What is a target marketing strategy? Why is target marketing strategy an important aspect of marketing? How to determine the target of marketing?
Target marketing will narrow the mass market into segments. Marketing is spreading the news in various ways about a product or service offered to consumers who will buy it.
The main purpose of any business function is to provide benefits. To achieve maximum benefits, businesses and management spend tens of hours trying to shoot at the perfect strategy with maximum results.
Marketing is an important function that plays a dominant role in running a business. If the product is not marketed in the right way it will fail to reach the consumer, your efforts will be in vain. This is why, marketing strategy plays an important role. While in product marketing, the company has decided its target market.
The target market is to whom the product made it is intended. The target market is divided into 4 smaller segments namely; Products, prices, places, and promotions in this segment effectively to achieve maximum sales and profitability. The targets in the marketing strategy help push a subset of the population of customers who are most likely to buy and use the product.
Tips to Identify Target Markets
Target markets, such as mass marketing, do not share one product for the entire market. As a marketing we need to identify the target market correctly and reduce the big expenses but get as much profit as possible. To identify your target market you should see products that are manufactured and sold. Some questions may arise to reach a target market such as; What is and what is this product for? Who helps?
Let's consider a simple example of marketing a pair of jeans. This product serves clothing with the tastes of the younger generation. Thus, the target market will be based on ages ranging from 14-25 years. Then again if we consider a special product for men, like shaving cream, the target market will be divided by sex. Other factors that influence the selection of target markets are income, employment, geographic location, etc. If your company is selling AC machines, it's obvious that the target market is for a very hot area and not a cold area. In addition, if you sell luxury products in a place or neighborhood with a poor economy, it's pretty clear that the product will not be sold. Thus, based on marketed products, the target market can be identified and working. Let's see how you can divide the market into small segments for your target market.
Demographic segmentation: This segment involves customer categorization based on factors such as age, income, family size, gender, education, nationality, race, etc.
Geographical segmentation: As we read above, segmentation by region is important when dealing with certain products such as air-conditioning machines, fur coats, blankets, raincoats, etc. The climatic conditions will determine the target region of a person.
Behavioral Segmentation: The form of segmentation factors such as brand loyalty and quality value. For example, some companies market their products specifically to customers who are loyal to their products. Then again, the company targets certain products at a high price, loyal customers are ready to spend extra money to buy them.
Psychographic Segmentation: This type of categorization involves the interests of society, lifestyle and personality.
Type of Target Marketing Strategy
It's important to take advantage of the most attractive segments for maximum profit. To help you achieve this, here are some strategic segments in your target marketing.
Single strategy: This strategy involves using only one marketing for one market segment. Small-scale companies usually with limited budgets and minimal resources, choose this as a form of target marketing strategy.
Selective specialization strategy: In this strategy, multiple marketing mixes are implemented in different segments. The same product is marketed in different segments, which is why this target marketing strategy is also known as a differentiation strategy.
Product specialization: Products are manufactured, customized and then marketed, to meet different market segments.
Market specialization strategy: In the form of marketing targets, companies first analyze the market segments they want, then produce a variety of special products for this segment.
Full coverage strategy: Companies use this strategy when they want to serve the mass market. This means that single and mixed marketing combinations can be used to meet segments that are created across markets.
Depending on one's goals, products, budget, etc. one can choose one strategy from the most suitable target marketing strategy. It is a simple fact that life does not matter how hard we try, we can not please everyone. No product on the market has actually succeeded or ever succeeded in satisfying each customer one by one. Thus, the wisest thing to do is focus on a particular segment or target market, invest all the effort and money to reach potential customers. Once you use the most appropriate target market strategy, product sales will start to rise quickly.
