Bullseye Marketing: Know Your Market
Updated: Jul 28, 2022
We hear over and over that you need to know your market in order to connect with your audience. Once you know that, you can focus on two key components of marketing plans, segmentation and targeting.
Segmentation= dividing the market of potential customers into homogeneous subgroups. I.e:
consumer’s behavior patterns
Targeting = selecting a certain market segment and directing all of your marketing efforts to that segment.
When it comes to segmentation and targeting, pay attention to these variables:
–Age: The most frequently used variable in segmentation. Companies usually target their products/services to a specific age category.
–Social Class: Different types of marketing strategies are used to segment and target the upper and lower class.
–Gender: Men and women differ tremendously. Women are typically slower at making decisions and are more persuadable; therefore, segmenting and targeting to this market will be considerably different than to men.
–Geography: People in different countries receive marketing messages differently than people in the United States. You must look at the advertising techniques that work in a specific country and target and segment the way they do.
My best advice is to know your market. The first question I ask potential clients is who is your target market? If you don’t know, don’t waste your time marketing until you do.
Natalie brings up geography as a component of targeting and segmentation. Today, it’s easier to sell products and services globally, so including a global campaign in your marketing plan may be necessary. But keep in mind that not every country accepts marketing messages the same as the U.S:
Other countries have bans on marketing food products to children.
Translating Got Milk? into Spanish got people in Mexico in an uproar…it means Are You Lactating?
Here are some other amusing but fatal global marketing mistakes to peruse.