Thursday, October 13, 2011

Target Marketing

Target Marketing involves taking the entire market (in all possible customers) and breaking down into smaller or specific segments based on different demographics and then focusing your efforts on certain market segments in order to achieve better results.

Demographics that are used to create market segments can vary, including, but not limited to:

1. Common measurable statistics like gender, age, education & income levels
2. Geographic location, such as language and culture
3. Lifestyle preferences such as gamers, food lovers, car enthusiasts etc.
4. Level of knowledge - are they a beginner or an expert about a topic?

When you can focus on a target market, you stop wasting your time and focus your resources and efforts where they will be the most effective and efficient to achieve your target.

For an example, consider a company that sells skateboarding equipment; they will get better results when marketing to the age groups who are most interested in skateboarding rather than all age groups. If they can market towards existing skateboarders instead of everyone, they are again more likely to get a better return.

But we need to know, according to the principles of marketing, not all companies can reach the entire market. So we need to define and prioritize those who are the target market, so that we can maximize the success of our business.

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