Fundamental Steps to Select the Target Market
By Michael Wysmierski
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of clearly spelt-out strategies for identifying the target market, apart from other niche areas, and implementing them with conviction and commitment to both these steps, and the constituents of the market itself. The term target does indicate the substance areas to focus one’s marketing efforts, but does not exclude others. The pattern or sequence of the thrust, applied one at a time, does perhaps warrant concentration of efforts and the viability to see positive results, for review and modification in the next target area. One added advantage is that, the marketing team can study in depth, the inherent structure, language and specific features of the target market and decide on individually suited actions and thus maximize the returns. However this ten step ladder to success is a compilation of simple down-to-earth basics, in the definition and identification of the target and its features. Pinpoint problems specific to the target group: Each target group is bound to have some specific issues, and hence it is all the more necessary to address the thrust efforts on that. In this way the positive multiplier effect could prove extremely profitable to the marketing team’s objectives. Study the Structure: Each target group displays a pattern, and the marketing team should know the composition of the people, their ages, earning capacities and working preferences, to be able to apply the proper marketing tools and skills. Identify the sub-groups: Within the main group, a number of sub-groups could reside and it is necessary for the marketing efforts to be aligned to suit such sub targets, examples are high percentage of golferss, rock music enthusiasts,farmers and so on. Experience with the product specific to the group: How much or less informed, the target group is about the marketed product or service plays an important role in the marketing team’s efforts to target the group. Connected organizations: The presence of connected organizations who could make an impression on the buying practices of the members of the target group is a key factor, which needs to be taken cognizance of, in determining the applicability of certain marketing strategies, to that group. Matching between target group and marketing team: How familiar is one’s team with reference to the target group, in respect of marketing this or that product/service, and how past experiences can shed light on the need for particular steps within the thrust. Role of media: What are the specific roles played by different media segments, newspapers, weeklies, websites and the nuances of each one of them within the target group. Operating Pulse: Each target group has a natural frequency, what is it or what is the range, so that the marketing teams’ efforts will gel with that of the group. Extraneous Influences: Outside influencing agents can exist, and it would be worth everything to know who they are, and what is their level of expertise or proficiency, such that suitable marketing strategies can be realigned. Specific Idiosyncrasies: Each target has some unique features, and the marketing team would be greatly benefited to know how well they would be liked or equipped to deal with the group in all their activities. The big question is still how to identify the target group, and after that the bigger question is how to effectively connect and apply these steps for successful marketing overall. |
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Article added 05/01/2008.
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