If you are a small business owner or an entrepreneur wanting to venture into the internet realm then you should be very familiar with market targeting and how it can be profitable for your online business. Market targeting is extremely important for a small business to succeed online because this is where the owner can truly determine the success of their website. Market targeting enables a business owner to focus on a specific group of people who are likely to purchase their product.
By choosing to market to particular group of people, a business owner ensures that they will not lose on potential customers by trying to market to the wrong audience.
There are several reasons why a business should market to a specific segment of the population. A business cannot focus on the entire market. Instead, the business can only cater to very specific segments of this large market. The best segmentation that a business can use to its advantage is known as market targeting, because it enables the business owner to focus on a specific group of people who are most likely to purchase their product. This allows the business owner to eliminate all competition when it comes to this very important area.
There are many different ways of evaluating market segments.
Determine the income level or profit margin of each individual segment.
Other important factors that need to be considered are the number of searches each segment gets per month and how many unique visitors (unique traffic) come to the site from that segment. Other things to consider are the amount of sales that take place within the segment and whether or not the traffic is directed to a site or whether it is just browsing the web. These things can help a business determine which segments to focus on.
Evaluating market segments can be difficult and requires a lot of effort.
In order to get a better feel for the market you will be researching, there are several tools available. You can use Google’s Keyword Suggestion tool to see what kinds of terms someone might search for. For market targeting in the MLM industry the term “business opportunities” would be one choice. Other popular options are phrases like “home based business”, “earn at home”, “quick ways to make money” and “work at home jobs”.
Start selecting the specific keywords that you will use to optimize your site.
To select the right keywords to use in your articles, blogs or websites, try using Google’s Keyword Tool. Type in your selected market segment and then see what pops up. You may want to try different combinations until you find articles, blogs or websites that are most relevant to your target audience.
Use the small segment size approach.
The small segment size will allow you to target more prospective customers and better reach an even larger segment of those potential customers. When selecting your keywords, remember the importance of the keyword’s structural attractiveness. Structural attractiveness refers to the overall popularity of that keyword relative to all other words in a relative category.
Evaluate your marketing strategy.
it is time to evaluate how effective your market targeting actually is. To do this, you need to evaluate the conversion rate for those segments and the total number of clicks that occur on those segments from those customers. By monitoring these numbers you will know how well you are optimizing your efforts for profitability. Ideally, you want to find a conversion rate that is around 30% for the main segment and below that for the subsegments.
Don’t forget to look at the competition.
What kind of marketers are promoting similar products and services? How successful are they at gaining market share? This will tell you a lot about the strategies that a single segment company is using to gain an advantage over the competition. A company may be successful because it has a good SEO strategy, but if it is not adopting some of the proven methods of other companies, it probably won’t be able to keep up.