There are many ways to segment your target audience. Age and income level are just a few of those ways. Segmenting your target audience helps to address the needs and wants of specific individuals and increases the chances that your marketing efforts will be successful.
When you recognize the differences between particular audiences, you can better pinpoint your marketing message so that it appeals to the customers and prospects most likely to be interested in your products or service. Segmenting your target audience also helps you to stand out from competitors that rely on a more generic marketing message.
Generally speaking, segmenting your target audience usually falls into rather predictable patterns such as the ones listed above. If you really want to be successful in reaching qualified leads or you have a niche product or service that will appeal to a very specific audience, you might want to consider lifestyle segmentation.
Lifestyle segmentation breaks down information about potential customers into small subsets. Once you identify these consumers by lifestyle you are more likely to convert them into customers because you are offering something that appeals specifically to them. Another bonus of lifestyle segmentation is that once these individuals make a purchase they are very likely to become loyal customers.
While it can be difficult to segment prospects by lifestyle because of the wide range of options, there are four key aspects to consider:
- Behavioral. Under what circumstances are your prospects likely to purchase a particular product?
- Demographic. What is the age, gender, marital status and race of your prospects?
- Geographic. Where will your potential customers likely buy or use your products?
- Psychographic. How are these prospects unique in terms of personal preferences and lifestyle choices?
When it comes to lifestyle segmentation it is important to remember that this type of segmentation is more fluid than traditional segments. However, once a prospect has converted into a buyer, you should be able to take advantage of the long-term revenue and profits that the buyer represents.
You also should remember that the more your solutions enhance the quality of the life of a customer who was segmented by lifestyle, the more likely it will be that you can up- or cross-sell to that customer. These customers also are exceptionally likely to refer you to friends and family.
When it comes to the special finance market, there often is more than meets the eye. In other words, there is no one way sure-fire way to market to customers and prospects who are having credit problems.
Most experts agree that bankruptcies are the bread and butter of any company that is interested in the subprime lending market. This is especially true if you have the perfect mix of lenders, inventory and marketing methods.
In the past, those who had filed for bankruptcy would only be approved for financing after seven years but over time that period has continued to shrink, with some lenders willing to provide financing immediately after someone has filed for bankruptcy. Also disappearing are restrictions on the type of bankruptcies subprime lenders are willing to approve.
One important thing to keep in mind about the bankruptcy funding market is that it is anything but static. Each and every day new consumers come into the market. These individuals are knee-deep in financial difficulties. In many cases, after a period of time, they will have recovered from their financial difficulties, however, and are ready to move forward with more expensive purchases. For example, they will have gone from wanting the cheapest car to get them from home to work and back to purchasing a new car.
Working with these individuals over the long haul provides the opportunity to remain in contact with these them so that they will come to see you as more than just a subprime lender. Instead, they will see you as a partner, remembering that you were there for them when no one else was.
If you are looking to market to individuals who have filed for bankruptcy, here are some important things to keep in mind when approaching these prospects:
- Be open and honest. Don’t use terms like pre-approved and pre-qualified haphazardly. Instead, offer them an invitation to apply.
- Be sensitive. Don’t shame recipients or try to scare them into working with you. Many of these individuals are surprised to learn that they can obtain financing. Letting them know that you would like to help them will go a long way toward gaining their trust and their business.
- Don’t generalize. Not everyone who has filed for bankruptcy has the same story. Don’t try to guess about their specific circumstances.
- Always include a call-to-action. Don’t make a prospect guess how to contact you or what their next step should be. Instead, give them a toll-free number or direct them to a specific landing page on your website.
Obtaining an accurate bankruptcy list is an important first step when it comes to working with those who have filed for bankruptcy. How you handle the leads on this list, however, will make a huge difference when it comes to capitalizing on it.
If you are looking to obtain new email subscribers and improve the quality of existing ones, you should consider email append. And when used with your email marketing campaigns, data append can drastically improve your success rate. So, what is the difference between email and data append?
In the simplest terms, email append adds valid email addresses to contacts in your database. These contacts usually fall into one of the following categories:
- Contacts with no email address
- Contacts with old or outdated email addresses
- Contacts with an email address that you are not sure are valid
- Contacts that may have a more current email address
It also is important to keep in mind that it is best only to append email addresses under the following circumstances:
- An individual has opted-in to receive emails from you
- You have a prior relationship with this person
- The individual has not opted out of your email programs
Email appends begin by establishing the segment of data to add email addresses. Running an email hygiene report is necessary to identify the segments. Verification is then conducted to find out if the email addresses on file are current and active. Those that are not should be flagged.
It is important to find a reputable company that offers email verification and append services. That provider will process the data and assign email addresses to the missing files. Most append projects will add new email addresses to approximately 25 percent of your file.
Once you have the new emails you will want to reach out to your contacts. Not only will this process give recipients the option of opting out of your emails, but you can also identify undeliverable emails.
So what about data append? Data append is basically an email append in reverse. You are adding data or information about an individual on your email list to better target that person. What follows are some examples of the information you might want to add through data append: address, age, birth month or income. Of course, these are just the beginning. The options are literally endless for the type of information you can add using data append.
Data append is used mostly for individuals, but households also are an option. If an email address is not available for the person you are looking for, you can check if there is anyone else living at the address, for example, a spouse. You can then decide if it makes sense to contact the spouse.
In today’s digital age, many marketers have come to the conclusion that direct mail is no longer a useful technique. However, nothing could be further from the truth. According to a recent survey, 70 percent of Americans say they believe direct mail to be more personal than online advertising. That’s something savvy businesses recognize.
From 2015 to 2016, the amount of spent on direct mail marketing grew by more than a billion dollars, from $47.2 billion to $48.4 billion. This increase in spending can be contributed to strong response rates and a healthy return on investment.
Of course, the success of any direct mail campaign can be directly linked to the quality of that campaign. If you are considering direct mail for your business, here are some ways to make sure that your campaign is as successful as possible.
- Keep it simple. Americans are busy and don’t have time to pour over long blocks of copy. Make sure the copy on your direct mail piece is short and to the point. An attention-grabbing headline also is crucial.
- Make it pleasing to the eye. Visuals can make or break a direct mail piece. A crisp design or stunning photos will draw in recipients perhaps more than any other element.
- Integrate. While a direct mail campaign can stand on its own, integrating it with other types of marketing will help to drive home its message. Consider following up your direct mail piece with an email, for example. The more touches a marketing campaign has, the more likely recipients will be to remember the message.
- Personalize. Make sure you include the name of the recipient on your direct mail piece to give it a more personal touch. Personalized pieces are significantly more impactful than those that are not personalized.
- Test. No matter how effective your direct mail piece, it can always be better. The more elements you test, the greater results your campaign will achieve.
- Target. No matter how visually stunning, well-written and creative your direct mail piece is, if it isn’t going to the correct target audience, it won’t achieve the results it should. If you are marketing to real estate investors looking for vacant property lists, for example, you don’t want your direct mail piece to go to everyone in the real estate industry. Make sure you aren’t wasting your time and money on individuals or businesses that have no need for what you are selling.
Direct mail is alive and well in 2018. The key is to make sure you are doing all you can to make sure your campaign stands out from the competition and reaches your target audience.