How well do you know your customers?? Are you communicating to the right customers?
Plenty of business owners manage to establish a business entity, concentrate their marketing efforts on the whole population and just expect consumers to show up at their doorsteps. This is just like blindly shooting and hoping our marketing communications, products and services land on possible ideal consumers, which could be quite costly and risky. The best marketing approach to avoid this trial and error method is target marketing.
What is Target Marketing?
Target marketing is breaking down the market into segments and focusing all your marketing efforts on specific segments that are most likely to purchase your products or services. Through this process most businesses can understand the interests, activities, opinions and preferences of their audience which helps them develop products, services and marketing communication messages tailored for their ideal consumers. Target marketing is key for growing your revenue, attracting new business and making your marketing strategy implementation easier and cost effective.
How to Identify and select your Target Market
One of the first steps in building and growing a successful business is to do extensive marketing research that helps identify segments who need your products and services and are willing to pay for them. Market segments can be identified and classified based on demography, geography, physiography or other aspects of lifestyle.. Once market segments have been identified, the business needs to realistically zero in on one or several target market segments that the business can satisfy given the consumers’ needs and the business’s available resources.
Understanding your target market and customizing your products and services must be an ongoing exercise because needs and wants of consumers are dynamic and communication methods also shifts over time.
Why Target Marketing
Target Marketing is critical to know who your audience when you send out your marketing message, to build realistic and cost-effective marketing strategies and to compete successfully with close competitors.
Need some help getting started?
Elby can help with identifying your target audience to help you customize your products and services based on the needs and preferences of your audience. Feel free to contact us to arrange a meeting today.
Kotler, P., Adam, S., Brown, L., Armstrong, G., 2001. Principles of Marketing. 10th ed. Singapore: Kyodo Printing Co..
Quester, P., Neal, C., Pettigrew, S., Grimmer, M., Davis, T., Hawkins, D., 2008. Consumer Behavior Implications for Marketing Strategy. 5th ed. Australia: McGraw Hill Australia Pty Limited.