Month: October 2018
A target market is the market segment to which a particular product is marketed. Target market is a key concept for your business. The more you know about your target market and how to position your product to sell to that market, the more successful your business will be.
Target Segment Identification
Target segments or markets are often defined by their demographic attributes such as age, gender, geography or income. They are also often grouped by preferences such as trendy, organic, etc. In B2B marketing, target markets are typically defined by industry and business size.
Consumer Markets
Consumer markets can be specific to a part of the globe or can sometimes be global in nature such as Baby Boomers, those people born from about 1946 to about 1959 in World War II affected countries. This huge segment of the population has been defining market trends since their birth and will continue to do so as they age. In most countries, these consumers are generally better educated and more affluent, and are often the consumers of high end merchandise as well as merchandise that creates quality of life.
In western countries, another segment that has recently been gaining notoriety is the ‘tweenies’. These are the aged eight to twelve year olds, no longer children in terms of maturity and taste but not yet teenagers. This sought after group, armed with discretionary income, are the likely segment for those selling electronics and gaming equipment as well as fashion merchandise.
There are also a number of groups that have less household recognition but are very important in the marketplace. One such example is LOHAS. This segment of cosumers who subscribe to Lifestyles of Health and Sustainability (LOHAS) is an enormous marketplace ($228.9 billion in the U.S.) for goods and services focused on health, the environment, social justice, personal development and sustainable living. The consumers attracted to this market have also been collectively referred to as Cultural Creatives. Approximately 30 percent of the adults in the U.S., or 50 million people, are currently considered LOHAS Consumers. The interconnections between global economies, cultures, environments, and political systems play a large role in the holistic worldview of the typical LOHAS Consumer, but equally important are the interconnections of mind, body and spirit within individuals.
Business Markets
Business markets have huge variation based on industry, size, location and governance.
The healthcare industry, for example, has enormous needs for products from basic office supplies to sophisticated electronics, software and equipment, linens, personal consumables and so on. Does the notion of serving the healthcare industry seem too daunting to you as an online reseller? Or, is it too large a segment to be meaningful? Try thinking about smaller segments within this industry such as physicians’ offices who buy not only traditional medical supplies but also office furnishings including artwork, paper goods, promotional items, waiting room reading materials, electronics such as pagers and so on.
Manufacturing industries require every manner of tools, specialised and generic parts, machinery and so on. Again, too daunting? Narrow your segment to auto parts manufacturers; narrow again to auto parts manufacturers with revenues of less than GBP 10,000,000.
Who are your target markets? Sports enthusiasts? Travelers? College students? Families with young children? Identify the markets that you sell your services or products to as specifically as possible. The better you know your market, the better you can plan your marketing campaign.
Characteristics of Target Segments
The value of identifying target segments is that they are groups of people with similar points of view and/or similar needs or purchasing patterns. By understanding those segments, you can position your products in the optimal way.
Need
Once a target segment has been identified and described to the extent possible demographically, it is useful to understand that segment’s needs. Are they looking for value and efficiency? Do they need support because they have too much on their plates? Are they analytic and particular and have the finances to support that approach? Are they empty nesters looking for ways to enjoy their new lives? Are they people with a strong devotion to a holistic and spiritual approach to life and are willing to make life changes to operate that way?
Resources
What kind of resources does your target population have? Are they middle income people who want a bargain or want to buy products that look high end but are economically priced? Are they high income people who prefer to surround themselves with one-of-a-kind creations and seek out fine craftsmaship? Are they wholistic folks who prefer to buy natural and organic and will search the Net looking for goods that match their special needs?
Methods of Receiving Information
Where do you find your target segment and how do they receive information? Are they socialising in MySpace or searching eBay for bargains?
Purchasing Behavior
Does your target market purchase frequently? Do they follow sales and buy at a good price or read supporting materials and buy quality? Are they constantly seeking out new sources or do they show purchase loyalty?
The answers to these questions give you the information you need to optimise sales.
Twitter, Facebook, YouTube changes, with the help of a Tutorial, how small and medium sized companies can gain followings in tens of thousands and get sales to go up and up.
