After the careful step has been taken in identifying the market, next step is to put in place a target strategy in marketing. For this you have to take into consideration what will the best methods of reaching your target market.
In general, a product will appeal to different segments of the market. Here comes then the necessity to tailor a marketing strategy for each one. In fact what works for some may not be received well by others. An example will help to clarify.
In a book store there are books for everybody. A do-it-yourself book is for a certain market and a romance novel will be for another market. So you’ll have to have a good understanding of your target market, like age, demographics, income, lifestyle and more.
More you acquire knowledge of your market more what is called the 4 P’s (product, price, place and promotion) will hit the target. You must always keep in mind that people will want to buy a product for a need, perceived or real to bring a solution to their problem and to leave them selves with a feeling of satisfaction.
When your 4 P’s are close to ideal, you’ll benefit not only in profits, but you’ll acquire a good reputation and standing in your field, also called positioning. That is important because it will lead to easier success with your advertising.
One strategy is to mass marketing a wide appeal product, benefiting both customers and seller. The idea behind being that from large sales a good profit in possible. On the other hand, same product tailored to specific needs may be offered at a higher price to a niche of the market. With this strategy, you may also create a more loyal kind of customers, who will respond better than the mass to selected products.
Some companies will advertise with the help of some websites. When you look for something online a cookie is attached that goes into your browser. It doesn’t matter if you change your behavior. Still you may find ads related to your previous search.
In the near future ( if it’s not here yet), we may see more of this internet magic following us with suggestions in our interests. Certainly the internet will be king in advertising because of its nature: fast, easy, effective as more and more people have access and rely on it. And it appears it will be the best target strategy in marketing.
Gianfranco Focarelli invites you to visit his Target Market Strategy Blog with updates on marketing strategies and tactics proven to work..