Let's say that you're selling a toothbrush. Who are your target customers?
A marketer might tell you to find people interested in dentistry. Or maybe people with braces, gum disease, or dentures.
But here's the truth: everyone has teeth.
1. You're limiting your audience size before you even start advertising.
As a business owner, you need to think about the entirety of the addressable market for your product. If there are 10 different groups of people who could use your product, why would you only show ads to 1 group? You are limiting the potential of your marketing before you even start running campaigns.
2. You're only advertising to 1 group.
Facebook has more than 72 quadrillion targeting options. Google has even more. Limiting yourself to a handful of groups means that you're not only decreasing your potential audience size, you're decreasing your learnings. If you want to know who your true users are, you need to test.
3. You're not programmatically finding new groups.
Here's the thing about people: we don't know what we don't know. When I think about toothbrush audiences, I relate back to myself - when did I last buy a toothbrush? But that means I'm missing the other billions of people and their specific reasons that they might have purchased the toothbrush. If you're still trying to brainstorm for ideas yourself, you need to let go of your ego. Data science is here to help us find new targeting groups, and we need to let that in.
4. You're using black-box algorithms.
This is the difference between saying your target audience is a 2% lookalike Facebook audience and your audience is 30-35 year old women with 2-3 children under 7 years old with advanced degrees interested in photography. It's time to use data to test audiences and learn from those tests.
Who are your customers? You'll only find out one way: test.