Marketing: Start it and “they” will come?
Understanding all of the details associated with your product or service does not always translate into knowing who to target with those products or services. It seems basic, that a business owner would know his or her target, but in some cases that is not true. And sometimes that knowledge is focused towards a small demographic when a larger market is available.
A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise/services. Sometimes to reach that target you may need to expose yourself to a very large audience to reach the few. For example, a car dealers target market for a type of car may be specifically focused on women between the ages of 18 and 35. Well, they may advertise during the evening news hour with a large percentage of women viewers and a smaller percentage of single men viewers between the age of 35 and 45. They will reach their target but also reach another demographic at the same time. Knowing that they may air other commercials to reach that group and not necessarily the women. However, the key is knowing where they are and how to best reach them. With that said, the amount of capital needed to reach this target is critically important. That is best determined by the medium(s) that will optimize your ability to reach the target(s), and everything (i.e. graphic design, web, people) else associated with your plan to reach your target. The amount of capital available will greatly determine how you will target your market, and how much market you can target.
Business management guru Peter Drucker once said “The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself". This is where your market research coupled with years of experience.
For more information on developing a marketing strategy for your business please view our list of upcoming webinars or email me for assistance.
For more information email me at victor@3vdesignmedia.com
Understanding all of the details associated with your product or service does not always translate into knowing who to target with those products or services. It seems basic, that a business owner would know his or her target, but in some cases that is not true. And sometimes that knowledge is focused towards a small demographic when a larger market is available.
A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise/services. Sometimes to reach that target you may need to expose yourself to a very large audience to reach the few. For example, a car dealers target market for a type of car may be specifically focused on women between the ages of 18 and 35. Well, they may advertise during the evening news hour with a large percentage of women viewers and a smaller percentage of single men viewers between the age of 35 and 45. They will reach their target but also reach another demographic at the same time. Knowing that they may air other commercials to reach that group and not necessarily the women. However, the key is knowing where they are and how to best reach them. With that said, the amount of capital needed to reach this target is critically important. That is best determined by the medium(s) that will optimize your ability to reach the target(s), and everything (i.e. graphic design, web, people) else associated with your plan to reach your target. The amount of capital available will greatly determine how you will target your market, and how much market you can target.
Business management guru Peter Drucker once said “The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself". This is where your market research coupled with years of experience.
For more information on developing a marketing strategy for your business please view our list of upcoming webinars or email me for assistance.
For more information email me at victor@3vdesignmedia.com
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