Tweet

Target Marketing

Written by: Manage Your Business

Article Overview: 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.

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.

Related Articles
  Defining Your Target Market
  Educating B2B Marketers Every Week | Mad Marketing TV
  Seven Fundamental Marketing Principles
  The First Step to Turbo-Charging Your Marketing
  Mad Marketing TV featuring Steve Gershik of 28Marketing

Article Tags:



Related Forum Posts
Re: How should i promote a new website? - ignore this message IF it's already been stated. I haven't had a chance to read all the replies and i have to jet from the office... I suggest marketing where ever your Target Market congregates. If it's a forum of concerned parents - go there. Strike up a deal with the forum owner (JV) and have him promote it to the list of members (Integration Marketing). If you want to go with Forums then i would partner with a parent who is a frequent poster/moderator on a particular Target Market Forum and have him/her add your link to their signature. That was just a thought but it's not as intense once you get buy in from the Forum owner or high ranked poster/moderator. Hope that sparks some new ideas.
Re: Top 5 Magazines For SEO - Hi GT, Thanks for the update, I have checked out the others and as I think Jeff said earlier in this post, B2BM is the only free one as the rest are by subscription only although Target Marketing Magazine is free in the US only and there are some qualifying criteria to observe before you are accepted. I can’t justify the subscription to all of them but I will sign up to B2B and if any members subscribe to any of the others then perhaps you could give us some feedback, regards, Mal.
War Time clothing niche - Dan, interesting niche. Can you share some of your lessons learned in the following areas: 1. Marketing (Target market? and how you reach them) 2. Do you dropship or stock the products yourself? 3. How do you encourage repeat sales by your current customers? We don't get too many people in the Internet Business share these experiences. Your timing with the niche seems appropriate with war on everyones mind in the States. Do you find that during the last few years you've been getting more hits?
Starting a New Business - Congratulations on the first step of deciding to create your own business. First, you have to ascertain if you are going to be selling your products or services to people or to businesses. People purchase products and services for three basic reasons: •To satisfy basic needs •To solve problems •To make themselves feel good. You have to determine which of these three categories your product or service is the solution to. Businesses, unlike individuals, buy products and services for three reasons as well: •To increase revenues •To maintain the status quo •To decrease expenses. Knowing the reasons why people/businesses buy, you should have a picture emerging of who you think your "Target Market" (or ideal customer) is. Once you have zeroed in on your solution, you are ready to create your Marketing Strategy. If you look at any company that has grown rapidly over the past few years, (i.e. WestJet and Starbucks), it should demonstrate to you the importance of Marketing. In simple terms these companies have: •Clearly defined what makes them different; •Who their ideal customer is; •How to reach them; •Why customers should buy from them; •And most importantly why customers should come back again. It is strong Marketing Awareness that singles out the best companies. I can not stress enough how important it is to create a "living" Marketing Plan before you even start. I hope this helps a little in the creation of your plan. All the very best of luck. Remember: "A Goal without a Plan is just a Wish" Miles of Smiles, Marketing Maven
Re: What is your Business? - We are running a Online Marketing Firm and we have some good clients to which we are offering a complete Digital Marketing strategy like Search, Mobile Marketing, Branding and Design. I think in Online Marketing company online presence can be a wining factor for the success of the company.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Anger Solutions at Work: Why Customers Get Angry

Bootstrapping Your Start Up Business.

Avoid Burnout: Do the Limbo Regularly

Suggestions

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.