Defining Your Target Group through Targeted Marketing

One of the things that a budding entrepreneur needs to determine would be his 'ideal client.' They should figure this out before they invest their hard-earned money. Whether you are selling a wiper blade or a washing line, having a profound understanding of your target group is essential. It is necessary to drive sales. Sit down for a while and analyze the product or service you are offering to them. Why do you think your clients need to buy your product? Targeted Marketing is the process of advertising your business to a specific audience. These audiences can grow an interest in your product. This will ensure that your digital marketing expenses will create a high yield.

 

Things You Need to Consider in Your Targeted Marketing

buyer's journey

People are now starting to shift to the online space when buying something. It means that it is now more important to consider this strategy. It is now a lot easier for you to determine your target group through digital marketing. But there are things that you need to consider first.

 

Who


targeted marketing

When conducting your Targeted Marketing strategy, you should know your existing customers. You should also identify the people who can be your customers and your future customers. Current customers may help you understand your target group. Their data can help you identify targeted customers. Start reaching out to them through social media or e-mail. Use this opportunity to be aware of the things they value. You should also determine your potential market. Remember to stay realistic when looking for the demographics.

 

What


defining target group

Determine the products that they are buying. Record their background. It has got to be one of the most vital aspects in determining your target group. In this phase, you will have to assess background information. It may include their family status, income level, interest, hobbies, geographic location, educational level, age, and gender. It will help you determine what type of Targeted Marketing you need to conduct.

When


defining target group

When do your target group need to buy the product? Be aware of the frequency of their purchase. It will help you create a message that will boost the lead conversion. For instance, people shopping for a car may take time to decide which car they want. However, people looking for pest control services may need assistance at once.

 

Where

defining target group

Where do they discover your company, and where do they live? Knowing where they found your company will help you adjust your strategy. Whether it is through a directory listing, search engine site, social networking account, this is important. This plays a crucial role in your internet marketing campaign. Being aware of where they live can improve your target group. For instance, you may use geographic Targeted Marketing in your campaign.

 

Finding an answer to the most common questions will help you identify your customers. Focusing on your ideal target group can greatly increase your company's conversion rate. It can dramatically increase your bottom line.

 

Your Different Options in Targeted Marketing

 defining target group

Targeted Marketing is defined as attracting customers who are highly likely to purchase the products you are selling or the service you are offering. This is crucial before a company considers or conducts promotions and marketing campaigns. The entire process of target marketing will involve examining and segmenting the market into various sectors. The effective way when splitting the product will depend on the company that manufactures the product and the product itself. After completing the segmentation process, the company will adopt any of the three options below.

 

Option #1:  Mass Marketing

 targeted marketing

This type of Targeted Marketing will not focus on a distinct market sector. The company will choose a broad marketing strategy and pray that its product will capture the general public's interest. It is also referred to as undifferentiated marketing, wherein it typically incorporates targeting the entire market using only a single product. For instance, Pepsi's original marketing strategy is highly based on this method. They are offering a single product that appeals to a wide range of people. However, after the company started introducing different products, the company's strategy has already shifted to differentiated marketing. Mass Marketing has a lower cost because the company only has a single product to manufacture, distribute, and promote. However, a great disadvantage of mass marketing is that there is a huge challenge involved in manufacturing a product with a universal appeal.

 

Option #2:  The Differentiated Targeted Marketing

 targeted marketing

If the company decides to target a diverse market sector, the company is using differentiated marketing. With this type of targeted marketing strategy, the company will manufacture and develop services and products; they will launch a diverse marketing strategy for every segment that the company chooses. Airline Company is a perfect example of a company that utilizes differentiated marketing. They offer their first class, business class, and economy class divided into different segments. Each of them has a different market targeting strategy that will allow them to capture the interest of the consumers.

 

Option #3:  The Concentrated Marketing

 defining target group

This targeted marketing strategy generally happens when the firm focuses the entire marketing in a single market sector. The company will be developing a product that will only appeal to that particular sector. For instance, the luxury cars of Rolls Royce only target premium consumers. The expenses with this marketing are commonly cheaper than the other two, but it is recommended for local and business start-ups. However, the number of consumers who can grow an interest in your product is only limited.

 

Every option you have when it comes to Targeted Marketing has its advantages and disadvantages. A company should carefully weigh its product offering when choosing which option is suitable for its firm.

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