Before beginning a marketing campaign it is important you first identify your target market.
- Begin by determining why a customer would want to buy your product/service.
- Comprehensive market
intelligence and research gathering is
required to identify quantitative and qualitative patterns.
- Next, segment your overall market.
The process of identifying a target market it called market segmentation. This is important because once you identify a niche using target segmentation you will be able to concentrate your efforts on targeted marketing to attract a specific consumer group.
Why segmentation is so important?
In marketing it is not uncommon to have a target market that would be comprised of various different demographics of people who can be profiled in to various different consumer groups. For example, I had a client a few years ago that was an online division of a large regional bank. Their goal was to get new clients to the bank and to have existing clients open up additional accounts. If I had a saving account, I would have been encouraged to open a checking account and perhaps a certificate of deposit (c.d.) as well.
As you could probably imagine the target market for the online bank was a rather large group. Their identified market was segmented into 5 consumer profiles. These segments were based on age and income. This meant that there were five different sets of marketing materials for any given campaign. While the overall message may have been the same, the copy and images were different depending on who would be receiving the material.
Market research to gain intelligence on your consumers is vital to accurately determine whom your target is and what the best marketing strategy would be to reach them. The process of gathering market research includes employing various techniques to collect, analyzes, and report data about potential consumer groups.
After the necessary market intelligence has been gathered you can then strategize the best approach to customize your advertising and promotional efforts for the desired result. The campaign planning should include test market groups and test campaigns. This is key for not only the long-term success of the marketing, but in order to be as cost effective as possible. In the test programs the marketer should be able to identify what efforts will be successful and revise the strategy to best reach each consumer group.
For more information on identifying your target market contact ALR Marketing Solutions, a premier Atlanta marketing agency, for your free solutions consultation.