A target market is a group of consumers identified as likely purchasers of a company's product. Typically, this group differs from other consumers based on factors like demographics, behavioral patterns and lifestyle characteristics.
Choosing a target market is important because it enables the firm to direct its resources to those customers with high potential for sales growth, interest in the product and loyalty to the brand. It is not necessary for a firm to choose a target market; its product can simply be promoted and distributed in the same way to all potential buyers.
This mass-market approach was used widely in the past, notably in categories like snack foods and soda. But mass marketing has fallen out of favor as more and more companies have become concerned with wasting resources on consumers who have little interest in their product, or who are loyal to competitive brands. The target market approach is an important means of boosting efficiency.
A small group of consumers can offer the firm a large opportunity to grow sales. One target audience example is that relatively few ice cream buyers are lactose-intolerant unable to digest milkbut that group could generate big profits for a maker of milk-free ice cream substitutes. A product designed for this target market will easily capture their business. Another example of the importance of a target audience is that consumers in a target market share various characteristics that make them more likely than other consumers to show interest in the firm's offering.
These characteristics may be demographic, like gender, age and income level; behavioral, like employing heavy usage of the product; or lifestyle-related, like concern about staying fit. For example, one possible target market for athletic shoes may be composed of adults who are younger, healthier and more involved with sports than their peers. Promotional resources can be concentrated on a target market, while the advertising message is designed specifically to resonate with consumers in that group.
Also, a target market for Firm A is less likely to get the same level of attention from Firms B and C. Together, these factors improve the potential for brand loyalty. By focusing tightly on a target market, the company can establish itself as an expert on the wants and needs of that group. It is able to react quickly to changes in their interests or opinions, and keep a careful eye on attempts by other firms to lure those customers away.
Overall, its solid presence in the target market will act as a barrier to competitors seeking to enter the same market, and retaining a competitive edge may be one of the most important benefits of target marketing. Amy Handlin has been writing about government, business and politics since Handlin graduated from Harvard and holds advanced degrees in marketing from Columbia and New York University.
Share It.Smart organisations are realising that embedding design into business practices is now a necessity in order to make an impact on their business results.
Design is more than aesthetics. Companies like Uber and Airbnb realise that, but there is still a huge opportunity to tap into when it comes to converting design thinking into actual business results. But how, exactly, is design changing business? Why does it matter? We summarised the 4 key stats that will help understand the importance of design for businesses around the world.
Better products or a superior customer service are no longer enough to stand out. Technology has lowered barriers for entry and, with that, provoked a new era of competition. Top companies are leading with design. Business as usual is no longer good enough. Mature industries that have focused on more, better and faster now need to adjust their thinking to include design as a key value differentiator. These experiences do more than simply engage audiences. They build and nurture deeply rooted, personalised connections.
With that comes consumer preference and, of course, increased market share. Great design translates into great content, but this is where things get a bit tricky. Consumers want amazing content and experiences on their favorite devices, every minute of the day. Now, consider that currently there are 3. Or, as John Maeda reminds us, some of the top companies are living and breathing design from the top down:. Uniquely, Apple has a senior vice president of design.
Marketing Concept: Definition, Importance, Example
In the digital era, design sits at the core of amazing brand experiences. Smart organisations are realising that embedding design into business practices is now a necessity in order to create a deeper loyalty among customers, and ultimately to make an impact on their business results. Credited as being the driving force behind forms adoption in InDesign. With over thirty years experience in the creative industry as an illustrator and designer for both print and screen, I've worked on projects of all shapes and sizes.
Spent several years training Adobe Software, presenter on behalf of Adobe and other vendors and also as an author for blogs, magazines and more recently for Lynda. Follow my Design Jungle blog at blogs. Thanks for sharing this great post.
BRINGING YOUR IDEAS TO LIFE
It is very enlightening. I absolutely love to read informative stuff.When we settled upon Shufelt Group as our official name for the business, we intended to communicate the range of talent and services you'll receive as a client. Company president Craig Shufelt leads an array of carefully selected team members to arrive at the right solution for your marketing, graphic design or technology project be it web, print or both.
Designers, Developers, Writers, and PR Professionals depending on the scope and nature of each job, be it print or web.
Shufelt Group was also designed as a firm that includes you as a team member. We listen to and respond to your input and arrive at a solution that is right for your business and forward thinking for the future. Every company is different, and each deserves its own marketing plan.
A marketing concept begins the phase of what is known as "Brand Identity" or creating a corporate personality that you communicate to your audience, both new and existing. The first step in the process consists of some self-evaluation and some questions:.
What is it that your company does and what does it do best? Knowledge is power, so the more you can uncover your business's strengths and weak points, the sharper and more on target your positioning message will become. Of course, marketing plans and positioning strategies are not static, but ever-evolving. We'll help you re-evaluate your message as you add new services or staff, expand the company, or maybe even downsize to fill more of a niche market.
