A key success factor Coca Cola possessed, that provided a competitive edge over rival brands was the ability to have one product that targeted a global audience. The refreshing beverage appealed to everyone, irrespective of culture, location, gender, status, class or income. We bought and consumed the same product. Also, a subtler success factor that not many people pay attention to, which plays a huge role in brand recognition and awareness is, Coca cola endorsed Santa!
Fast-forward to 2018 and Coca Cola has diversified its product portfolio in an attempt to fill up gaps in the market and maintain its market share- introducing diet Coke, Coca Cola vitamin water to meet the needs of a more health conscious target audience. The moral of the story is you need a clearly identified target audience and a product that consumers need in a modern market environment. Consumers are demanding more from businesses before tendering their cash. Identifying the right target audience is imperative and applies to businesses online.
The internet provided an alternative and contemporary way to reach target audiences, however, the traditional means of identifying a target audience is a prerequisite for promotion online. Before you begin your marketing efforts, there are two questions that must be answered.
To explain this further, it’s worth recalling the tail of two salesmen sent to Africa to discover market opportunities. Upon arrival, the first salesman noticed people were walking around with no shoes and quickly said there’s no market here. The other salesman had a different perspective and saw an opportunity. This illustrates that any business must completely understand the needs of its target audience
It is rare, to come across a product that appeals to a vast target audience like coke did in the days of yore. Choose specific demographics to target: Age, gender, location, education level, income level or ethnic background. In addition, you should consider the psychographics of your target audience: values, personality, attitudes, lifestyle, interest/hobbies and behaviour. One way of carrying out a segmentation process on social media is done by using the social technographic ladder.
Before you begin your campaign efforts, it is good business practice to speak to a group of your target audience. This enables you to test your accuracy on the profile of your target audience. Furthermore, you will be able to test your assumptions on they think and if they will buy from you.