If you are a business owner wondering how to make your marketing dollars work harder, then target marketing is your answer.
If your marketing campaigns are targeted to segments of the community who are a perfect fit for your product, then they are much more likely to purchase from your business.
If target marketing sounds like a plan of attach for your marketing budget, then here are some practical tips on how to go about doing that.
Step One – Segment the market
Cutting up the market pie can be done a number of ways: by geographic location or demographic characteristics perhaps. Segmentation means that, instead of sending your message to a crowded hall, you can pitch your product to a group of attentive listeners in a quiet room.
When thinking about marketing messages for your segmented marketing, ask yourself the following questions about your audience:
Where are they from?
Which demographic do they belong to?
What do they like/dislike?
What can they afford?
do they need/want to know?
Step Two – Get in position
Once the market is divided into smaller, perhaps more manageable categories, the next step is for your business to carve out a position within each market segment.
Determining how your product or service is perceived in the segment can be the difference between being the preferred choice or last resort when a customer is in search of a particular product/service.
The important thing about actively positioning your own product or service is that the process will occur regardless of whether it is self-initiated or not. When businesses fail to carve out their own position, they are pushed into a restrictive corner by the rest of the competition, which can be hard to reverse once it has occurred.
Consider these elements of market choices to help you develop market position for your business:
Pricing: Whether the offer is a luxury item, extreme value for money or somewhere in the middle, you must define what position of the market you are in. Failure to do this can confuse potential customers, as an expensive item being marketed as ridiculously cheap will not make sense and the brand will instantly lose credibility.
Quality: A word that can be used far too liberally, but is an important factor that wins (or can lose) customers. Consumers are increasingly critical and discerning of the marketplace, so if you use the word quality, that is exactly what customers will expect.
Service: Place emphasis on service if you offer exceptional additional services and support. This is an important point of difference that can define your position in the market.
Packaging: Package to impress. This can make a strong statement and tie up your brand image and position in the market nicely but ensure it sends the message you intended.