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August 5, 2020
Every business has customer bases with unique buyer personas. Buyer personas are descriptions of your ideal clients that allow you to align content, advertising, and communications throughout the buyer’s journey.
However, while understanding your buyer personas is a great jumping-off point for marketing, we have recognized a process gap in making location-based marketing decisions. To fill this void, we broadened the scope of these personas to a community level, while keeping our love for purpose-driven thought at the forefront of our minds, which led to the development of market personas. Market personas serve as descriptions of your ideal markets that allow you to find your buyers and connect with them as a community for more purposeful location-based decisions.
When businesses operate, they find fulfillment within multiple levels of purpose. They meet specific customer needs but also work towards a higher goal and mission. These greater reasons for why your organization exists can extend to your team, clients, communities – and even the world.
We use buyer personas to capture the client level of our purpose, highlighting the people we can serve best and work with to fulfill that foundational level. In this same manner, market personas should capture the community level of purpose. Using market personas to drive location-based marketing, you can guide your company’s decisions with your purpose steering the ship.
When creating your market personas, it’s crucial to understand that they still relate to your buyer personas. Market personas allow you to view your business’s operations through a wider lens and provide a perspective of your audience that includes your buyers, not limited only to them. When creating market personas for ourselves, we identified some tips for keeping our focus broadened, including asking ourselves:
If you’re heavily debating the answers to these questions, you may be limiting the focus too narrowly.
Our approach to identifying market personas involves a detailed analysis that uses objective data to capture our ideal markets while also internally reflecting upon our own “why” and how it fits into the many levels of a mission field. This process includes:
Understand the basic characteristics of your market persona. Use your buyer personas to build this into an accurate representation of their home.
Identify the shared goals and challenges of the community, ensuring that they impact the whole community. The objectives of this community should directly align with the community level of your company’s purpose.
Analyze why this community is a prime market for your company. How does the community view their home and perceive how you could fit into or alter their way of life?
Spend some time here to understand how working with this community will help your organization fulfill your community level of purpose. By fully grasping the synergistic effect of your market entry for both yourself and the community, you can begin to describe how you can position your business to relate to the community as a whole. You will also be able to effectively communicate your value.
Not only will market personas help your business push the needle with your purpose-driven initiatives, but they will also help fuel your bottom line. Developing market personas will help you find your buyers, guide your location-based marketing efforts, and provide another layer to your decision process for expanding your business.
With these new personas, you’ll be able to find communities that attract your ideal buyer personas through a more objective approach. Your team is then equipped with a strategic method of identifying markets that capture your buyer personas to ensure a successful market entry. Using the data-driven and societal markers you identified in your market personas, you’ll be able to see which locations align with your strategy. Additionally, beyond finding a high concentration of your customer base, you can guide this research with your market personas to identify where you will be best received by the community when considering targeting specific locations with your marketing efforts.
This approach should reflect your community level of purpose and lead your business to find markets that will help you find fulfillment. You’ll be able to identify communities that align with your values, culture, and mission to succeed and be a part of their efforts to achieve collective goals.
Your business’s purpose and mission statements shouldn’t live only on your website and within company handbooks. These ambitions should be at the core of every decision and action. By building this mindfulness into your decision process, you can develop strong roots for your business’s growth. To help you and your organization find and grow with purpose, get in touch with our consulting and branding team at PHOS Creative.