Tuesday, July 28, 2015

What Is Target Marketing? Get Leads and Sales

A Better Understanding Target Marketing

The economy calls for having a target market. It is not affordable to just target everyone but that is what is taught by bad marketers. Actually, small business can compete better with larger companies through using a proper target market strategy. Most businesses generally say that they target everyone interested in their services. The trouble with having general target markets is that it hinders opportunities for growth and making profits. 

What is target marketing?

It is essential to understand that target marketing does not mean excluding clients that don’t fit your criterion from purchasing from you. Instead, a good target market strategy enables you to focus your marketing dollars on specific people who have a higher likelihood of buying from you compared to other markets. This form of marketing is a more efficient, effective and affordable way of reaching potential customers and generating business. Having a clear target market is, therefore, crucial for any business success as it helps to establish how and where to market the business.

What is a target market? – Looking at your present customer base

Understanding what a target market is what you must do to establish who your current clients are and the reasons why they purchase your products or services. Search for common interests and characteristics and you will answer the question of what is a target market. It is also likely that other potential clients like them may also gain from your services or product. As part of your target market strategy, you should check who your competitors are targeting. You could go after the same market as your competitor or try finding a niche area that they could be overlooked and exploit it to elevate your business. 

Target market strategy – Choosing specific demographics as your target

For effective target marketing, you have to establish who currently needs your services or products and will also buy them. Consider the following key factors of your target market:

Income level
Marital status

Besides these demographic factors, there are other psychographics that you also need to consider to better appreciate what is target marketing. They include:

Hobbies or interests

Determine how the product you are offering is fitting into the lifestyle of your targets. When and how do you expect the target market to utilize the product? What are the major features of your product that your clients will find most appealing? What kind of media do they use for information? Are you catering to the online generation or people who read newspapers? Basically, a good target market strategy must include ways of better understanding the habits of the target and position the product in such a way that targets will feel as if they cannot do without it.

Target market strategy – Evaluate your final decision

After considering all the factors listed above about what is target marketing, you should be able to make a good decision. However, before making your final decision about your target market, ensure you consider the following questions:

Will your target market really gain from your service or product?
How large is the market?
Did My product or service solve their problem?
Can they be able to afford your service or product?

Will you be able to reach the target market with your brand message?

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