The target market refers to a group of consumers through which the products or services of the firms are produced. This approach can be determined based on age, gender, income, location, interests, or other factors. About $37 billion is wasted every year on ads that don’t reach the target audience. This alone illustrates the importance of defining market targeting.
The turning point is the customer buying process. If marketers want to draw people into a sea of brands and advertisers, they need to present their experiences to people in a targeted and personalized way. Trying to sell hamburgers to vegans will only waste time, energy, money and a bad brand image! Once marketers have a comprehensive understanding of their ideal buyer, they can make more informed decisions about the type of media, how to send it, and when to deliver it.
Define your target market in the four terms Who, What, Why and How
This section examines who needs a marketer’s product or service. This step includes basic demographic details such as age, gender, family size, education level, occupation, and more.
For example, a customer might be the target of marketers who identify men between the ages of 28 and 45 who have a relatively small family.
Location: Geographical location
This step looks at places to look for clients. In this section, details such as postal code for marketers, area size, population density and climate of the area are examined.
For example, most clients may live in suburban areas but have modest incomes and live in areas with a relatively mild climate.
This section examines the reasons for customer choices. This information can include their personality traits and lifestyle. This section helps marketers to recognize their customers’ buying patterns; For example, by knowing why customers buy a brand’s products, it is possible to predict how often they will need the product. In addition, marketers can improve the features of their products and services over their competitors.
For example, most customers buy a new pair of hiking boots every year, and most of them are loyal to the Adidas and Nike brands.
In this section, the type of customer behavior is examined. All customers buy the products required to meet their needs. At this stage, issues such as how to pay attention to the needs of the audience, the type of product evaluation by them, the amount of customer information about the product and the like are examined. In general, most customers are generally not big buyers and need information about how their products are made before buying. Therefore, most online audiences search multiple sites before making a purchase.
For example, an insurance company’s clients might include people who live in earthquake-prone areas and need building insurance for their safety.
10 steps to target the market the right way
Analysis and interviews with who
Bahtrin One of the best ways to target audiences is for marketers to look at people who have purchased their product or service in the past and identify information such as age, place of residence, interests, and other consumer issues. Most of this information works great for generalizing current business strategies using past techniques.
Extensive research and industry target setting
Marketers need to do extensive research to grow their industry. Business owners need to identify their problems and try to address them according to their target audience. During research, a lot of valuable information is identified that are far from the minds of marketers.
Pay attention to the audience
Audiences can be differentiated based on different interests, including different entertainment and tastes. This helps marketers create unique data-driven messages and ultimately increase people’s brand loyalty.
Attention to subcultures
Individuals can also be defined in terms of subcultures; For example, some people are looking for a specific product, such as an entertainment system or a new car, or some people listen to certain types of music. By identifying these people, their needs can be identified faster and appropriate content can be created with them.
Understand the role of the target audience
Knowing the role of these people has a great influence in defining the target market. Below we divide them into the following categories:
Decision maker is the person who makes the final decision to buy. Of course, this person’s role may change from decision-maker to sponsor during the decision-making process; For example, Old Spice changed its target market in 2010. Initially, the brand aimed to attract young boys. The team found that in addition to men, women were also shopping. Hence the audience shifted its focus to men and women.
A supporter of someone who may not have the power to make the final decision, but who has a significant influence on the purchase of a product; For example, a child may not buy the product directly, but the parents of the child pay close attention to their child’s interest in purchasing the product. Plus, behind every man is a successful woman! In many families, the men are the final decision makers and pay for the products, but their wives play a major role in purchasing the products.
Some people think that creativity goes against tradition. While this is not the case. Throughout history, many explorers, artists, and inventors have begun their work by imitating others. Marketers can also learn a lot by monitoring the performance of their competitors; For example, it can be seen that competing firms prefer online channels or give priority to offline sales.
Create a customer character
Creating a customer persona is a great way to explore the people who make up your target marketers. This is especially important for products that cover a wide range of consumers. Useful if you have a product that appeals to a wide range of consumers. Marketers can create personas based on data, surveys, digital interactions, and any other useful information to better serve their customers. These services can include hobbies, TV shows, magazines, and more. It is recommended that marketers create between three and five personas for their business.
Define non-target audiences!
Many consumers are located a short distance from the target audience of marketers, but the target market is not business owners; For example, business owners must specify that their target audience includes all women, or only women between the ages of 20 and 40. With this in mind, marketers can focus their attention on the most profitable sectors.
Continuous monitoring and review
Marketers will have a more accurate understanding of their target audience by collecting more data and interacting with customers. Based on this information, business owners can constantly improve and modify the characters created to achieve the best results.
Use Google Analytics
Google Analytics provides comprehensive data about the users who visit the site. This tool provides comprehensive information such as which channels the target audience prefers or the type of content they are most engaged in. Marketers can use this information to make rational, data-driven decisions during their planning process.
Targeting the market with well-known brands
With the launch of Nike in 1964, Nike quickly emerged as one of the most popular brands in the sports market. The company is easily recognizable thanks to its distinctive logo and innovative products. Initially, Nike only marketed to professional athletes, but after a few years it changed its business model and expanded its audience by launching the Just Do It campaign. Nike has explained the benefits of sports apparel, footwear, accessories and equipment to the public and identified those who are interested in those benefits. The main purpose of the Nike brand was to get young people, people interested in fitness, and people with relatively reasonable incomes to pay for high-quality products. To limit its target market, Nike specifically focuses on aspiring athletes and runners in advertising campaigns. This brand attracts many audiences with its inspiring and motivating tone.