The company realized that even with a skilled team of Internet Marketing consultants, the new marketing media emerging from Twitter, Facebook, Youtube and other sites, made it necessary, that also they themselves learned it all, again.
The company therefore decided to locate the planet’s ten finest specialists in Social Media Marketing.
After hearing many mind-blowing success stories, they decided on establishing a close cooperation with someone who really knew about social media marketing and had a large following.
The person selected was Mr. Reinhard Muller. Born in Scandinavia, with a prestigious career in advertising, Reinhard moved some year ago to the South of France, specialising in Internet Marketing. Then Social Media Marketing started to take off – and Reinhard saw the ‘possibilities’ and became passionate about this new media, making himself and his team into one of the world’s top specialist operating on Twitter, MyFace and Youtube.
Reinhard Muller created a program which brings any person, unsure about Social Media, to understand this new marketing media and be able to use Social Media commercially, promoting their own business. It can be operated in limited geographical areas.
Social Media Marketing is used by start-up and established companies, manufacturing units, artists, local suppliers, restaurants, authors, dentists, printers, publishers, hotels, caterers, delicatessens, supermarkets, sports-clubs, health clubs, estate agents, photographers, retail shops, hairdressers etc.
Companies uses Social Media Marketing primary – a recent poll made clear – to interact in a new way with customers – one to one – to drive the most motivated traffic to their website and stop damaging complaints or disputes with their customers, which nowadays due to the power of Social sites can spread like a wild-fire.
There is no marketing cost when using Social Media Marketing, which is why it has become so popular, but an investment in 2 x 15 minutes daily is vital.
These are many large companies using Social Media Marketing on a daily basis: Amazon, Dell, Motorola, Starbucks, Urban Outfitters, ComCast, Vodafone, Quantas, Virgin, Ford, Samsung, Kodak and so it goes on.
One can learn to administer the time working on Social Media by promoting the right person inside the company. How to improve the company’s reputation and increase brand awareness, building a huge and growing following in thousands and ten thousands on Twitter, Facebook,Youtube and other Social sites.
Here are four examples from well-known organizations.
The wizardly world of Harry Potter. Cindy Gordon, vice president of new media partnership at Universal Orlando Resort together with her counterpart at Warner Bros, realizing that millions of people are passionate about all things Harry Potter, pinpointed seven people at the top of various Harry Potter fan sites and invited them to participate in a top-secret Webcast. And those seven people told tens of thousands. It is estimated that by the power of word-of-mouse, 350 million people round the world heard the news. No expensive marketing.
Dell computers. The goal was to bring back the connection with the consumer in an innovative way and sell more products. The budget was zero. Social Media Marketing was introduced. Contacts with clients were started. Questions were answered right away. It all was suddenly very live and active on a 24-hour basis. Mark Jarvis, Dell Computers CMO, estimate the initiative created half million turnover and loads of good will for the well-known brand.
Zappos shoes. Founded in 1999, selling nothing the first year. Now projecting a billion dollars in turnover for 2009. The company’s impressive reputation for service has been build up by word of mouth and recommendation via Social Marketing. Without Social Media Marketing this would not have been possible. Zappos even train their employees on the effective use of Social Media. Four hundred employees now use Twitter. The company CEP uses Twitter for everyday business. To sell shoes the staff talk with customers and invite them and their friends to ‘happy hours’ organised by the company.
Club Med. The Club decided to send a good blogger on an all expenses paid holiday to Chamonix, to describe the experience exactly as it was on Twitter and place photos via TwitterR. Her messages were taken up by many blogs and then spread between like-minded people. The cost of sending someone on holiday became out of proportion to the enormous buzz created round the Club Med at Chamonix followed by long term bookings.
Barack Obama Presidential Campaign Manager David Meerman Scott used Social Media Marketing and sound principles when running the Presidential Internet Campaign.
The financial crises and now a few Green Shoots appearing, has made Social Media Marketing the marketing tool of the time, which more and more companies turn to. The no cost, being fast – and the enormous audience has made it to, what thousands of start-ups, small and medium sized companies are concidering just now.
The survival of a sector in this tough economy depends on a variety of factors. One thing that can have a major impact on a corporation is the use of promotional merchandise to market their products. We’ll cover some important reasons for utilizing promo tools to market.
