How can you use market intelligence data to identify your target audience?

1 What is market intelligence data?

Market intelligence data is any information that helps you gain insights into your market, competitors, customers, and industry trends. It can include data on market size, growth, share, segments, demand, supply, pricing, distribution, regulations, and innovations. Market intelligence data can be collected from various sources, such as surveys, interviews, focus groups, reports, publications, websites, social media, analytics, and databases.

2 Why is market intelligence data quality important?

The quality of market intelligence data can affect the accuracy and reliability of your analysis and decisions. Poor quality data can lead to misleading or incomplete results, wasted resources, and missed opportunities. To ensure high quality data, you need to consider factors such as relevance, timeliness, completeness, accuracy, consistency, and validity. You also need to evaluate the sources of your data, their credibility, authority, and objectivity.

3 How to segment your market using market intelligence data?

Segmenting your market means dividing it into smaller groups of customers who share similar characteristics, needs, or behavior. This can help you identify your target audience and focus your marketing efforts on them. To segment your market using market intelligence data, you need to use criteria such as demographics, psychographics, geographics, and behavioral. For example, you can use data on age, gender, income, education, lifestyle, values, location, climate, usage, loyalty, and satisfaction.

4 How to profile your target audience using market intelligence data?

Profiling your target audience means creating a detailed description of your ideal customer based on their characteristics, needs, and behavior. This can help you understand your target audience and communicate with them effectively. To profile your target audience using market intelligence data, you need to use data such as persona, customer journey, pain points, goals, motivations, preferences, and expectations. For example, you can use data on who they are, what they do, what they want, what they need, what they like, and what they dislike.

5 How to reach your target audience using market intelligence data?

Reaching your target audience means delivering your marketing message to them through the right channels, at the right time, and with the right content. This can help you attract, engage, and convert your target audience and achieve your marketing objectives. To reach your target audience using market intelligence data, you need to use data such as media habits, channel preferences, device usage, content consumption, and response rates. For example, you can use data on where they are, when they are online, what they are looking for, how they are searching, and what they are responding to.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?