Feb 2022#Cases#DeFi#Strategy#Audience Research#TAR
A product can sell well only if it fits the target audience's needs. But how do you know what those needs are? And how much is the TA ready to pay to satisfy them? That's where TAR, or target audience research, comes in.
Our client had a very valuable product (a DeFi data aggregator) but no clear positioning, USP, or marketing messages.
We needed first to find out what the real target audience looked like and what their pains were. Without this TA portrait, any marketing campaign would be a waste of money.
After just 30 days, we produced detailed portraits for 4 TA segments and a marketing strategy for each, complete with attractive sales propositions.
Time: 4 days
We divided these goals into objectives:
a) TA differentiation by age, gender, GEO, portfolio size, preferred media channels, ways to select a project, and requested features. As a result, the TA was divided into four segments.
b) Understanding how the TA views the product's strengths and weaknesses.
c) Find out what users expect from a subscription.
Time: 12 days
We polled 300+ (vs the target of 100) of the existing product users using a questionnaire that took just 4 minutes to fill. The users received a small monetary reward.
Insight: use as many communication channels as possible to reach out to more users: corporate social media pages, email newsletter, banners on the site and in the user dashboard, etc.
Time: 14 days
BDC Consulting often uses interviews to build laser-sharp TA portraits and identify a product's strengths and weaknesses as users see them – often with unexpected results.
In this case study, we conducted 20 hour-long interviews (5 per TA segment).
Insight: a tangible incentive (money, tokens, or merchandise) is the best way to motivate users to participate in a poll or interview.
After just 30 days of analysis, screening and in-depth interviews, we delivered to the client:
Well-conducted target audience research (TAR) produces five kinds of knowledge:
What happens if you don't use TAR?
Good TAR (be it polls, interviews, focus groups, etc.) always pays for itself in the end because it helps generate attractive and relevant offers for each TA segment.