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Benefits of Targeting a Market.
It is very important to do proper marketing for products. Good marketing skills increase the profits by increasing the sales. Marketing a product can be done in very many ways. The results of the different marketing strategies differ a lot. One good example of an effective marketing strategy is targeting a specific group of customers in the available market. Emphasis are focused on the customers most likely to purchase the products. Therefore, maximizing the target market is where all the efforts will go.
This method of product promotion is more convenient to the small scale businesses. It is a very effective strategy since there are an assured returns unlike the other broad marketing mechanisms. This type of marketing has a number of benefits to the businesses that use this strategy. First, it is possible to put more emphasis on the features that are more important to the customers. These advancements provide the customers with all the reasons to purchase a given product. The ultimate effect of this, is the increasing sales and therefore leading to increase in profits.
Additionally, and there will be good communication as a result of this marketing strategy. This communication may be in terms of writing or verbally. Addressing of the customers queries can be done via these channels. In return, the customers provide feedback. This makes it possible to fix any problem. Adjustments done by the businesses will suit the customers more since it was their idea. This enables a business to establish a stable and reliable fan base of customers. Loyal customers can influence other people and therefore increase the number of customers of a certain product.
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Some of the benefits of targeted marketing are mentioned above. However for this strategy to work, there are certain characteristics that are associated with targeting market. Geographic target market is one such characteristic. This means that the consumers of a given product are located in the same location. It may cover a town, a city or even a state. Some products do well in some regions better than others. A second example is the demographic or socioeconomic target market. It deals with age group, education level, gender and level of income. The specific group linked with the product becomes the target market of the product.
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A target market can also be defined as a behavioral target market. This type of a target market mainly focuses on the degree of loyalty of the customers. The business might come up with some ways of awarding the more loyal customers. Giving out of discounts on the goods bought is one such example. And finally, product related segmentation is another type of a target market. The focus is on customers owning certain products. Selling of computer accessories to people who own computers is a very good example. Product related segmentation has the major benefits of creating s specific target campaign, increasing the number of competitors and hence increasing sales.