What is Target Marketing?
Target Marketing means breaking the market into different segments and planning strategies for each segment to increase the market share. It aims your marketing efforts at specific groups of customers, makes the promotion, pricing, and distribution of your products and/or services easier and more cost-effective, and provides a focus to all of your marketing activities.
Target marketing is like researching and understanding your potential customers, as their interests, hobbies, and needs so that you can focus on what people need and your marketing budget on a specific segment that is most likely to avail/purchase your product or service.
As you know, not all products can be consumed by everyone, each product has a separate customer base. To attract a particular segment of the market, the company at times modifies the product/service accordingly. The target market is like an end consumer to which a company wants to sell its product. It is a group of potential customers that businesses identify to sell their products and services to.
Researching and identifying your target market
If the content is king, then the distribution of content is undoubtedly its all-important queen!
You can spend all the time and money in the world presenting the best content, but it all goes to waste if it fails to reach the right audience.
Knowing your customers will assist you to focus on customers who are willing to pay for your product or service. This is a simpler, effective, and affordable way to reach your customers. You’ll be wasting resources if you aim too broadly, or determine that there aren’t enough customers for your product or service.
Here’re some questions by which you can identify your audience –
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Who are your customers?
- Are your end customers male or female?
- How old are they?
- Do they have kids? How old are their children?
- What is their marital status?
- Where do they live?
- What is their education level?
- What do they do for a living?
- What are their average earnings?
Customer interests and Buying Habits
- What prompts a customer to make a purchase?
- What are your consumer’s common interests?
- Who makes the purchasing decisions?
- How often do they buy a product?
- Do they shop online or like to see their product before they buy?
- What sort of media does your target rely on for information?
- How far do they go/ travel to make a purchase?
- What other products/services do they buy?
Segmenting the market:
Market segmentation can assist you to focus on people who are most likely to become satisfied customers of your company or enthusiastic consumers of your content.
To segment a market, you split it up into groups that have related features. You can base a segment on one or more characters. Dividing up an audience in this way allows for more precisely targeted marketing and personalized content.
There are 4 main types of Market Segmentation –
- Demographic Segmentation(Who) — Family Size, Religion, Gender, age, ethnicity, education, and even income
- Geographic Segmentation(Where) — Location(country, state, county and zip code)
- Psychographic Segmentation(Why) — Personality, Attitudes, Values, Interests/hobbies, Lifestyles
- Behavioral Segmentation(How)- Purchasing Habits, Spending Patterns, User-level and All manners of Brand Interactions
By segmenting the market, the brand gets more specific about its target market. They can focus on a small group of customers who are more likely to purchase their product.
For eg., a brand that sells active wear can decide to focus on a smaller, specific target market. Instead of selling in masses, they may focus solely on people who are actively participating in sports activities.
Advantages Of Target Marketing
- Understanding customers’ needs
- Provides an understanding of Competition
- Enables the company to produce more Effective Marketing Plans
- Allows the company to understand what Customers Need
- Messages precisely directed at each audience segment
- Better Results
- A more efficient and driven marketing team.
- Drive more brand-loyal customers
How is Target Marketing different from Mass Marketing?
Mass Marketing tries to reach a wider audience whereas Target Marketing attempts to reach a specific and defined audience. Both of these methods can be effective to drive sales and leads for the business. In the digital age, people expect to be spoken to on a personal level and a mass marketing campaign could prove to be costly if not executed properly.
For better results, you need the best software! Cloud Messaging is a widely used Messaging software, which has options of both Mass Marketing as well as Target Marketing!
How Businesses can use Target Marketing?
Whether you’re still within the process of starting your business, trying to find an innovative opportunity to grow your business, or want to guard the business you’ve already built, target marketing is an important tool.
When trying to succeed in customers with a marketing message or advertising campaign, targeting the proper market with the proper message is important — If you aim too broadly, your message might reach a couple of people that find yourself becoming customers, but you’ll also reach tons of individuals who aren’t curious about your products or services. When your messaging isn’t optimized for your audience, you’ll find yourself with tons of wasted advertising dollars.
Also, finding software that is a solution to all your problems is very important. Cloud Messaging is one of those software’s, which has proved itself to be the solution to every problem which businesses face in Target Marketing!
Remember, identifying your target market isn’t something you do once and then check off a box. Up and running businesses should create systems to regularly ask your current customers feedback on what they like (and don’t like) about doing business with you.
The great thing about getting to know your consumers is that not only will you be able to track down new customers just like them, but your tried-and-true customers will become more loyal and spend more money.
Doing nothing won’t help your business, and it’ll almost certainly hurt it at the end of the day. The everything-but-the-kitchen-sink marketing plan where you throw resources into marketing to everyone with a pulse usually ends in similar disappointment: tons of zeros on the statement and all in the wrong places.
Target marketing is going to require some upfront work, but the rewards are huge and well worth the effort.
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Target Marketing was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.