Benefits of Promotional
Items Using promotional devices to promote one’s venture has many advantages. A enterprise will reach a much larger audience if they make good use of advertising objects. Every single member of this audience is a potential customer. Marketing objects can be given out at small business functions, to existing customers, at trade shows, and much more. This gets the word about the business to a variety of people in different areas, resulting in a growing customer base for the firm.
Brand Exposure
Competing for a customer’s small business in a suffering economy is no easy task. A enterprise must make use of every means available to make its name stand out above those of competing companies. Promotional tools are an excellent way to accomplish this goal.
Unlike expensive forms of advertising, such as television commercials, marketing tools such as pens, key chains, and mugs hang around longer and reach more people. While television ads last only as long as businesses and organizations can afford pricey campaigns, key chains and mugs last for years and are seen by hundreds of people repeatedly, making them a very cost effective advertising choice. Each time the name of a enterprise is seen on advertising products, it helps etch it in the minds of potential customers. This causes them to be more likely to think of that corporate the next time they experience a need for a particular type of service.
Functional & Free
Another added benefit to advertising gadgets is their functionality. Commonly applied promo tools include pens, pencils, mugs, calendars, and key chains. These are all devices that people make use of every day. Potential potential buyers appreciate being given advertising solutions that they have a genuine need for.
The word “free” is probably one of the most attention grabbing words that a organization can make use of to attract customers. People of all ages love receiving free products and are happy to accept such gifts. Giving free products to both existing and potential potential customers has been shown to encourage brand loyalty, keeping customers coming back year after year.
Utilizing promotional gadgets is a vital part of sector marketing plans. If agencies choose objects that are functional, fun, and attractive, they are sure to gain the loyalty of existing customers, grow their customer base, and flourish in this tough economy.
For the best choice and cost on your Corporate gifts click on gopromotional.com. If you have an upcoming conference the representatives can help you with an item such as customized printed clothing. View us today and let them provide all your marketing items.
Are you wondering how best to market your business venture? If you’re not sure whether to stick with old school marketing techniques or move into the twenty first century with online marketing strategies, you should know that there are positive attributes to both. Don’t let anyone tell you that the traditional ways of marketing don’t work anymore. Your consideration should be which one works for you and your business. What type of person are you? What are you comfortable with? What style is most effective for you? If you take some time to make this decision, it can make the difference between success and failure.
Old School Marketing – Is It Obsolete?
Since the business of sales requires that you reach out to many people, consider how you can do this best. Do you have an enormous number of family, friends, and business associates? They are a ready-made audience for your sales delivery. Do you like people, being around people and talking with them? You would do well with the old school approach to marketing. Make a list of contacts and start making calls, by phone and in person.
Then, of course, with a little investment, you always have printed ads in newspapers, magazines, fliers, and mailers. These certainly can be effective in the right market, with the right product. But, remember, with so much competition, it is hard to get noticed. Another consideration is to understand that you are limited to the market reading or receiving your ad using these methods. Radio advertising can certainly work too if you have the money and patience to wait it out and build a credible presence there.
Online Marketing – Can It Really Work?
If the idea of making cold calls and persuading others to purchase your product strikes fear in your heart, consider online marketing. You can reach a large number of people quickly and without direct involvement. The internet boasts a healthy 1.7 Billion users worldwide. If you don’t think well “on your feet”, plan out your marketing strategy and use the internet for ultimate exposure.
Online marketing vs. old school marketing has another dimension – the live presentation. The traditional way is to gather a group of people together and stand up in front of them to share your enthusiasm for your product. You can use phone, e-mail and the postal service to invite people to your presentation. You can gauge reaction instantly in this manner. There is less pressure with an online video presentation. It can be made by you or another professional in the company. The important aspect is that it be high quality and get your sales message across effectively.
Either way – online marketing or old school marketing – takes time and effort on your part. To be successful in sales you still need to build your contacts, build credibility, and build a brand. Some self-examination will tell you which method is best for you. Also, having the right education, or marketing specialist with experience can certainly cut the time it takes for you to get some traction, no matter what method you use.
Blessings,
Jerry Spangler904-233-2452
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