When it comes to any type of promotional effort that a company decides to utilize, the most important thing is for the company to know its target audience. However, according to more recent research, only around 40% of companies know even the basic demographic information about their target audiences, such as their location or gender. Additionally, according to this research, only around 30% of companies are familiar with the different types of digital communities that their consumers take part in, or the challenges and pain points that they are facing. Furthermore, less than half of companies truly know the hobbies and interests, and even the purchasing habits of their target audiences and only a quarter of them know which social causes their audience truly cares about. Not knowing all of these pieces of information about the target audience can be detrimental to companies and business operations because businesses end up missing out on different ways that they can connect with their target audiences, attract their attention, create engaging content for them, and in general, figure out different ways that they can meet their needs the right way. There are a couple of different obstacles that most companies face when they are trying to understand their target audiences, and in fact, despite the fact that most companies understand that it’s important to have high-quality data regarding their target audiences to be able to meet the needs of those consumers, over 50% of all companies are actually missing all of that important information.

Changes

One of the biggest obstacles that companies face when they are trying to generate more data and information on their target audiences so that they’ll be able to meet their needs in various effective ways is the evolving goals and different shifts with the target audience itself. In the last two years, the lives of consumers all over the world have dramatically changed due to the pandemic, and with other predicted events happening in the coming months, their purchasing habits, and their preferences are going to be likely to continue changing.

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Data privacy

Another big obstacle that many companies face when it comes to learning more about their target audiences, in a way that will help the companies to meet the needs of their consumers in a more effective and even better way, is the latest changes to regulations in terms of data privacy. In fact, most of the data privacy regulations that have been introduced in the last few years have made it so that companies have a reduced access to all of the data that they need regarding their target audiences. Additionally, more and more consumers are a lot less trusting in the way that they choose to share their data with businesses. Both of these situations have resulted in companies missing out on vital information regarding their target audiences, from the way that they consume media, to their shopping habits, and even some of the basic demographic information that every company needs to have.

Article written by Ronn Torossian 

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Ronn Torossian is the Founder & Chairman of 5W Public Relations, one of the largest independently owned PR firms in the United States. Since founding 5WPR in 2003, he has led the company's growth and vision, with the agency earning accolades including being named a Top 50 Global PR Agency by PRovoke Media, a top three NYC PR agency by O'Dwyers, one of Inc. Magazine's Best Workplaces and being awarded multiple American Business Awards, including a Stevie Award for PR Agency of the Year. With over 25 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected public relations executives. Throughout his career he has advised leading and high-growth businesses, organizations, leaders and boards across corporate, technology and consumer industries. Torossian is known as one of the country's foremost experts on crisis communications. He has lectured on crisis PR at Harvard Business School, appears regularly in the media and has authored two editions of his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations," which is an industry best-seller. Torossian's strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, a Top Crisis Communications Professional by Business Insider, Metropolitan Magazine's Most Influential New Yorker, and a recipient of Crain's New York Most Notable in Marketing & PR. Outside of 5W, Torossian serves as a business advisor to and investor in multiple early stage businesses across the media, B2B and B2C landscape. Torossian is the proud father of two daughters. He is an active member of the Young Presidents Organization (YPO) and a board member of multiple not for profit organizations.