ product or service, what type of buyer persona comes into your mind first? If you think you know everything about your consumer, you need to think twice! When creating a buyer persona for your business, it should be as detailed as possible. For example, you should consider their demographics, needs, motivations, goals, behaviour patterns and more. Marketers should not hastily generalize based on only intuition or assumptions, it should be concluded based on extensive market research.
Firstly, insights can be gathered from current consumers through market research methods such as surveys and interviews. Depending on the nature of your business, buyer persona can range from one to twenty, or even more! It is important to start with a smaller amount of buyer persona so that your marketing campaigns can be more tailored.
Reasons Why They Are Important
1. Know Your Target Audience Better
Every business is made up of many departments and stakeholders. By having a buyer persona, it serves as a frame of reference for the marketing department, sales department, operations department, or anyone involved in your business. To maintain consistency, buyer personas should be made known to everyone in the company. This is so that when the consumer comes in contact with your business, he will have a consistent experience throughout, based on the buyer persona type he belongs to. This will help to ensure that your business is communicating correctly to the right consumers! Since a clear and consistent frame of reference of the buyer persona is provided, all efforts will be in the right direction.
For some businesses, the buyer persona might be quite ‘obvious’ or straightforward. For example, it is a given that a luxury designer handbag business’ buyer persona is a working female adult. Yet, this information is not sufficient enough. Be more specific to find out more about the consumers’ needs and pain points, which will allow all the company staffs - be it marketing or sales, to relate and connect with the consumers better.
2. Tailored Target Marketing
Marketing plays such a big part in businesses, just like how buyer persona plays a big part in generating effective marketing campaigns! Understanding your consumers well is essential in developing products and services that resonate with your buyer personas in order to convert them into paying customers.
With specific buyer personas to focus on, marketing campaigns will be specifically tailored to their needs. For example, one marketing channel that businesses portray their branding and convey the most marketing messages would be its main website. Take a quick look at your current website, is it designed based on aesthetic or your buyer personas’ needs? When a buyer personas needs are defined, your website should be redesigned to please your target audience rather than stakeholder. Although it may take some time to convince them, it is really important not to prioritize your preferences over the needs of your buyer persona.
When revamping your website, marketers should pay more focus on the visual and copywriting content. Include what would be more relatable and relevant to your target audience, and will enable your business to deliver effective marketing messages through your website. To illustrate, there will be a huge difference in the content of your website if you were to target a female working adult, as compared to a female student. As such, it is really important to tailor everything, from product to service to communications! Once the target audience and brand message are finalized, look into your current marketing strategies to improve the way your business sell your product and services to your target audience.
3. Customer Journey
This term might be new to some of you, but it is never too late to learn it! According to HubSpot, customer journey refers to the active research process a buyer goes through leading up to a purchase”. With the help of buyer personas, you will be able to develop a customer journey map that helps you understand user’s behaviour throughout the journey. This way, marketers are able to develop effective marketing strategies to guide them better through this ‘customer journey’.
Every customer journey consists of three main stages - awareness stage, consideration stage and decision-making stage. A perfect well-executed customer journey provides a strategy to guide consumers throughout the three stages, which would enable them to choose your business over your competitors at the decision-making stage.
4. Quality Leads At A Lesser Cost
The main objective of every marketing campaign is to attract leads - but what are leads? Leads are individuals who are interested in your business’ product or service. However, not all leads are the same! There is a difference between a normal lead and a quality lead. Buyer personas can help you identify high-value customers, and thus improve your marketing strategies to attract quality leads. When you develop personalised marketing campaigns for these buyer personas, you can expect to see an increase in high-value customers!
The desired outcome of a marketing campaign would be spending as little money, time and effort while seeing an increase in ROMI (Return on marketing investment). To reduce cost spent, businesses really need to know their buyer personas well! Having defined buyer personas help understand how your business should be executing marketing strategies that would result in more revenue.
Before ending off this article, let’s recap the above points with a good example of a buyer persona! To illustrate, let’s take a closer look at ‘Eric’, a buyer persona of a co-working space. The descriptions covered the traits and characteristics of Eric in details. It also dives deeper into his needs and wants. While creating your persona, consider how you can tell stories and share details that are related specifically to your product or services.
By creating a buyer persona for your business, you are already one step ahead of your competitors! Buyer personas will allow you to put in more effort into your marketing strategies, which will always outperform generic marketing campaigns.
Marketing is a really huge topic to cover! Through these articles, we hope to uncover more key elements of marketing, in order to help your business improve its future marketing campaigns. For now, all the best!