The brand not only focuses on the open market for athletes, but also targets underserved areas of the sports community such as women and youth; Serena Williams, for example, in a new ad for Nike called Until We All Win. game. This announcement is about encouraging and supporting women who have no place in sports like men.
At first glance it may seem that Netflix is aimed at everyone, but this is not the case. To ensure this, it is enough to compare two different user accounts and observe the differences between them. Netflix intelligently targets individual priorities in its marketing strategy using accurate algorithms and relevant research for its customers, ensuring that each individual receives a unique experience tailored to their interests.
Netflix began operating as a DVD delivery service in the late 1990s, offering it to its customers for rent. With the spread of the Internet, Netflix analyzed the needs of its customers and switched to providing an online service. Today, Netflix offers programs, shows, and movies that are downloadable offline and tailored to meet your individual needs.
This shoe brand is a great example of targeted marketing in the workplace. The brand Vance has chosen its products according to certain tastes that may not be attractive to everyone, but due to its limited target market, it has attracted a large audience. The Vans brand, like Netflix, has implemented strategies that make each product meet the needs of the audience.
Lego is a well-known brand of children’s toys all over the world. The brand convinces the parents of their children to buy it in order to attract its audience, because although the children are the main consumers of their products, in the end their parents have to buy the toys. Therefore, Lego used its marketing strategies around pleasing parents. Lego has also collaborated with many brands, movies and video games and has established itself in the fantasy world of many children. Today, Lego has become a multi-billion dollar company by understanding its target audience and potential barriers to purchasing.
Dior is a proprietary brand that stands out from the competition with its high price tag and innovative design. The brand started its marketing campaigns targeting its specific audience and attracted a lot of people.
The company also values the interests of its audience. To understand the importance of the BBC to its target market, it is enough to launch a platform called BBC Trust. The group identifies the needs of its customers by listening to users’ opinions, ordering independent studies, and evaluating viewership statistics.
Facebook’s target market has evolved with the company over time. Initially, the Facebook co-founders targeted college students in their early years of study. Facebook’s primary target audience was instrumental in determining the brand’s reputation. Today, Facebook focuses its target market on people between the ages of 25 and 34 in about 157 countries.
More than 178 million users under the age of 25 (often between 18 and 24), mostly in high school or early college, make up the destination market for SnapChat. Most of the audience for this platform are women.
McDonald’s targets students, employees and professionals in the age group from 8 to 45 years old. These people belong to low and middle income groups and have a relaxed and relaxed personality.
How many sectors does the target market divide by its scope?
The market scope for marketers varies by the type of product or service they offer; For example, if a person sells shoes, there is a large market, because everyone, including men, women and children, wears shoes. On the other hand, one might sell running shoes specifically. In this case, the target audience will be elite athletes between the ages of 20-40 who are interested in running or who have participated in marathons. Below we classify this term by number:
Multi-segment marketing is an approach that targets more than one market segment; For example, some firms offer the same product in different forms in different segments, while some firms produce different products from scratch to cater to different market segments; For example, selling auto parts to auto companies, along with selling other by-products to the end user, is one of the multi-sector marketing strategies.
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Centralized marketing refers to the centralization of marketing strategies in one market segment; For example, only selling auto parts to manufacturers is a type of focused marketing strategy.
Micro targeting is a relatively emerging strategy that involves segregating markets and gathering as much data as possible to specifically target them. This strategy was used in the last US presidential election.
What are the benefits of knowing your target market?
Marketers can use this approach to maximize their sales returns with a minimum budget. Choosing the right venue, location, and medium is essential to achieving a high ROI in marketing. In addition to increasing ROI, understanding your target market allows marketers to build better relationships with their customers; For example, marketers can produce their content based on specific people and attract specific audiences by limiting the scope of their content; For example, a site that produces content in the field of digital marketing will not have a particular niche area if it deals with cosmetics and will lose its focus on a certain title. This is especially important when consumers are anticipating personalization and targeted advertising.
Is it always advisable to use the indicated market strategies?
Although there are many benefits to focusing marketing strategies on the selected market and individuals, marketers should keep in mind that there are likely to be more opportunities in the market. Sometimes business owners may mistakenly choose their target market and need to change their audience. In these cases, a combination of the target audience and analytical tools can help identify some of these missed opportunities.
What is the difference between a market and a target audience?
The target audience is the group or segment that the target market is advertising. As a result, the target audience is a specific subset of the target market; For example, suppose your target market is a business that sells shoes for marathon runners. If there is a business in Boston, the target audience will be people who live in the city and no longer includes all marathon runners. The term target audience can often be used instead of target market, as they are a specific subset of the largest market group. However, this term does not always mean the target audience.
On average, four out of five marketers consider consumer data perception to be one of the most important factors for their business growth and development. In order for the brand to maintain its stability and reputation in today’s competitive world; He needs sufficient information about the wants, needs and expectations of his customers. Today, users are not as passive as viewers, they actively interact with the media in a variety of ways, determining the reason, time, place and manner of their exposure to advertising. The target market helps business owners to attract the largest audience with the least facilities. Also, make sure their products reach the target audience.