Home Features Mastermind Videos About Advertise Blog Network Contact
   

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

Featured Ebook


ebook Famous Entrepreneurs - Modern Empire Builders


Featured Ebook

More Evan Carmichael
Have A Suggestion?

Sales Lessons From Starbucks And Dell

Target Marketing



Target Marketing
   

Target Marketing It's important to remember that the focus of marketing is people. If you're concentrating your efforts on your product or profit only, you'll miss the mark. The term target market is used because that market - that group of people - is the bull's eye at which you aim all your marketing efforts.

So, don't forget that a market is people - people with common characteristics that set them apart as a group. The more statistics you have about a target market, the more precisely you can develop your strategy. The table below shows some examples of market segments (or groups).



Type of Market Segment

Shared Group Characteristics Demographic Segment

Measurable statistics such as age, income, occupation, etc.

Psychographic Segment

Lifestyle preferences such as music lovers, city or urban dwellers, etc.

Use-based Segment

Frequency of usage such as recreational drinking, traveling, etc.

Benefit Segment

Desire to obtain the same product benefits such as luxury, thriftiness, comfort from food, etc.

Geographic Segment

Location such as home address, business address, etc.

Here are examples of target segments that can be created using the above table:

* Women business owners between the ages of 25 and 60 earning more than $25,000 annually form a demographic segment.

* People who drive compact cars due to their fuel efficiency form a benefit segment.

Be careful not to confuse a geographic market segment with a place. The market is the people who live in the Sunbelt area, not the Sunbelt area. This is a common mistake made by business owners that causes them to lose a marketing focus on their customers.

Design Marketing Strategies with Your Target Market in Mind The reason we're concerned with identifying a target market is because it makes strategies for designing, pricing, distributing, promoting, positioning, and improving your product, service, or idea easier, more effective, and more cost-effective.

For example, if research shows that a sturdy recyclable package with blue lettering appeals to your target market and if you're focused on that target market, you should choose that type of packaging. If, however, you're product or profit oriented - rather than people oriented - you might simply make the package out of plain Styrofoam because it protects the product (product oriented) or because it's cheap (profit oriented).

Here's another example: If you know your target market is 24- to 49-year-old men who like rhythm & blues, are frequent CD buyers, and live in urban neighborhoods, you can create an advertising message to appeal to those types of buyers. Additionally, you could buy spots on a specific radio station or TV show that appeals to this type of buyer, rather than buying general media time to "kinda cover all the bases." Make sense?

In summary, when you're making marketing decisions and you say "kinda," it's costing you money. Know who you are aiming for (your target market) and create a strategy for a direct hit.

Target Marketing - To learn more about this author, visit Manage Your Business's Website.

Like this article? Share it with your friends
[Get Copyright Permissions] E-Mail | Print | More  


Related Articles Related Articles
The First Step to Turbo-Charging Your Marketing
  You must know who your target market is before you can build an effective marketing plan.
Identify your target market for the best results
  Before you begin, you must understand one thing. No matter how much money you spend on your marketing strategy, your attempts will be fruitless if you are marketing to the wrong audience.
Kick off your marketing by finding your target market FIRST!
  I know I need marketing, but where do I start? That’s the first question I get from potential clients. It’s hard to know where to begin….do you get prices for ads, hire a publicist, do a newsletter? It’s so confusin...
How to Find a Diamond in the Rough
  Determining your niche in coaching is the key to success! Determining that niche and how to market to your target audience is critical. Here are 9 easy steps to find your Diamond!
Your Marketing Message
  Your message is first among your weapons in the battle of perceptions. Your message allows you to accomplish many things. Your message can educate the masses, convert the non-believers or separate the wheat from ...

Related Forum Posts Related Forum Posts
War Time clothing niche War Time clothing niche
Starting a New Business Starting a New Business
Re: Best Internet Marketing Strategy Re: Best Internet Marketing Strategy
Online Sales and Marketing vs Traditional Online Sales and Marketing vs Traditional
Offline Marketing V/S Online Marketing Offline Marketing V/S Online Marketing
Re: Online Sales and Marketing vs Traditional Re: Online Sales and Marketing vs Traditional
Two Useful Books To Help You Focus On The CLIENT Two Useful Books To Help You Focus On The CLIENT
Do what i did Do what i did

 
About the Author


Manage Your Business
(Visit Manage Your's Website)
Successfully managing a business requires specific management skills in addition to knowledge of key business practices. Within this section you’ll learn about leadership traits, decision-making skills, and how to manage your employees. Additionally, we’ll walk you through a host of important topics to manage your business including: marketing basics, setting prices, filing your business taxes, legal considerations, forecasting for future growth, and financing options.
Have A Suggestion?

View Author's Blog
Mastermind Group Resources
Mastermind Group Resources - Strategies to get the most from your Mastermind Group. The purpose of this blog is to share resources, tips, strategies, and ideas on how to build a Mastermind Group and make it more effective.
Selling to Small Business
Selling to Small Business - Strategies to help you sell to small business entrepreneurs. The purpose of this blog is to outline strategies companies can take to effectively target small business owners.
Become An Author

View Author's Video
Become An Author

Free Downloads


Manage Your Business's

Complete
List Of
SBA
Articles

First Name
Last Name
Email
 
If you enjoyed this article, get Manage Your Business's Complete List of SBA Articles For FREE!
Become An Author