Target marketing is a very important aspect for all businesses, but especially small businesses. Target marketing allows you to target specific customers. This means your marketing campaigns are more specific and, thus, more effective. Advertising to people that are not likely to buy your product can be expensive with little return on your investment.
Determining your target market can be difficult. This is who is the most likely to buy your product or service. This is determined by region, age, income level, or many other factors. It can be as broad as all pet owners or specific such as owners of one type of exotic pet. If you provide a service in the home, your target market will be a segment of your local area.
Determining your target market will also allow you to develop a niche for your business. Not only can your business define your target market, but your target market will also define your business. The products and services your target market is interested in will help your business grow and evolve. Your target market will provide ideas ideas for new products that they will be likely to purchase. This can be very valuable information to keep your products fresh and new.
By concentrating your marketing efforts on your target market, you can make your advertising budget provide a greater return. By only advertising to people that are likely to buy your products, you are not spending excess money by advertising to people that will not purchase your product. If you sell pet products, advertising in magazines that pet owners read will be a good choice. If you sell women’s clothing, advertising in a car magazine directed towards men will not provide much return.
To further define your target market, you need to determine why your customer buys your product or service. People buy for three reasons: to solve a problem, to satisfy a need, or to make themselves feel or look better. Some products can fall under two categories such as clothing. It satisfies the need for protecting the body, but can also make someone feel better. Obviously, the two needs have different price points. Why your customer is purchasing your product will also help you determine what other products they may be interested in purchasing from you.
To maximize your return on your advertising budget, advertise to those the most likely to buy your products. This can help you create ad campaigns that appeal to your customers and tell them why you are the best choice. Your target market will help you create a niche and define your business as well as help it grow and evolve.