Target marketing is one of the most important, though often overlooked, components in marketing strategy development. Targeting recognizes that most companies have limited resources and therefore need to “place their bets” where they will yield the highest return.
Many companies are reluctant to select a core target, fearing that excluding certain groups will decrease an important source of volume. In turn, companies try to serve all customer groups equally, which can result in a diffused offering, that no one group finds appealing.
Our marketing consultants understand the key difference between 1) the more narrow “target market” (think center of the bulls eye); and 2) the broader “consumption market” that falls outside of the core, though often finds the offering appealing. Targeting, then, becomes an issue of prioritization vs. necessarily excluding customer groups.
Target Marketing Issues
- Which are the most attractive targets for the business, in terms of market size, profitability, brand-fit and long-term attractiveness?
- What drives purchase and decision making? What attributes and benefits are most important to the target?
- Should current offerings be realigned or new offerings introduced to better meet the needs of the target?
Target Marketing Consulting Approach
The customer framework and target selection criteria are used to inform and narrow in on the core target. Guided by our marketing consultants, a target selection workshop can be held, assessing each target across each criterion. Obtaining internal agreement to the selected target(s) is critical, as strategic positioning and downstream marketing activities will stem from this important input.