When marketing your brand, there are many factors to consider, like which platforms to use, which medium to use, and the frequency of advertisements. Before making any decisions, you should define your target market.
Target marketing is arguably one of the most important tools a marketing department uses to drive a company’s success. Instead of trying to reach everyone in your advertising, you should refine who exactly makes an ideal consumer of your product. As Business 2 Consumer reminds us, “identifying their target market/s is a crucial step for any firm when developing their strategic marketing plan.”
Why shouldn’t I market to everyone? Wouldn’t that increase profitability and ROI?
Many people believe that marketing to large, broad audiences will increase their sales and boost profitability. Unfortunately, this is not the case.
Each consumer behaves differently, meaning different products, services, and values influence their decisions. Understanding similarities and differences between consumers allows marketers to determine which group or type of consumer would be an ideal target for marketing campaigns.
In addition, advertising can cost a significant amount of money. Spending company resources on advertising to everyone is simply inefficient. The advertisement produced will seem generalized and miss the mark of most consumers. If you define a target market, you can better utilize advertising campaigns to influence consumers interested in your product or service. This means less money spent on advertising and more influential sales.
How do I determine my target market?
In one word: research. Collecting data and analyzing the trends of different markets can provide insight into which market to target. Using available resources and data can be a great start to your research process. Surveys and databases allow marketers to explore many different markets at once. Be sure to analyze the values and behaviors of each market to identify the ideal target. As Forbes states, “Your end goal is to make it easy for your target demographic groups to see connections between their needs and your product.”
The more you research, the more effective your strategic marketing plan will be.
I found my target market. What do I do next?
Using the demographics and values you determined in your research, you can incorporate them into your marketing campaigns. When marketing online, you should research each social media platform to determine the best match for your target demographics. Use these platforms to boost brand awareness and your product line. When creating commercials and deliverables, incorporate the attitudes, behaviors, and values that are important to your brand and target market for optimal success.
Creative Spot is a full-service marketing and advertising agency in Columbus, Ohio. If you would like to learn more about how we can help your organization with advertising strategies, please contact us