Put yourself in pole position
To support your expansion strategies, here are the key steps your company can take to understand existing customers, identify prospective customers, and connect with customers effectively, based on our work with Envision Racing.
1. Look at the big picture
Begin market validation by learning about your existing customers. What are their interests? How old are they? Where are they based? What do they have in common with the new customers you're trying to reach? For example, Envision Racing found that many of its fans are based in Asia-Pacific, a region that holds many opportunities for the team if it can couple this data with more detailed audience insights.
2. Go granular
When you have the big picture, you can begin to refine your target audience based on where you can better serve existing customers and attract new ones. For Envision Racing, it validated the need to target a broader cross-section of consumers and discovered opportunities to engage a more diverse group of fans through shared cultural interests and passions.
3. Bring it to life
The next step is to bring your target audience to life through a consumer archetype. An archetype is a representative profile of a person within your target audience and typically includes their demographic profile, values and attitudes, buying behaviors, and needs and preferences relative to a given product or service.
These archetypes should be so detailed, informative, and grounded in research, that – like an old friend – you know how to speak to them in a way that grabs their attention.
4. Act on insight
Now you're ready to put all these insights together and develop a marketing and content plan, delivered through the most appropriate channels, to reach your audience. Though the research phase can feel extensive, it's the most important step in making sure you connect with the right people and turn them into new customers and fans.
This research should form the basis of every decision your business makes going forward. Getting this piece right can mean the difference between a place on the podium and an early return to the garage.
Turning data into insights and then acting quickly is critical for any business or sports team. Faced with a period of disruption, Envision Racing seized the opportunity to rethink how it's engaging with fans today and in the future and overtake the competition. Your business can do the same.