Target Marketing Strategies That Will Help You Win in 2020
Young entrepreneurs and most start-ups don’t discern the hiccups of entering a market. Many entrepreneurs are so overweening about their products and services that they assume if they open a business, customers will show up, and no marketing efforts are required. Successful entrepreneurs have an entirely different approach and treat target marketing strategies as the foremost tool. They bombard every resource in a specific direction of their intended audience, hoping something will hit their mark. The “if you build, they will come,” the approach is risky of business in reality. As it worked in your assumptions doesn’t mean it will work in the practical market. The audience who needs your product or willing to buy them will magically find your product and start showing in the droves. You can design an exceptional product with the assistance of technically sounded professionals. But when you enter a market, the real hustle begins. Here you need to target a specific.
What is Target Marketing?
It’s impossible for marketers to have similar strategies and promotion methods for every individual. Every segment has specific needs, interests, and perceptions. It’s irrational that two segments share the same ideologies and interests for a similar product.
Therefore, Target marketing is a marketing approach that helps marketers segment the market into small groups of people with similar interests. Such segmentation helps the professionals design a unique marketing campaign and techniques that promote the product amongst the specific audience.
Target marketing isn’t a complicated industrial jargon that newcomers or young-entrepreneurs can understand. It’s a simplistic approach to researching, targeting, and understanding your potential audience, interests, hobbies, and needs. So, you can focus on your message, tailor your marketing budget, and target a specific section of the marketplace that is likely to buy your product or services.
Target marketing involves segmentation of the market into smaller units of individuals sharing a common interest and then concentrating on designing a marketing strategy that targets those smaller segments that consist of customers whose needs and desires resembles the product and services you offer.
The best feature of target marketing is it aims marketing over a specific group of people. It makes the promotion, distribution of the product cost-effective and easier. Social media’s such as Facebook, LinkedIn, and Instagram give you a sophisticated filter option o you can target a specific audience. If you crafting a presentation on marketing then browse our Marketing Plan PowerPoint templates.
Identifying Target Audience
The thought which haunts the entrepreneurs the most is, “how to you target your audience”? One of the initial steps before starting a business is finding the potential audience and identifying the subset of the population who need or willing to pay for your product. Identifying your audience is part of the business planning process. Remember, it’s an ongoing action, not just a one-time event. Gathering information about the market, audience, and interests aren’t the information gathered and filed once and never revisited. But as long as you are in business, you need to be updated with the market trends and analyze strategies to understand your prospective customers better. You can find your idealistic customers just by answering Who, What, Why, and How?
- Who- Understanding Demographics: Demographics is the most important criterion in identifying the target market? Who needs your product or service? This simplistic question could answer the people who willing to buy your goods. Inside demographic details include factors like age, gender, occupation, education level, etc.
- Where-Geographic’s: In Geographic, the market is segmented on the basis of location. Do we get the location where your customers belong? Remember to learn the size of the area, population, climate, etc.
- Why-Psychographics: This factor enables to understand customers buying pattern. This is a personality and lifestyle-based question. This factor divides the market on the basis of socio-economic class and lifestyle preferences.
- How-Behaviour: Understanding your customer’s behaviors is crucial. All customers buy products to satiate their needs, but how do they regard those needs. How much they research for the product? How much information is needed? Understanding such assumptions enables you to target your customers in an exemplary way.
Target Market Segmentation Activities
Targeting the market is the practice of identifying a potential market segment with a larger audience and targeting them with ad campaigns. The process is common in the marketplace and aids businesses in adding more value to their advertisement and marketing campaigns. These processes are referred to as the STP marketing process.
There are three major activities in Target Marketing:
- Segmenting: Segmenting is the process which divides the market into smaller and homogenous segments that are easy to target and convince. In the STP process segmenting is the visual brainstorming step where business considers all its possible aspects. Segmenting strategies include demographics, geographic, lifestyles, and behavioural approaches.
- Targeting: After brainstorming the possible segments in the first step. In the second step, you need to opt a target market. Whichever market is more profitable and has long-term potential is selected first.
- Positioning: It’s how the company wants to target the market to perceive its brand. Some companies opt for quality as the key element as tries to market its product as of top-notch quality. Other qualities include environmentally friendly, low cost, durable, etc.
Target Marketing Examples
Target marketing is even being implied by most popular brands worldwide, such as McDonald’s, Starbucks, Pepsi Co, etc. This article will discuss the Pepsi Co target marketing campaign for its popular product, Mountain Dew, due to low sales. Mountain Dew, a sub-product of the Pepsi Cola Corporation, was struggling with low sales. As consumers believed, soda is consumed by low-income individuals in urban areas. Therefore, consuming Mountain Dew wasn’t considered cool. As a result, Pepsi Co started a campaign targeting the youth between age 18-24 age in the urban areas and featured famous skater Paul Rodriguez and hip-hop artist Lil and launched in the popular cities LA, New York, New Orleans, and Miami. The ad intended to imply that famous skater and hip-hop artists prefer the taste of Mountain Dew. The ad campaign exponentially increases the sales of mountain dew.
So, if you planning to start a business, or want to expand your business and leverage more opportunities, or just want to secure the business empire you have built. Target marketing is a prominent tool. So, after referring to this ultimate guide, you might have mastered target marketing strategies, which will let you win. So, what are you waiting for? Execute these target marketing strategies in your business and grab the market opportunities like a pro. If you want to know more about target marketing then refer our blog on Target marketing is the way to business success.