What is Target? Using them to find potential markets and target audience is really as effective as rumored? If this “tool” is so useful, how should we use them to save costs and efforts of the business?

What is Target?

What is Target?Professional and cost-effective marketing strategy
What is Target and how does it affect your business

Target translated into Vietnamese is the target and people often use this word in marketing business activities. Target in the business field is actually a customer analysis concept that any business wants to use to do business better.

For example, you are doing real estate sales in Vinh Phuc province and your daily goal is to find customers who want to buy land in the province. Target in this case is the customer who wants to buy land and you need to find out who has the need and the potential to pay.’

The role of target in business

Target?Professional and cost-effective marketing strategy
What is the role of target?

For businesses, having a clear business goal will help them not be passive and always build a more effective online business strategy. Once the target is identified, everything will follow a common “trajectory” and the work will achieve maximum efficiency.

Businesses that know what their target is, just need to reach the right target audience, thereby saving a lot of advertising, PR,… product costs. In addition, this also helps companies reduce a lot of unnecessary competition from competitors.

How to define a target in Online marketing

Targeting target customers and finding customer needs is always a dilemma that marketers all face. Identifying the right customers will avoid wasting marketing budgets, thereby reducing advertising costs to get a new customer for you.

Customers with product needs will be easier for your business to convert revenue because they already love and intend to buy products from you. Target also helps the process of writing content for the website, promoting on mass media channels, PR, campaigns in batches, … more accurate and precise. So how do you define your target customer?

Find out your target customer’s portrait

What is Target? cost
Understanding what customers need, the business has been partially successful

Based on the actual data available about customers buying online, their personal history, buying motives and interests to get the “customer portrait” that the business is aiming for:

  • Age: Customers of different ages will react differently to your products or services
  • Gender – Needs – Interests: Men and women will have similar preferences that lead to different buying motivations.
  • Earnings: The customer’s finances will greatly affect the purchase decision and this also greatly affects the marketing strategy or product PR. For example, low- or middle-income families will often use convenient and cheap products to save. On the contrary, families with high incomes will care about the quality of products and their class.
  • Place of purchase: People in rural and urban areas will have different buying habits. The location of each person will have a great influence on their buying preferences.

In addition to the factors mentioned above, occupation, marital status, ethnicity, … are also factors you need to study to visualize customers more accurately.

Research and determine customer size

What is Target? cost
Who are my customers and what they need now and in the future

To determine the buying habits of customers, there are many channels to collect personal information of customers. Determining what your customers need, want, and what needs can be met is part of the success of a business.

  • Survey: Use a questionnaire, email or survey in black and white,….
  • Interview: When reaching the target audience, you need to interview them with direct questions whether their buying habits are frequent, their real needs. What are they and can they afford a one-time purchase?
  • Focus on one focus group: Q&A is the fastest way to know what customers are thinking about the product so that you can come up with a strategy. appropriate sales strategy while saving more time.

Specify the size of the target market

Market size or market coverage is the range and volume that you target. Depending on the human resources and the goals the business is aiming for, the project is feasible and effective.

Every company has the ambition to expand its business and reach out to many customers to quickly increase its revenue. However, if the financial potential is not enough, an environment that is too large will make the business “overburdened” once a problem occurs. This will lead to serious consequences if the business fails to control the situation.

Online businesses should refer to the size of their predecessors through channels such as Google Keyword Planner, Facebook Power Editor, Google Trend, etc.

Assessment

Once you know what the target is and the potential market is covered, it is extremely important to re-evaluate to make a final conclusion. In addition, you also need to research more of your competitors to have a more effective competitive plan. Really “knowing the enemy, knowing me in a hundred battles and a hundred wins”.

Choose a unique and attractive target marketing strategy

After identifying the target customer, the next thing we need to do is have an effective target marketing. Here are four marketing strategies to achieve that goal:

Undifferentiated Target Market Strategy

What is Target?Professional and cost-effective marketing strategy
No specific target division

Using this strategy, the business will bypass the market segment and go after the market. They see buyers as a group and their marketing strategy is not specific to any particular market. Businesses will produce products aimed at all consumers.

This type of strategy involves mass distribution and mass media promotion. Consumers will only see superior and extremely attractive product images. Besides the centralized and separate strategy, this strategy is quite effective and suitable for large-scale business models.

Special Market Target Strategy

What is Target? A professional and cost-effective marketing strategy
Choose specific goals to target PR and marketing

In its strategy of targeting differentiated markets, the company targets multiple market segments, designs the mix, and markets multiple products to each market segment.

This strategy applied to differentiated market can generate much larger revenue than undifferentiated marketing. However, due to having to serve many different customers, the cost of marketing, promotion or marketing also increases. If sales increase with increasing costs at an acceptable threshold, this will be a potential business opportunity for businesses.

For example, Unilever has generated more sales by allocating resources and costs across different detergent products. This helps them reach diverse customers and generate more revenue than just focusing on a single brand or product.

Or another extremely famous example is McDonalds. Each country, locality or city, they develop a rich menu to suit each person’s taste. If in India, McDonald’s creates a unique menu for local consumers such as McCurry Pan, a vegetarian dish or Maharaja, Burger made with grilled chicken, tomatoes and onions. These products all reflect India’s religious sensitivity that they are not allowed to eat beef like other countries.

Target market focus

What is Target?Professional and cost-effective marketing strategy
What is Target market?

While applying a concentrated market targeting strategy, resources will be poured and targeted at each specific segment. Small companies, with limited investment capital and meager resources should refer to this strategy for implementation. Even if applied smartly and flexibly, they can completely surpass large enterprises.

When a company has a deep knowledge of the needs of a certain market segment, it is very easy for the company to achieve a higher position in the market. If the company chooses the right segment at the right time, the profit rate is many times higher than the big company.

Pizza Hut is perhaps a prime example of using this strategy successfully. They have a database of millions of Pizza-loving customers. They only need to use these data and analyze customer behavior to be able to develop appropriate strategies to effectively reach consumers.

Target Target market micromarketing

What is Target? A professional and cost-effective marketing strategy
Develop the right strategy for each time and place

Perhaps once upon a time we have witnessed this type of marketing in a particular location or audience. This is the micromarketing strategy. Business owners will use this strategy to target individual customers.

For example, for a particular branch, the business will offer promotions, inventory and marketing policies that are different from those of large markets.

Often this strategy is based on individual preferences. To do this, business owners must capture and analyze information as efficiently and carefully as possible.

Market targeting strategy to design work items to promote a brand or resonate a certain message with the target audience. Evaluating market segments then selecting a target market according to your overall business plan and goals and then rolling out to target each region, region, or region can be quite effective for many industries.

CONCLUSION


Understand what a target is? How people apply the target to online business will help businesses have the right direction for themselves. Each business in different potential markets will have different targets. Alternately using target market strategies will help businesses operate more efficiently and save costs.