Assigning ‘Return on Investments’ to your audience
In my last blog 'Create your audience and personas', I talked briefly on the measurement of targeting your personas. In this blog, I want to delve a little deeper into the idea of assigning your persona a value, so you better see the effort you put in (investment) vs the value on that effort (ROI).
It's worth pointing out, creating the personas is an investment, but it isn't part of the effort in targeting these groups.
Let's consider an example. A customer that you target with your service may be female, aged 25-34 and lives in the Midlands area. You have a price structure that contains three options: the bronze package, silver and gold. Using your social media as a way of engaging, sharing people's reviews of using your service, images of customers using your product/service, you probably get more bronze packages sold. And you're happy with that. After all, creating a few posts with no real strategy requires little effort.
However, you go to a trade show, pitch up a 3 meter by 2-meter stall, costing you £3500 plus another £1k in advertisements, so it's fair to assume you want to sell the gold package every time. Or a show special!
The potential customers attending a trade show will be putting a lot of effort into this day so that they will be looking for the best service for the best price. Some may haggle, some may expect more for what they are paying, but the point is, they expect to pay for an excellent service.
As their expectations are higher, then the cost is.
You have just created two variants of the same persona and assigned a value to each.
Agreed, a concise example, it's certainly possible to have multiple variants of personas, but you have to keep it manageable. Remember, it's as much an art as it is a science.
Assigning an ROI is a sensible way of making sure you're targeting the right audience most efficiently.