Proper marketing is essential for a product. Proper marketing is important since it increases the sales of products and hence increases the profits. Marketing a product can be done in very many ways. The effects of these marketing strategies differ a lot. Targeting a specific group of customers is one of the effective ways of product promotion. The customer most likely to purchase the products is the main target. All the efforts will, therefore, be put on the target market to maximize on them.
This form of marketing is more reliable to the small business enterprises. It is a very effective strategy since there are an assured returns unlike the other broad marketing mechanisms. Targeted marketing has various advantages to the business. First and foremost, a business can improve the products to suit the specificities of the customers. This improvements will, therefore, leave the customers with no choice but to buy the products. The overall effect of this strategy is the increase in profits.
Additionally, and there will be good communication as a result of this marketing strategy. Communication with customers may be done whether in written form or verbally. Queries raised by customers are therefore addressed by the business. In return, the customers provide feedback. Fixing of a raised problem, therefore, becomes easier. Adjustments done by the businesses will suit the customers more since it was their idea. This enables a business to establish a stable and reliable fan base of customers. Other customers can be influenced by the increasing number of loyal customers.
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Some of the benefits of targeted marketing are mentioned above. However, some factors should be considered when determining a target market. Geographic target market is one such characteristic. This implies that the customers are found in the same locality. This may be a city, town or even a country. Some products record very good performances in some areas than others. A second example is the demographic or socioeconomic target market. It deals with age group, education level, gender and level of income. The target market of the product is the group that is most likely to purchase their products.
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A target market can also be defined as a behavioral target market. It focusses on the level of loyalty of customers. Businesses just use ways to award loyal customers. This may include measures such as giving discounts to the customers depending on how much they spend on their purchases. And finally, product related segmentation is another type of a target market. It mainly focusses on the customers that possess other specific products. Selling of computer accessories to people who own computers is a very good example. Product related segmentation has the major benefits of creating s specific target campaign, increasing the number of competitors and hence increasing sales.