Targeting for Efficient Marketing
The targeting phase begins after one has completed segmentation of their market(s). In order to select a target, it’s important to evaluate various segments to determine their relative attractiveness. Some of the questions that need to be answered include
- What is the purchasing size of each segment?
- Is the segment growing?
- How responsive are the various segments to marketing activities?
- How easy is it to convert competitors within each segment?
How to Target Your Market
Develop measures of attractiveness for each segment, rate them, and select the segment(s) you wish to pursue.
Once you have chosen the segments you wish to pursue, it is important to develop your marketing strategies. There are four major strategy types from which to choose:
Mass Marketing: In this approach, a marketer would offer the same product and marketing effort to all consumers. In effect, there is no segmentation.
Segmentation Marketing: Different products are offered to one or more segments.
Niche Marketing: In this type of marketing, different products are offered to subgroups within segments.
Micromarketing: Products are offered to suit the tastes and needs of individuals or locations.
Mass Customization is a specialty strategy combining mass marketing with personalization and customization. Read more on mass customization in our blog.
Why does targeting make sense? Using a target market approach allows organizations to make the most efficient use of their marketing dollars by following a plan to identify the customers that are likely to be the best prospects to respond to their marketing message and offer.