How many times in your professional life could you declare that you had a clear understanding of your target market?
While consumer behaviour is hardly rocket science, marketing it self is not. Customers base their decisions on a variety of unpredictable elements, some of which are not even immediately apparent. Although you can't anticipate their activities, you can always use the most recent consumer insights to timely optimize your marketing strategy.
Understanding website traffic can provide useful information, but what about other aspects? What publications reads your target market? There are a number of ways that discovering marketing insights for tactical business solutions can be aided by an understanding of audience overlap.
How to Determine Audience Overlap
Although having overlapping audiences is not always a bad thing, it might affect how well your ad sets are delivered. This is so that we can enter the ad set with the best performance history and prevent the other ad sets from competing to be shown when ad sets from the same advertiser are going to wind up in the same auction(i.e., they're targeting comparable audiences).
We do this to prevent your advertising from competing with one another, which could increase expenses and result in ineffective budget usage.
1. Get Information From Your Least Prominent Competitors
The mass market is not in competition with premium brands. But do they? Your audience might not be really interested in the market you belong to if all they want is a polo shirt.
The graphs below demonstrate that users of the Ralph Lauren website have no problem browsing the H&M website. When you need to verify actual audience insights, Audience Overlap is helpful regardless of whether the user is looking for a basic or high-fashion item.
2. Increase the Diversity of Potential Partners for Collaboration
Customers occasionally have to choose between product categories that, at first view, appear to have absolutely no connection. For instance, while Victoria's and a Netflix subscription are not interchangeable in a practical sense, they are all excellent choices for holiday gifts for women.
Such overlap helps identify potential partners for comarketing or collaboration. This overlap may simply be the selection of rewards for a social media contest; it need not be a full-scale co-branding initiative. You might wish to enliven your audience with offers other than those for your own goods, such tickets to a music festival or dinner at a restaurant they might enjoy.
3. Check Out Your Media Partners
You are considering two websites that are comparable in dignity (and target audience) when it comes to media platforms. Should you think about both? Do you need to look any further? You might use an audience insight to generate a very unconventional remedy, depending on how daring your brand policy permits you to be.
Let's imagine that you have experience working with business periodicals. It goes without saying that their readers are your target audience, but if your campaign is geared at reach, it might not be in your best interests to show advertising to the exact same users. Verify the media choices that are typically left off your list.
You may see through Audience Overlap that your advertisements in other, respectable periodicals haven't reached these pertinent users. Of course, Playboy is unlikely to printer lengthy article about business development, but if your company is willing to try something new, an advertisement in this magazine can help you reach a segment of your target market that hasn't been reached by prior marketing efforts.
4. Determine the Media's Probable Reach
Additionally, you can assess the audiences of your website and a media outlet. You can see the precise users who visited both from the graphs. Consider using the resource that you have the least audience overlap with if your goal is to reach new audiences.
The audiences of three fashion journals and the official Gucci website have been compared. One of them, Elle, is a more all-encompassing women's publication, whereas Vogue and Vanity Fair tend to focus more on affluent fashion.
Why do Gucci aficionados read Elle more frequently than Vanity Fair? Consider these new findings while making your future placements, whatever the purpose.
5. Compared to a Competitor's Media Placement
Prada receives more visitors who also read Vanity Fair online than the Gucci website, Audience Overlap with Gucci. What actions could you take if you noticed the identical picture for your competitor?
Ask yourself if it makes sense to spend more on advertising and product placement on similar media to outperform a competitor after determining whether or not their traffic sources are primarily sponsored.
6. Find out about regional markets
Particularly in a sector that is developing and changing so quickly as ecommerce, having an international brand does not always give you an advantage over your competitors. Examine the locals more closely if you want to grow your business in a particular area.
Consider the ASOS situation. The firm faces competition from Amazon and eBay in its native UK. The scenario is different in Russia, where the company's target market is shared with the regional multi-branded online shops Lamoda and Wild berries. Let's check out the consumer insights that Audience Overlap can provide.
When we initially look at the graphs, we assume that people think equally of all three online retailers receive about 35% of visitors from ASOS. Do they recognize the distinctions between the brands? Let's examine each retailer individually.
These are just a few of the things it's important to confirm, such as if local internet retailers have the same shipping policies or the same level of advertising in the area.
This customer knowledge could serve as a cue to carry out more market research on positioning and communication tactics.
7. Name the Industry Leader
Being overly generic is almost never a smart idea, especially in fields where the greatest opportunities have already been seized. Imagine you are creating the marketing plan for a line of athletic shoes.
You can be sure that there are multiple businesses that sell different kinds of clothing, including one that focuses on sneakers. Will you have to face up against one of these titans? Will you be able to maintain more or less constant competitiveness in your industry? See what Audience Overlap reveals about some well-known businesses.
You might be inspired to examine their offers more carefully, keep an eye on their marketing initiatives, and assess some of their strategies as a product marketing or brand manager for a rival firm.
8. Never Trust the Said Target Audiences
If you are the owner of multiple websites (or the person in charge of promoting them as media platforms), you will need some reliable information to include in your press kit. Let's take Condé Nast Inc. as an example, which owns newspapers targeted at various demographics.
Since publications like Vogue, Glamour, and W Magazine cater to women, it may be tempting to think that all cross-dressing should take place on these websites. Audience Overlap, however, reveals a more intriguing pattern.
The graphs won't tell you, but they will provide you with insightful information and dependable evidence for potential sponsors that you may add to your press kit.
9. Track the dynamics of market position
You may track the evolution of your market rankings with Audience Overlap. To see the trend, enter two domains that are in direct competition with one another.
The trend continued through the regular industrial high and low seasons and strengthened in January2019. The next phase can involve researching other businesses, identifying the one that has drawn the most share of your once-loyal customer base, and adopting the best elements of their development and communication tactics.
To identify whether a trend is local or worldwide, you may analyse Audience Overlap for several places one at a time. This will give you an idea of whether you need to strengthen your campaign in a particular area or carefully research your choices and revise your offers.