What are the three broad targeting strategies used by marketers? Whether you are a new marketer or an experienced one, you probably know that targeting your audience is essential to your marketing strategy. And while there are many methods that you can use, there are three broad targeting strategies that you can choose from.
Using concentrated marketing is a good way for companies to focus on a specific niche. By targeting a smaller group of people, it is easier for companies to tailor messages and convince customers to buy. This type of strategy is ideal for startups and small businesses that have limited marketing budgets.
When you are planning a concentrated marketing campaign, you must know what your target market is looking for. You can start with a small demographic and then expand your target audience as you gain experience. You could also use concentrated marketing as a test drive before expanding your business.
Undifferentiated marketing involves reaching a broad audience with one message. Often, this type of advertising occurs on television or radio. Typically, these types of advertisements target daily use products.
Microtargeting is another form of concentrated marketing, which uses data to pinpoint consumers’ behaviors. This method identifies the most likely demographics and anticipates their needs. You can create targeted advertisements for a gaming product, for example, by targeting young adult males.
Concentrated marketing is a cost-effective strategy, and the resulting customer base is loyal. However, it may not be suitable for larger firms. This approach is also very difficult to expand. Unlike differentiated marketing, which can be expensive to implement, concentrated marketing is easy to start. You can start with a small market segment, such as the travel industry.
During the last decade, lifestyle segmentation has become more popular as a method to better understand consumer behavior. It is a strategy to divide markets by behaviors, opinions and decision making patterns. These segments are then used to generate more accurate information on which to base marketing strategies. The most important aspect of this method is to identify how consumers perceive a brand’s quality. It is often a misconception that brand quality will mean the same thing to every segment. In fact, the meaning of a brand can vary greatly from one lifestyle group to another. Similarly, the size of a lifestyle segment can be vastly different from the size of a product category.
Using the data of people’s demographics and behaviors, marketers are able to create targeted groups. This helps to ensure that the marketing message speaks to the customer in a way that he or she will respond to.
There are a variety of methods used to collect this data. These include surveys, site interaction data, and third-party data. These methods work well across multiple industries. There are three common ways to segment people based on their demographics. These are age, gender, and income. These variables can be used alone or in conjunction with other segments.
Another approach is to group individuals based on their lifestyles and values. These can be more difficult to identify than demographics. This can be done by doing extensive research. Depending on the type of product, it may be easier to find objective data. However, it is important to note that the traits of the individuals in a group are constantly changing.
Geographic segmentation is a general term for segmenting a market based on physical location. This can be done by state, county, or country. It can also be based on climate. This approach is appropriate for products that have a wide range of appeal.
Psychographic segmentation is a type of market segmentation that is based on characteristics such as interests and opinions. It is used by many different companies, including clothing retailers, hotels, and fast food restaurants.
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