Target Marketing has been an argot in any kind of marketing for a long long time.
In a nutshell, target marketing is the approach in which marketers direct their marketing efforts towards a “targeted set of an audience” who are highly likely to become customers of the product/ service they are selling.
Target marketing is not just important but it is almost an inevitable part of a marketing strategy.
Why is it so important to define your target market?
Target marketing helps you in saving three things that are the most crucial aspects for any business. Time, money and energy.
Once you identify your target market, you can narrow down your market research and your competition analysis to your target audience.
You don’t have to worry about making your product versatile with the ever-evolving market needs, instead, you can just focus on improving your product to make it more and more suitable for your target audience. Which in terms saves a huge chunk of your time, money and energy.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.”
How to identify your target market?
If building audience is part of your marketing strategy, the first thing that needs to be defined is the marketing persona.
If we break it down, marketing persona is the hypothetical (or semi-fictional) representation of your ideal customer.
When you define your buyer persona, you are able to channelize your marketing efforts and connect with your target audience to meet their needs and solve their problems.
The way Walt Disney segmented his marketing strategy well ahead of his time sets an excellent example for all marketers. He understood exactly who he was trying to reach to through his films. All he was doing was trying to sell an idea, the idea was family-friendly emotional content they’ll be appreciated by not just children but adults who were the child at heart.
Identifying your target audience precisely is a big part of the equation. Your target audience can be of following three types:
Your paying customers or people who are using a similar product/service.
The promoters that not only are your loyal customers but also recommend others to buy what your selling.
The potential customers that might be interested in the product/service owing to their circumstances.
Your target audience may differ according to different market segmentation such as Demographics, Geographical preferences, Psychographic, Socioeconomic, Behavioral factors etc.
As a marketer, you’re bound to invest a lot of your time into researching and brainstorming your target audience.
Target Marketing trends to watch out for in 2018
The role of target marketing in business is an open secret. But how to ace in target marketing in today’s technology-driven, the ever-evolving business environment is a whole different ball game.
Presenting 6 Target marketing trends to watch out for in 2018:
What we’ve seen so far in 2018 is that throwing targeted ads is just not enough anymore. Personalization plays a big role.
Buyers love the personalization.
Once you’ve identified your target audience it becomes equally important to explore their likes and dislikes, interests and unique needs and customize your product/service accordingly. You should also take on account the less obvious attributes of your target market.
When you are able to tailor-make your product or service to meet the needs and cater the unique expectations of your target audience, your customer relationship automatically improves.
Let’s take the example of Coca-Cola’s share a coke campaign, Coca-cola released coke bottles with 250 distinct popular generational tags in an effort to reach out to teens and young adults. Needless to say, the campaign is still running successfully.
Niche marketing is the approach in which marketers channel their marketing efforts on a well-defined segment within their target audience.
It is basically identifying a well-defined segment within your potential market who are facing a specific problem and then emerging as a solution-provider of this segment.
Finding good niches in your target market is a superpower in disguise!
Niche Marketing helps you in improving your customer interaction and form a stronger, long-lasting relationship with them. Additionally, competition in niche marketing is less, enabling you to emerge as a market leader in a particular niche.
The success of a huge number of niche businesses in the recent times only proves the point right.
Leveraging the right digital marketing channels
The boom of digital marketing in the recent has made is absolutely mandatory for brands to have a sound online presence. As a result, leveraging on right digital marketing channels has become extremely important.
All your consumers are more or less digital natives, they dwell on various digital mediums/platform according to their preferences.
It is your job to choose the most relevant channels to reach out to a large number of your target audience.
Let’s take a unique example, if your brand is a high-end luxury brand or brand in financial services or automobiles, your ideal buyer persona would probably be young adults and verified, salaried professionals. An employee benefits platform is a rare but highly effective marketing platform to help you reach out to a huge number of corporate employees at one place.
Targeting the millennials
Today, millennials make up a large section of the world population. For any marketer in 2018, attracting millennials should be one of the top things on their to-do list. Why? Because not only they are the largest “active” generation at the moment, they are also quite different from the previous generations.
They are very particular about the choices they make.
Millennials are characterized as technology savvy, well educated, self-conscious bunch. They are born and raised in the era of social media and technology.
A lot of factors play important roles when millennials take a buying decision such as the visibility of your brand in social media, interactive content, recommendations from other buyers, social or emotional cause associated with the brand, health benefits associated with the brand and so on and so forth.
Today Digital campaigns and digital ads are rampant.
When you run a digital campaign, someone that shows interest even the tiniest bit in the campaign is probably your target audience. Good news is using the Retargeting tool, you can reach out to them.
Retargeting is the online ad placements and ad display on the basis of the previous activity of the user.
It is a cookie-based technology that anonymously follows your audience that showed interest in the form of visiting your site, filling out a form or clicking on PPC ads.
A lot of businesses are successfully using remarketing to optimize their conversion rates. It has proven to result in impressive Return on Investment. It creates a sense of familiarity with the brand to the user.
According to statistics, “One in five marketers now has a dedicated budget for retargeting.”
Highly interactive content
Content is still the king in 2018 and it is predicted to remain so for quite some time.
Content marketing is evolving like anything. The best part is that Target marketing and content marketing get along very well.
Search-friendly content attracts and engages a defined audience and delivers a good return on investment.
Video content, podcasts, infographics and ephemeral content are gaining more and more popularity giving marketing more and more ways to engage with their target audience.
New content marketing strategies that are technology driven such as User-generated content, Voice search, chatbots, account based content marketing etc are gaining much popularity recently.
Growing popularity of influencer marketing goes to prove that authentic content plays a vital role in marketing.
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“Pick the target, freeze it, personalize it, and polarize it.” ~Saul Alinsky
It is important for a marketer to acknowledge that not everyone is your target audience. Once you have identified your target audience it is your responsibility to maximize your marketing efforts to gain the maximum ROI.
Creating a market strategy and content strategy to reach to your target audience is not a one-time task. As a marketer, you must keep exploring new ways to promote your products. You just cannot leave any stones unturned.
In order to survive in this cutthroat competition of brand marketing, you are to get inside of the head of your consumers.
The best target marketing strategies trending successfully so far in 2018 according to me are Hyper Personalization, niche marketing, leveraging the best marketing channels, technology-driven marketing aiming at the millennials, remarketing and of course highly interactive content.
The bottom-line, however, is that emotionally connecting with customers and leveraging customer engagement are the driving forces to make any business grow.