The success of any business is highly dependent on the ability to choose the right audience it provides it products and services for.
Here are 3 basic marketing tools to use when choosing your target audience.
Market segmentation helps divide a broad consumer base or the whole market into sub group of consumers with common characteristics.
This step helps businesses compare and identify best opportunities to dividing the whole market into portions and decided how and which segment to allocate available resources to.
Market segmentation helps avoided the cost associated with mass marketing and in setting up a specific and realistic selling target audience.
After breaking down the market into prospective segments you will then focus all your marketing efforts on specific prospective segment/s that are most likely to purchase your products or services, this is Target Marketing.
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.
Brand positioning is a critical marketing concept that refers to the complex set of perceptions, impressions and feeling that consumers hold about your brand compared to your competitors.
Positioning your brand in a clear and unique way will help you reduces customer acquisition costs and aligns the organization actions and investments.
A good brand positioning can also help refine the market by pushing the customers who are to expensive to serve and those who do not value your offers.
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Terech A. An Introduction to Marketing and Branding. Generations [serial online]. Spring2018 2018;42(1):45-49. Available from: Academic Search Alumni Edition, Ipswich, MA. Accessed September 19, 2018.
Kotler, P., Adam, S., Brown, L., Armstrong, G., 2001. Principles of Marketing. 10th ed. Singapore: Kyodo Printing Co..