A lot of business owners make the mistake of not choosing the right target audience when planning a marketing strategy. It is important to know that choosing the right target market will certainly make a lot of difference in the success (or failure) of your business.
When coming up with a marketing strategy plan for your product, one of the worst mistakes you can ever make in business is to force your product onto the general public instead of identifying your target market.
What Exactly is a Target Market?
A target market is simply the people/buyers who are most willing to purchase the product and or services that you offer.
When it comes to identifying the target market for your strategic planning model, then it is also important to understand that there are two kinds of markets:
1. Primary Market: these are the people who are most likely to purchase your product or service NOW.
2. Secondary Market: these are the people who have the potential to purchase now or in the near future, or the ones with the ability to convince other people to purchase your product or service.
Strategic planning in marketing is serious business. So it is vital to know that markets can be segmented by any of the following factors:
Geography (region, population etc.)
Demographics (age, gender, income, occupation etc.)
Psychographic (interests, lifestyle, personality traits etc.)
Buying behaviors (attitude, user status etc.)
Market segmentation offers business owners the opportunity to manage their strategic marketing plan and to become very effective.
In order to successfully target your market, you will need to figure out who the audience are in your strategic planning model. Ask yourself “who is my (primary) target market?” You are sure to get better results when you properly define you target market.
When it comes to strategic planning in marketing psychographic and demographic details are very important when identifying primary targets. Think about it, different markets watch different television programs, read different magazines, and spend time in different relaxation spots. Reach your market in a way that will make them respond (positively) to your brand. You will also need to ensure that you align your brand message to appeal to your target market. Messages that appeal to teenagers may not appeal strongly to people who are middle-aged. Messages targeted at women are typically ignored by men and vice versa.
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