For many years now as marketers we know that mass marketing is a thing of the past and will only be used if budgets are not an issue or your product is going to satisfy everyone in your consumer base. However, why would you keep using an out of date tactic in today’s competitive environment when marketers should be using the power of targeting to influence their messages?
Rather than spreading your marketing budget and expertise too thinly focus your attention on targeted consumer segments, hopefully you will have a CRM system that will let you interrogate your customer data. Making your marketing efficient will allow you to hone in on specific segments allowing your business to deliver targeted product offerings, pricing, advertising and distribution strategies.
To segment your customers there are three logical steps which need to take place:
1. Market segmentation
2. Market targeting
3. Product positioning
Identifying the commercially viable market segments will be the basis for the targeting and positioning steps. For example identifying distinct groups of customers who are going to respond positively to your product/service offerings will then determine which segments have the commercial attractiveness and feasibility for you to target.
Market targeting is done once the markets are segmented and identified, this is then to determine which ones are to be selected for further evaluation and decide which customer/market segments should be chosen to move forward with for your marketing activity. The final step, product positioning, will establish how the consumer perceives your product’s position in relation to competitor’s products or services.
If target marketing is carried out successfully both your business and clients should benefit, the customer from great satisfaction from your products or services, and your company benefiting from better competitive positioning resulting in greater revenue and profits.
If you are looking for targeted prospect marketing lists then please come and speak to our team today on 0845 345 7755 or take a look at the different lists we have available by clicking here.