Josephine O. Edwards Guest Writer
Target marketing is all the rage now. As a small business owner, you have probably come across this term once or twice. It is, without a doubt, one of the most useful marketing strategies for a business.
But what is target marketing, and how do you make things work for you as a small business owner? No worries, KOTO Association will give you all the necessary education you need.
So let’s get to it.
What is Target Marketing?
A target market is what you call those you wish to sell your products to. All the marketing efforts that your business directs towards this specific group is called target marketing. To clarify, a target market is a subset of your more extensive market.
All customers who belong to a target market are known to share some similarities. This could be in terms of their location, age group, demographics or even their purchasing power. These similarities are what make target marketing strategies so effective; without them, you’d only be shooting blindly.
While there are marketing strategies that work for everybody, target marketing strategies don’t always work for those outside the target market.
Take, for instance, your business could be a company that sells male and female footwear. Your general marketing strategies should let everyone know that you sell shoes. But when designing a target marketing strategy to attract more male customers, you have to create the strategy to appeal to that specific market.
Understand it now? Good. So how do you make this work for your small business?
How to make Target Marketing work for your small business.
- Carry out market research
This is a crucial step for any marketing strategy, no matter the business size. You have to collect data on your market. This includes buying patterns, locations and the way people think.
Once you have done this, you will be able to make projections about the future of your endeavours as well as understand how to distinguish yourself from your competition.
Identify the target market.
With the data you have collected from the market research, you can now profile what your target market will be like. You might think that marketing to everyone is a better choice, but it’s not. It is just a costly venture.
Instead, you should classify potential customers based on
- Behavioural traits
- Lifestyle choices.
You can also use whatever classification means that suit your purposes.
- Define what your unique selling point it.
This is what sets you apart from the competition. It could be your fast service, better than average customer service, the additional bonuses that come with buying from you. Whatever it is, define it and build your strategy around showcasing it.
- Work on your branding
You need to make sure that your small business connects with its customers. Branding is more than just the logo on the building or website. It is the essence of what your business is and stands for.
- Choose appropriate marketing strategies.
If your target audience is far away, digital adverts are more effective than billboards. If you are operating in a small neighbourhood, your best bet would be flyers, word of mouth and maybe ads on the community board.
There are many marketing strategies. Make sure to pick the right one for your needs. a
- Identify your success criteria and review your strategy.
Without setting goals, you can’t truly define success. So you should have goals that will help you know if your strategy is effective or not. As you achieve your goals and within a set time, you know the strategy is working and if it’s not, don’t be afraid to go back to the drawing board to make the necessary adjustments.