You have a great product and your first customer base loves it. Your target audience has been narrowed down and you have plans to advertise to this audience with a custom message. Your analytics are showing that people are visiting your website, but very few people are actually buying your product.
A critical element to every digital business is converting website visitors into customers. In order to do this you have to apply a strategic narrative to your website. Structuring it properly requires you to understand what’s your ultimate goal — or company’s ultimate goal. This simply means what your specific service or product does and what challenges and problems it solves. By going back to the basics of what problems your business solves, you can start to structure your website and even business better. In order to further dive into this concept, you can practice a positional exercise by asking “Who?/Why?/What?/How?” By doing this, you can discover a company vision that can be used to portray your business and related products to your audience.
It is crucial to ask yourself these questions
- Who are you selling to and why?
- What problems are you solving for your target audience?
- What does your target audience want to know before buying from you?
- What is the decision making process your customers make in order to buy from you?
By answering these questions you will be able to create a compelling story that fuses together the different elements of your organization and creates a powerful narrative about your business. Let’s dive into this process so that you can better understand the importance of structuring your digital business.
Who are you selling to and why?
One of our clients is a television network company partnered with Time Warner Cable which is focused on providing entertainment through media. Theoretically, it’s market can be defined as anyone who watches tv. However, this is an unrealistic expectation because the specific content will only relate to certain groups and not others.
The initial step is to define your market segment — in this case we identified 24 million potential viewers. By identifying the groups characteristics it also allows a company to perform better and tailor their services around the specific needs of their customers— in this case here are some statistics on the targeted audience :
-Median Household Income = $41,947,26,
-56% of the audience over the age of 25 held bachelor’s degree or higher
-A quarter of our viewers 25 and older work in STEM (science, technology, engineering and math)
-$1.3 Trillion in total buying power
By pinpointing the characteristics of the group, we were able to come up with a comprehensive plan using psychology and branding to come up with an effective marketing and monetizing strategy.
Also by knowing your customer better you can follow a simple rule in behavior design — help your customer do what they already want to do. To read more on behavior design, see our article here (link will be to blog #2)