Targeting & Target Market
Target the right audience and optimise your brand for success!
Target the right audience and optimise your brand for success
Most marketers would agree that the first and arguably the most important step in developing your marketing strategy is defining your target market – we help you avoid the pitfalls and get it right.
Defining your target market is one of the most important elements of your business and Marketing Strategy. The ‘target market’ is essentially the definition of who the product or service is aimed at. It sounds simple… but it’s not!
The Need for Research
When developing a targeting strategy, marketers need to understand the attractiveness of customer segments. Three factors influence a company’s selection of segments. First of all, companies consider the characteristics of the segments. Characteristics include how fast or slow a segment is growing and how profitable it is.
Secondly, the company considers its own competencies and resources to address the needs of the segments. For example, a large segment is attractive. However, a company may not be able to serve the whole segment because of a lack of resources.
Lastly, a company considers the competition in the segment, both current and in the future. A large and growing segment may be profitable but will attract a lot of competition, effectively reducing margins.
Here at Vision One, we have a range of tools and techniques to help you identify and define your ideal target market. These include; Segmentation Research, Usage and Attitude Studies, Persona development and Profiling studies.
Our Client Feedback
“From enquiring about our research project they sought to really understand our questions and needs. Results were delivered really quickly, managers were friendly, professional & always on hand.”
Bullseye targeting ensures companies are focused on the core customer segment. The basic principles of Bullseye Targeting are to identify your core ‘perfect’ customers. This may be a specific subset of a customer segment or a segment in its own right. The core customer tends to be groups most aligned with your products and services.
From a marketing strategy perspective product service, development and innovation and marketing communications should be focused on the core customer. Meeting 100% of the core customers’ needs is a priority.
Once you have identified your core customer, you then need to specify other segments of interest – these are likely to be less aligned with the brand and have differing needs or priorities.
Pro Tip: One of the most common mistakes is to try and target everyone. Be very clear about who is not your target market – this will help you improve your understanding and targeting of your Core customer.
START YOUR JOURNEY TODAY
Learn more about your business by speaking to our consumer experts of over 20 years experience to help you define your target and segment your customers for the best results.