I’ve met business owners that believe target marketing is a crazy idea. Why would a business put a constraint on sales revenue growth? Don’t we want to sell to everybody?
That’s where the misconception may be at play. Target marketing isn’t about walking away from a sale. It’s about directing business development efforts toward prospects that offer the best potential. The reason… it pays big dividends by making marketing tactics and messaging much more effective. Read this blog post to learn more about five specific reasons why.
OUR TOP FIVE
1. Better products and services. Using a pull strategy in new product development is critical to successful business growth. We learn in Marketing 101 that new products are the lifeblood of any company. It’s a notion the best brands have followed for decades. Defining the target market and its most important unmet needs is essential to a company’s ability to bring successful products to market. I saw how well this works when I marketed medical devices. We sent industrial designers into the field to observe how nurses and respiratory therapists (our target market) used our devices when caring for patients. Numerous new product features came from those activities.
2. Retain customers. We work so hard to attract new customers, companies who have defined their target will hold onto customers. In fact, astute companies make customer retention a top goal.
3. Selection of search terms. Smart companies aren’t just building a good looking web site. They’re doing everything possible to drive traffic to the site. That includes identifying the right terms so that folks who are Googling for their type of product will find them online. A better definition of your target audience enables you to make better decisions about the search terms you include in your web content.
4. Group selections on Linked In. There are over 1.5 million groups on Linked In. How are you going to decide which ones to join? Assuming you have chosen to participate actively on Linked In, you need to define your target market before you can make good decisions about which groups to spend your time on. And Linked In isn’t the only social media platform where a well-defined target market will help. It will also help your brand make the right decisions on Facebook, Twitter, etc.
5. Better definition of market need. The golden rule of content marketing is demonstrating that you understand your markets’ needs. The only way to do that is to define who your target market is (and, of course, how your product meets their need or solves their problem better than any alternative).
HOW TO MAKE TARGET MARKETING WORK
When developing your company marketing strategy, be sure to remember these important reasons why your target market is essential. In fact, I recommend you begin by determing your target market. That’s because so many decisions ride on it.
For more discussion of target marketing, click here.