The Art of Targeting The Right Audience
Imagine if you could laser focus your marketing on a relevant audience; one that is most likely to be interested in your products or services. You could save your time, money, and marketing efforts by marketing to the people who would be interested in what you have to say or sell. Well, it’s possible, and it’s called targeted marketing.
What Is Targeted Marketing?
Targeted marketing allows businesses to find their ideal prospect and market directly to them. Not all people are going to want to buy the products or services we are selling. When we focus our attention overly broad, we lose focus on the core audience that is most likely to be repeat customers. For example, too many steak houses are still accidentally advertising to vegans. Targeted Marketing provides businesses with higher conversion rates and helps to create life long loyal customers. With all the tools at our disposal in the modern day marketing, a lot of businesses miss out by spreading their marketing too broadly. The advancements of analytics software, website metrics, and social media advertising, allow companies to target those ripe demographics that are most likely to buy. Cutting back on where we are focusing our marketing efforts frees up more money and time to spend on quality leads. New methods have allowed for reduced advertising spend while converting more people, getting more engagement, and creating real brand ambassadors.
Who Can Benefit the Most From Targeted Marketing?
Companies that are marketing for specialized services or products stand to gain the most from utilizing targeted marketing. When a company’s marketing efforts target relevant audiences, the audience is more likely to pay for the service or products. However, even if your business doesn’t offer any specialized services or products, you still have nothing to lose by applying the principles of targeted marketing to your own marketing efforts. For example, if you have a blog about a specific topic, you’ll want to get the word out about it in order to increase how many people read it. The best way to get the word out is to advertise it to relevant audiences who would be most likely to be interested in the topics you’re writing about.
So, how do you determine an appropriate audience to target your marketing efforts?
Key Strategies for Targeted Marketing
Four key targeted marketing strategies can be used to narrow down and find the best audience for you to target.
- Geographic Strategies: This strategy uses certain locations to find audiences, like a particular neighborhood, city, or state.
- Demographic Strategies: This narrows down the potential targeted audience through an individual’s characteristics. This could include age, race, or even gender.
- Psychological Strategies: This strategy can be used to filter a targeted audience by personality attributes. Examples can include anything from religion or even previous purchase history.
- Relative Ability and Attractiveness Strategies: This is an important strategy, particularly as the last step of determining a target audience. The focus of this strategy is to determine how likely the target is to be interested in the product or service that is being marketed.