Wednesday, June 15, 2011
Target Marketing - What Is Your Niche Market?
There is a lot of hype out there about “Target Marketing” – and some of it can be a twisted road to follow. Hopefully this article will be helpful to those trying to navigate the ever-changing course of diverse target marketing and how you can make your brand work for you.
What exactly is target marketing? I took this quick clip from Wikipedia for a nice, raw definition:
“A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise. A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place (distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace. Once these distinct customers have been defined, a marketing mix strategy of product, distribution, promotion and price can be built by the business to satisfy the target market.”
What does that mean exactly – it is basically deciding what niche market you would like to offer your products and/or services to. Some people fall into the trap of saying: “Well I want to market to everybody! The more clients the better!” That is a good concept in its simplicity, but in today’s economic state and highly competitive online market – more and more businesses are finding that it is better to research who their target markets are and plan a marketing strategy around the bulk of their interested audience. If you were attempting to market the newest 3D video game – you might be hard pressed to find a senior citizen market that would be interested in it, wouldn’t you? (Hey, I’m not saying impossible here, just providing an example – I’ll be one of those gaming senior citizens one day!)
The point is, for a business to be successful it has to have successful marketing – and to have successful marketing you (marketing consultant) have to understand what your target market actually is. Do you track your website activity? Are your visitors global or local? What country are most of your leads coming from? Do you track your customer statistics? Are they mostly male or female? What age group? Do you offer bilingual services? Are you more modern and high tech or are you more class and old-school? These are just a few things to chew on, but things like these (and many more) are what make your product or service unique to you, your area and defines your target market.
It is becoming more and more important to show what you can offer the world. There may be a lot of people who do what you do – but they never do it quite like you, do they? Stand out! Bring yourself forward with your unique adaptations or your niche market specialty. Look at what Short Sale Specialists did for the housing market. Look at what Search Engine Optimization (SEO) did for advanced internet marketing. There are hundreds of examples of this today – which one are you in? Do you have a plan to successfully develop your target market? What direction is your company heading in? Have you already secured your social media outlets? Do you have uniform branding and product recognition in your advertising? When people see your face, your logo, or your product, you want them automatically recognize your company, quality and trust. Think about all of the recognizable products out there: The Nike swoosh - doesn't even need the name anymore. The ASPCA - invokes emotions. Coca-Cola - who doesn't know that logo? Even globally! What does your brand say about you?
Let’s face it – we all know not everyone can be a marketing specialist - we all know you have a job to do, and you do what YOU do best. If you need assistance to help you set your course for success, please feel free to drop us a line. If you have your course set but need help with Social Media Marketing, we have you covered there, too. Lest we forget custom brand development? Twitter secure? Facebook profile and Facebook fan page? Blog setup? LinkedIn profile? Don't let the internet be a stumbling block in your business, let it be an amazing power tool for sales...
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PS: Want more social media marketing advice? Check out our last post about Facebook Zen - Don't Fight Facebook, Learn To Love It! We hope to friend you soon!
Hungry for more? Tune in for more target market information in upcoming articles – knowledge is power! If you need assistance in setting up or maintaining your social media outlets, feel free to contact me to discuss if Virtual / Remote Assisting or Social Media Ghost Writing is right for you!