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Determining Your Target Market
When you wish to market your products or services, the first thing you want to do is to determine your target market. Once the target market is decided, you can then use the following items to help ascertain your target market. These include defining the product, price, place (distribution) and promotion. So, why is target marketing important? The principal reason is that your company exists for a reason. It requires to differentiate itself from the competition in order to endure. For example if you have decided to sell vitamin water to the general group of people in a given region, then you will already have a large amount of competition. For example, instead of selling to the common mass, your target market for the vitamin water can be individuals that avoid thirst quenchers such as Gatorade when they exercise. Once you discover this target market, you would then need tools to differentiate yourself from regular vitamin water. For example, in terms of place (distribution), you can avoid places such as fast food eating places or lounges. People who are working out, seldom visit these places. You would then center your distribution on places such as a university's gym. While choosing your target market seems secondary, it will cost you a great deal of marketing dollars if done incorrectly. Let us assume that you do not resolve what your target market is and you are now using these tools in marketing to advertise your merchandise. You would then distribute your vitamin water to places such as convenience stores, gas stations and the shopping mall. The amount of success achieved from these audiences are low compared to if you center your distribution on the target market. As a result, you spend tremendous amount of money to capture a limited portion of the audience. In summary, selecting your target market is really important before marketing your products. Ecommerce companies must also take care when finding their target market. For example, if your target market is individuals who are searching for ways to invest their money, there is no need to promote your business in the general audience. Your marketing budget will be more hard-hitting if you spend your money in financial websites such as "Yahoo Finance" or "The Motley Fool". The same way of thinking goes for your distribution channel. If you distribute your content to the common article directory, you will get loads of visitors who may not be concerned with your products or services. Furthermore, as discussed earlier, it might draw in your bigger competitors thinking that you are trying to carry away their audience. Fortunately, there are plenty of niche article directories allowing marketers to publish articles of a certain field. Thus, smaller publishers can gain more visibility as the niche directories generally have less people submitting their content. Moreover, larger competitors are unwilling to publish their contents at these niche article directories. It is simply not worth the cost for them to locate and use these channels. For the rest of us, this may be amoung the most cost-effective ways of applying your marketing dollars. |
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