Identifying Your Target Market
Planning a marketing strategy is very well thought of in new or existing businesses, both small and big companies. And critical understanding and analyzation of your customers both existing and prospects is always on the top of the checklist to be given time and analysis. A small business that is able to identify its target market will know what approach and tactics to use for effective marketing. Expert marketers acknowledges the fact that one marketic strategy may very well work for a certain group of people, but may not be effective to another. For example, the use of social media is a good way to market for millennials or the younger generation that lives and breathes internet, but may not be the perfect way to get people from an older age group who do not really understand or use the internet. And this is why it is imperative to know who you are targeting in marketing. In this article, we will identify the specific target market by answering the question Who, When, Where, and How.
Who are you aiming for and are they likely to boost your business? Identifying the specific group or set of people to market will let your marketing team know what approach to make or how to attack with the right approach. The things to be considered in identifying the “WHO” are as follows:
-Age of the specific group of people
-Economic status in society
-Their ability to purchase and patronize your business
-Their ability to engage in your promotions or offers
-The location of your target
These factors mentioned should help you formulate a specific plan on how to execute the plans intended to boost and introduce your business. Specific techniques that will focus on your audience’s category will also be identified.
There will always be the right time or perfect timing for a specific marketing plan to put into action. The current state of the economy can be used in considering what promotions or offers your business can offer to the public. The current frenzy in politics can also be taken advantage of. The weather condition and climate can also affect how a marketing plan will succeed or fail. Marketers should always be aware of current events and situations that will help boost a business.
Marketing plans and techniques are not only limited to being physically present all the time especially with the domination of the internet. It is recommended to be present both physically and virtually. There are Fortune 500 companies that invests in an office setting or physical setup and also gives enough money allocation for virtual marketing strategy online focusing on websites, SEO, social media, blogging and the likes. This is to ensure that they are covering all possible ways to market their business.
This is the question that is very important for a small business that is marketing their business. There are now unlimited ways to market a business provided that a marketing team knows who to target. Old school practices can still be used like media advertisement thru newspapers, radio, or billboards, while modern and advanced marketing via the use of the internet is also not to be taken lightly. The overwhelming rise of technology is remarkable affecting the society and a fail proof way to market is to take advantage of this advancement.