How to Choose a Target Marketing Strategy

A target marketing strategy involves identifying your target market, then making a plan to reach those potential buyers. The target market is the group you believe will be most interested in buying your products or services in the short and long term. Choose this group wisely, because this decision affects everything from your marketing message to your product packaging design.

    Examine your product or service and learn everything you can about its features and benefits. Brainstorm ideal target segments based on that information.

    Perform research on your proposed target markets. Evaluate the attractiveness of each segment you’ve identified based on your research. This includes determining the exact size of the group, estimated growth rate and loyalty to competing brands.

    Learn about the behaviors of each target segment, including where they shop, what they read and where they live. Use demographic reporting services, surveys and focus groups to complete this research. You need this information to determine whether you are capable of distributing the products to consumers where they buy. For instance, if a group of manufacturing firms only buys from a particular distributor, you need to make sure that you can establish a relationship with that distributor.

    Examine the income levels of your proposed target markets. This is also a key step in determining whether you can effectively target and serve the group. For instance, if you sell yachts and determine the average income of one of your proposed target markets is $30,000 a year, that is not an ideal group to spend time and money on developing your marketing plan around.

    Choose your main target markets based on each of these terms. Decide if you want to service one specific target group, or market different products to multiple groups, or the same product to multiple groups. Another option is full market coverage, where you attempt to reach the entire market with all of your products instead of an isolated segment. The ultimate goal of your target marketing strategy is to target the right mix of potential customers who you can understand and reach most efficiently at an optimal profit.

Related posts:

  1. How to Study the Importance of a Marketing Mix As a business owner or business manager, it’s important to...
  2. Marketing Strategies for Herbal Soap Marketing niche products takes thoughtful planning and extensive research of...
  3. Corporate Brand Vs. Product Strategy Corporate branding and development of a product strategy are related...
  4. Strategy & Structure of the Pharmaceutical Industry The pharmaceutical industry produces a variety of products, ranging from...
  5. How to Promote a New Product and Marketing Activities Promotion constitutes a variety of elements and tools that communicate...
You can leave a response, or trackback from your own site.

Leave a Reply

Designed for Penny Stocks in Collaboration with Corporate Office and Business Directory and College Textbooks