Yes and no.
Finding your target audience is the key to success of any social media agency. CEOs, CFOs, CXOs and pretty much any decision maker of multinational companies and major brands form the core of it. So, reaching them on time and pitching your services is your key to achieving success in the business.
The first step would be to ensure whether they already have a strong social media presence. Depending on that, you can either approach them with a proposal for a complete social media solution, or, the management strategy for individual campaigns. However, before you can do all that, you need to pinpoint key people whom you need to approach, not to mention track their social media profiles. One way to do so is to check social media presence of your competitors. If a CEO is seen commenting on social media profiles of your competitors, chances are he is looking for a service provider to handle a new campaign (Just an example, does not mean that you begin stalking each one of them!).
Tools like COBRA and Groundswell receive a lot of hype when it comes to determining target audience. Sure, both sound pretty impressive if you start reading the technical information – COBRA helps you determine the type of motivation that your target audience responds to, when consuming content – in the case of a social media agency, this would likely be information with a dash of entertainment thrown in for good measure. Perhaps a free trial of your services can serve as an incentive, but in that case your offerings need to be pretty impressive. However, since your target audience is likely quite small in terms of numbers, using a complicated methodology like COBRA is likely to be overkill.
The Groundswell tool can help, theoretically. If the decision makers are active on social media channels, they are likely to belong to either Joiners or Spectators or both. However, sifting through network after network in search of a few profiles is like a needle in the haystack. This time can be spent on data hacks online in order to understand customer personas and also through detailed insights that are more prevalent with listening and brand measurement tools such as HootSuite or Meltwater. As an active agency, I rather spend time on understanding the clients’ issues on social media rather than these tools, which seem to be archaic and quickly losing relevance. Look at the upcoming tools, they might not have deadly names like COBRA.