Target Marketing
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Transcript of Target Marketing
Target Marketing
www.business.govt.nz
What is target marketing?
The practice of identifying aproduct’s ideal customer andtargeting them to maximisesales
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- Geography- Income- Age- Sex- Personal interests…anything universal among
the group of customers
Market segments can be defined by:
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Customer research
Entrepreneurs need to research their target markets before launching a business
Many don’t, however, and struggle to realise the potential of their product or service
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Talking to repeat customers can help businesses identify what traits and habits unite them as a market segment…
They can then use that knowledge to attract more people like them to their product
Researching existing customers
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Customer databases
Databases not only help businesses recognise customer segment traits, they can also record buying patterns
These help businesses identify more of their customers’ needs
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Finding more ideal customers
Businesses often export or go online with e-commerce websites to gain access to more of the customers their products target
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Competitor research
Who are your rivals targeting?
Can you do it better than them?
Re-visit unviable markets
Markets are always evolving
What wasn’t a viable idea yesterday might be viable today
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Adapt to untapped markets
Can you apply your product, service, assets or knowledge in a different way to meet the needs of an entirely new market segment?
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Creating a market
Sometimes, an innovative new product isn’t designed with a customer segment in mind
These products can only succeed by creating demand
Find Out More
Facebook.com/business.govt.nzTwitter.com/business_govtNZLinkedin.com/company/business-govt-nzSlideshare.net/MED-Business business.govt.nz