What Is a Target Marketing Strategy?
Understanding a target market, which represents the consumers most likely to purchase a company’s products, helps business owners and managers focus their marketing strategies on individuals based on specific information. An economic analysis is a common tool for developing target marketing strategies.
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Facts
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Target markets commonly include information based on demographics, such as age, race, sex, income, household size or other factors. Companies will define these items in their local market and define marketing messages for each group they feel is relevant to their company. Each group will often respond differently to marketing messages.
Types
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According to NetMBA, target market strategies can be single-segment, selective, product or market specialization, and full-market coverage. Each strategy gives a company the opportunity to focus its marketing to individual groups by appealing to their sense of quality and need for products.
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Considerations
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Highly specialized firms will usually focus their marketing strategies on specific markets, whereas companies selling common goods will attempt to reach as many consumers as possible. For example, the use of social media and smartphone advertisements can reach younger consumers who commonly use these products.
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References
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Comments
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Jon Wyderka
Sep 01, 2010
One of the most effective strategies for targeted marketing is an effective internet strategy. Ranking highly in the search engine results pages automatically targets your marketing. The people driven to your web site through a search engine are looking for your company and its offering. Unfortunately, most web sites will never rank highly in the search engines for their key words. A first page organic ranking can drive between 4 and 5 times the traffic as sponsored link advertising on the first page. The services of a professional search engine optimization firm experienced in both on-page and off-page SEO methods is crucial to getting your site highly ranked. More than 3/4 of the sales go to the first 5 organic listings (76.65% per recent research). You need to get to the top 5 spots on Google to have an effective internet strategy. Few companies are capable of getting to the top 5...
