What's the cost of not knowing your audience?

What's the cost of not knowing your audience?

We live in a world of unlimited wants but limited resources. Scarcity creates choices which in turn creates implications. We may or may not have an accurate sensing of our Audiences who refer to anyone (both page fans and everyone else) who engage with our social media content. This make it important to verify the accuracy before using this data. Verification may be time consuming while non-verification may lead to inaccurate targeting and lower ad performance.

Consider the following questions when determining the need for actionable audience insights using objective data.

How well do you know your audiences?

We may have a sensing or intuition of the key personas of our audiences and what they engage with on Facebook i.e. engagement affinities. However, do they concur with reality?

What is the cost of not knowing your audience?

A case in point - 30% of gaming content viewers on YouTube in Malaysia are over the age of 35 years old. Imagine if you had targeted your ads based on your intuition of gamers being millennials, you may have missed out on reaching 30% of gaming audiences.

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What is the cost of knowing and not doing anything?

The numerous missed opportunities in being more effective in targeting and being more robust in measuring the impact of content on the audiences.

What are the implications of your audiences engaging to a high degree with other brands on Facebook?

Simply put, fewer opportunities for these users to engage with your owned content. This in turn means less likelihood of brand and ad recall when there is a relatively high degree of overlap with other brands.

Can audience insights be used to reduce your ad costs and increase your conversions? 

By creating and serving content customized to audience personas and engagement affinities, these will ultimately help to enhance your relevance score, engagement rates and cost efficiency since you are creating relevant posts and ads from content pillars that have been found to be engaging to these groups of users.

How can Socialbakers Audiences help?

With Socialbakers Audiences, you can easily visualize the key personas and pages that your audiences engage with. These objective insights can then be actioned using the following approaches listed below.

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socialbakers-audiences-engagement-affinity

Approaches to Applying Audience Insights

  • To increase engagement rate, you may consider adopting top performing content themes or relevant influencers / UGC-centered around the key interests of your most common audience personas
  • To reach out to similar audiences, you may consider refining your paid targeting with the above-mentioned interest categories, create look-alike audiences or explore partnership opportunities with related brands with whom your engaged users share a high affinity to offer promotions.
  • In the event there is a disconnect between the engagers' personas and actual customer personas, you may consider re-crafting your content strategy and validating its impact on the personas in subsequent months' analysis

Final Thoughts

The cost of not knowing your audiences could potentially involve inefficient spending on users who don't resonate with your content and missing the mark in terms of your marketing outcomes.

By understanding the implications and costs involved, marketers will then be able to understand the importance of using objective data of users who have engaged with their brand pages. By applying these audience insights during campaign planning and optimization windows, you will be able to achieve greater success with branding and performance objectives.