What Is Target Marketing?
If you want to save on business expenditures but need to pump up your marketing efforts, then you must consider target marketing. This pursuit is all about knowing who your buyers are, particularly the groups, who have that high potential of purchasing your products or availing of your services. With that information, any business can focus their marketing on this specific group and have high chances of closing on sales. Besides, big money spent on traditional advertising would be saved for better business development or efforts.
For many businesses, their target marketing involves in depth research of the group’s consumer behavior. This would mean having a clear anatomy of their demographics which gives them a good idea of how to carry on their marketing techniques. While it’s true that a large population would not be included when implementing target marketing, it cannot be denied that there is that bigger chance of success with even being just focused on smaller group of consumers. Another good thing about target marketing is it can be modified along the way, particularly when there are changes in the spending behavior of the identified group. Also, there are economic movements that could very well affect consumers’ spending habits that need to be considered. For each variance and for some periods, target marketing efforts must be shifted to be in sync with such movements.
In target marketing, the common demographics serving as basis include age, gender, economic status or income, location, social and civil status, and lifestyle. For specific products, they would go as far as identifying the groups’ specific spending behavior, even their online activities and purchase or shopping routines. All the major demographics are very important because it directs any business to specific marketing techniques. For example, if your business is about offering gears and gadgets for cars, then men is the likely target. But if it’s about needlework and quick-and-easy dinner recipes, then go for the women. There should also be a very clear delineation of products that are good for both genders.
Promotions and ads are focused on people who are likely to buy, have the capacity to make the purchase and who actually need or desire the products. When it comes to age, the target marketing focus must be on the groups that are capable of making purchases. For this reason, products that aren’t supposed to be sold to minors aren’t advertised online, on TV and on the radio where kids and those below eighteen years are targeted. In the same way, products and services that are mostly bought by teenagers or their parents are heavily advertised on sites and programs where these two targeted age are deemed followers. It is also in this concept that other demographics move about, such as income and social status.
Another factor to key in for any target marketing effort would be geographic location. This enables businesses to determine what the people in a certain area really need. So in a cold region, products like thick apparel and protective gears from cold are likely to sell. Even food and restaurants would know that their target market would want choices that keep their body warm and keep them energized. There’s no point arguing that maybe in such a highland, cold region, there’s a good chance of selling summery clothing, more so with gears and products that are considered unfit for the terrains, weather and lifestyle of the people.
So you see, your business really must consider target marketing. Imagine what a waste it would be to spend too much on advertising and promotions of a product that people don’t need, won’t buy or don’t care about at all. Do think about it because target marketing is all about targeting profits!