Targeting in Marketing: Definition, Importance, And How It's Done
As a business, you can only satisfy a limited market group. Trying to market to everyone is not a smart marketing strategy. That's why marketing experts always advise brands to focus on the group that they can satisfy. The group or segment that your business can or will want to serve is known as your “target market.”
That being said, we'll be looking at what targeting in marketing is, why targeting is important, and how to go about targeting in the right way.
By the time you're done reading this post, you will have learned about marketing segments evaluation and marketing segments selection, and how to apply all of the targeting tactics to scale up your marketing efforts.
Alright, enough of the talk. Let's get started.
What is Targeting in Marketing?Targeting in marketing is the process of choosing the market segment that your business wants to serve. To target properly, you'll have to divide your market into groups. Some of the characteristics that you can use to group your market are demography, geography, lifestyle, interest, gender, or age.
Importance of targeting in marketingTargeting in marketing is vital, as it will help you to boost your marketing effort and grow your business. Here are some of the ways it can help you scale up your marketing effort:
Develop personalized messageTargeting helps you to create a marketing message that resonates with the specific market segment that you wish to sell to. This is because your marketing message should be written based on the needs of the specific customer that your product or service could offer a solution to.
Reach the right audienceGetting in front of the right audience with your marketing campaign is very important as well. It ensures that you see high ROI (return on investment) in your marketing. Sending a generic marketing message to an uncategorized audience will make your marketing efforts ineffective.
Imagine promoting a product or service that's for people between the age of 50-70 to young adults. The audience will never convert because they don't have a need for the product or service. But if the product or service were shown to the right age group you're sure to see a high conversion rate.
Also, bear in mind that, when you promote it among people of the same age, there's still a need to further narrow your targeting to either male or female. Because, the reason why a man of 50 years of age may want to buy something differs from the reason why a woman of age 50 may want to buy the same product.
Discover an untapped marketWhile everybody is doing the same thing, chasing the same customers, and producing the same type of products, services, and marketing campaigns, you can look into the untapped area in your niche and reach them. That's exactly what targeting helps you to do. It helps you identify those areas in your market that are profitable, but have been overlooked or have not been noticed by others in your niche. That way, you're free from too much competition.
Cost-effective strategyTargeting in marketing helps you save costs. When you know who you want to target, where they hang out, and the type of information they consume, you don't waste your time, money, and energy creating content that will not resonate with them. You'll also not waste time promoting on platforms where they don't hang out.
How to Do Targeting in MarketingYou can do targeting in marketing in two easy steps. The two steps are:
Market Segments AnalysisMarket segment analysis is the first step in determining who to target as a business. It's in this first step that you'll evaluate and measure how each segment fits in with the product or service that you intend to promote. Each of the segments is analyzed based on certain criteria to determine their profitability. For you to determine the profitability of a segment, you must put two factors into consideration. Those two factors are goals and marketing budget and attractiveness of the segment.
You have to carefully think about the size of the market, and accessibility. You also have to think and examine to see if the segment fits into your business marketing goal and the marketing budget that you have set aside.
Selection of marketing segmentAfter you have carefully analysed each segment in step one, here, in step two, you choose the segment that best suits your brand marketing goals, objective, budget and all other marketing attributes that you have examined in step one.
Okay, just before you leave..Remember that the better you target, the better your marketing contents will resonate with your audience. And you wouldn't have to talk much to convince them to take the action that you want them to take. All you'll just have to do is push that little button - engaging and persuasive content - then you'll have them begging you to take their money. Targeting in marketing is one of the keys to successful marketing.
About the Author:
Agwu Uchenna is a result-oriented digital marketer and content creator. He has years of proven experience delivering unique, engaging, persuasive and customer-focused marketing content for the marketing and business industry.
Also, he shares marketing tips, strategies, and concepts that you can implement to increase sales, generate more leads, turn ice-cold prospects into paying customers and brand advocates on his website: http://emarketingboss.com/