Market targeting definition:
Market targeting is basically segmenting the market with some predefined bases, such as location, income, age, gender, and life stage, etc. Out of these, some specific segments are chosen to serve them. So, in simple terms, targeting a market segment would be termed as market targeting.
Why is market targeting important?
It is a must for mass marketing organizations as well as individual entrepreneurs. This is the first step to take when planning and designing marketing strategies, because here, the market segment to be targeted is already definite. Moreover, this also gives us an idea about the marketing activities that need to be undertaken by us, in order to get the response that we are looking for.
On the other hand, when we talk about the different strategies involved in marketing mass products, we come across a wide range of activities.
In fact, when it comes to marketing strategies, there are two types that we can choose from. The first one is to sell the product to the prospective buyers, on the basis of marketing strategies that are geared towards them. The second type is to reach out to the weak prospects, through the various marketing activities that are geared towards them.
Segment marketing strategies are geared towards a particular segment.
So, when we talk about these strategies, we have to mention the products or the services that are being provided by a company. Now, when a company chooses to market its products through such activities, it is planning to cater to a particular segment. For example, when a company may target a group of single mothers, through its single segment strategies, then it will be providing assistance to these mothers, by way of its marketing campaigns. This helps the company to gain a unique position within this particular market segment and also helps the company to make the desired impact.
When moving ahead with segment targeting, keep in mind some of the important things.
First of all, we have to make sure that the products or the services that we are going to market in this case, are very much focused on the needs and requirements of this particular group of women. In fact, this is perhaps one of the most important aspects of a single segment targeting strategies. When we discuss these, we have to remember that this is not only a form of market targeting, but it also includes segments of people who may not be directly related to any particular segment and may be of any age.
Select the right product that caters to the specific needs of the target audience.
For example, when a company is going to market its products or services to the young crowd, then the entire campaign should be targeted towards this group of people. This ensures that the company gets a wide coverage and makes the marketing efforts successful. Also, if the company is going to market its products or services in the mass marketing arenas, then it would do well to select the type of products or services according to the age groups that are identified as the potential prospects. This ensures that the mass marketing efforts are effective and are able to reach the potential customers.
One can also focus on a few segments of people and plan the campaigns accordingly.
It is important to identify the key groups of people and plan the campaigns accordingly. In order to identify the key groups of people, it is necessary to have some information about them. This way, you can make your campaigns more effective and also make it easier for you to pinpoint your target audiences. The next thing is the segmentation. This is very important when you plan the market targeting.
Single segment market targeting enables the marketing team to make their efforts more focused. It also makes it easier for the companies to measure the effectiveness of their marketing campaigns. It is essential to understand that the results of the marketing strategies vary from one company to another. So, depending upon the kind of offers different segments of customers react to the offers.