The Marketing Target

In marketing it is not uncommon to have a target market that would be comprised of various different demographics of people who can be profiled in to various different consumer groups. For example, I had a client a few years ago that was an online division of a large regional bank. Their goal was to get new clients to the bank and to have existing clients open up additional accounts. If I had a saving account, I would have been encouraged to open a checking account and perhaps a certificate of deposit (c.d.) as well. Markets segments should be of such a nature that it is easily identifiable. Segmentation variables based on geographic or demographic information is easily identifiable, where psychographic information like lifestyle, activities and opinion is not that easy to identify. Potential market must be worthwhile to marketers and therefore be big enough and sufficient. Marketers can use demographic and geographic information to determine how large and profitable the target market is.

As you could probably imagine the target market for the online bank was a rather large group. Their identified market was segmented into 5 consumer profiles. These segments were based on age and income. This meant that there were five different sets of marketing materials for any given campaign. While the overall message may have been the same, the copy and images were different depending on who would be receiving the material.

nly once you have found a problem you can solve for a specific audience, you start to create products or services around that need.

Quick steps to help you find a target market

Be a part of the target market. One of the easiest ways to understand problems with a potential market is having the problem I. It is not absolutely necessary that you are in your audience, but it is imperative that you understand and get to know them well.

Search by keyword. An excellent tool for the online search tool is the key word Google search. Write your idea and see if enough to warrant seeking to follow the idea.

Research problems of their popularity. Are there any magazines, books, products and services aimed at solving the problems already?

Think of the pain. What needs to scratch an itch? What are people frustrated? What are your frustrations? Survey on persons known to have an idea of??what they feel frustrated.

Studying the first problems to get the advantage of others to try to find the target market. You have to be away from other entrepreneurs who choose a product or a service first and then try to find a market to sell it.

May 20, 2013iavalanche Comments Off on The Marketing Target
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