Target marketing or niche marketing as it is sometimes referred to as caters to a particular segment of the market. This can be determined through a number of factors such as geographical location, age group, and gender to name an obvious few.
Despite misconceptions, target marketing does not mean only selling to one segment of the market; it simply means you are focusing your resources and time on marketing to a group of people who will be most likely to buy your product.
Deciding your target market can seem simple, but it can be deceptively difficult. Before diving into any research about purchasing behaviors and consumer psychology, you should at the very least, narrow down the basic demographics by looking at the following factors.
What gender do your consumers identify with? While gender behaviors are more fluid now than they were in the past, there are still some purchasing patterns that are similar in specific gender groups.
Instead of categorizing your customers by age alone, look at this metric with a broader perspective of generations. Are you targeting Generation Z, Millenials, or Baby Boomers? The purchasing habits of generations have stark differences that can be important to take into consideration.
What’s the average income of the people you are targeting? It makes no sense to waste resources marketing to individuals who do not have the purchasing power to buy your product or service.
Where do your customers live? Are they easily accessible to you? Getting an understanding of their surroundings and location will give you more information than you think.
Once you’ve got the basic framework for your subgroup of consumers, you can begin looking at psychographics and behavioral studies to get a deeper understanding of how your target market shops.
As an entrepreneur, you will likely not have the time or the money to waste on inefficient marketing strategies that drain you of your resources. By using target marketing, you will know exactly where to put your resources to good use.
Instead of trying to cater to everyone out there, you will find a focus, a niche. This is going to help you tailor all aspects of your marketing strategy to focus on that particular niche. Not only is this process faster, but it is also guaranteed to give you better results than generalized marketing – especially if you’re a new business.
While engagement will take time, if you are focusing on a particular niche market, you will have higher chances of getting people to engage with your content and business. This is because the marketing content you put out will be tailored to their interests and will help them connect better with your business.
It can be difficult to find your place in the industry as an entrepreneur, especially if there are already bigger fish in the sea. But by using target marketing, you’ll be able to establish yourself quicker in a niche market and build a brand name for yourself that you can eventually carry forward as you expand.
While every business would ideally want to cater to all parts of society – that is rarely the case. By narrowing your focus and considering only the people who will most likely be interested in your product or service, you actually increase the chances of building and expanding your brand.
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