The first step in the process consists of some self-evaluation and some questions: What is it that your company does and what does it do best? What is the face you want to show to the public?A marketing concept is vital to customer-centric companies because it guides them to prioritize satisfying customer needs and wants. This concept also causes companies to perform proactive research to identify preferences within the consumer market prior to development and promotion.
A key premise of the marketing concept is that it gives customer-centric organizations benefits over production-centric organizations that fail to take customer preferences into account when developing solutions. By focusing on what customers want, a company is more likely to deliver a product or service solution with the features that customers desire.
Customer satisfaction is one of the primary goals of the marketing concept. On an initial offering, the goal is to deliver what customers want. Ongoing research is used to identify problems or concerns and to develop solutions, upgrades or product improvements. In the long run, companies that apply the marketing concept do so because they feel it is the best approach to generate profits.
Satisfied customers are more likely to repeat purchases and become loyal buyers who are willing to pay relatively high prices.
The marketing concept also gives companies a structure that includes close collaboration between marketing, research and production divisions or departments to achieve quality objectives. Why Is the Marketing Concept Important? More From Reference. The U.Build your sales pipeline which leads more more closed won deals through outbound calling, paid search, and marketing automation.
Partnering with our SDRs, you can count on them to work tirelessly to set more warm sales-qualified meetings. Utilize digital marketing to consistently talk with your various leads at various lead lifecycles.
Concept keeps the dialogue open, serves as a reminder to the accounts that they need to take action and makes sure that we are first in their mind when they decide they are ready to move. If you are looking to outsource your outbound calling and business development, I highly recommend giving Concept a call today. It will end up costing your company more money to hire the wrong people internally than to make the right choice in outsourcing!Marketing and Graphic Design Solutions for Your Business
Concept's multi-faceted approach has helped us develop a stronger online presence while a direct marketing campaign through their business development side has brought in opportunities from both target accounts and those that have been stagnant for a while. Concept has been instrumental in helping us innovate on the SalesForce platform.
Not only do they build exactly what we need to implement new processes on the platform, but they are a constant sounding board as we look at everyday business challenges. Our sales development team works to uncover more decision makers in your database.Vague and generic messages are far less likely to resonate with audiences than specific, direct communication — which is why targeting in marketing is so important.
Targeting in marketing is a strategy that breaks a large market into smaller segments to concentrate on a specific group of customers within that audience. It defines a segment of customers based on their unique characteristics and focuses solely on serving them. Instead of trying to reach an entire market, a brand uses target marketing to put their energy into connecting with a specific, defined group within that market.
The four main types of market segmentation are:. A brand might also leverage business segmentation, taking into consideration things like industry, company size, or annual revenue. They can focus on a small group of customers who will be most likely to benefit from and enjoy their products. For example, a brand that sells day planners may decide to focus on a smaller, specific target market. Instead of marketing to the masses, they may focus solely on selling planners to female business owners.
Or they could choose to exclusively market to high school teachers. It impacts advertising, as well as customer experience, branding, and business operations. When your company focuses on target market segmentation, you can do the following:. Speak directly to a defined audience.
Marketing messages resonate more deeply with audiences when readers can relate directly to the information. Brands that have a large, varied market of customers often struggle with creating marketing campaigns that speak directly to their audience. Because their viewers are very different, few slogans or stories can resonate with each person on a personal level. Through target marketing, you can alleviate this problem and focus on crafting messages for one specific audience.
Attract and convert high-quality leads. When you speak directly to the people you want to target, you are more likely to attract the right people. Your marketing will more effectively reach the people most likely to want to do business with you. When you connect with the right people, you are then more likely to get high-quality, qualified leads that will turn into paying customers.
Differentiate your brand from competitors. When you stop trying to speak to every customer in your market and start focusing on a smaller segment of that audience, you also start to stand out from competitors in your industry.
You can use your positioning in marketing to make your brand more well-known and unique. Build deeper customer loyalty. The ability to stand out from competitors by reaching your customers on a more personal, human level also creates longer-lasting relationships.
When customers identify with your brand and feel like you are an advocate for their specific perspectives and needs, they will likely be more loyal to your brand and continue to do business with you over a longer period of time.
4 key stats on the importance of design for business
Improve products and services. Knowing your customers more intimately also helps you look at your products and services in a new way. When you have a deep understanding of your target audience, you can put yourself in their shoes and see how you can improve your offerings.
You can see what features you can add to better serve your customers. Stay focused.
Finally, the benefit of using targeting in marketing is that it also serves to help your brand and team. Target marketing allows you to get more specific about your marketing strategiesinitiatives, and direction of your brand. It helps you clarify your vision and get everyone in the organization on the same page. You have more direction when it comes to shaping upcoming plans for both marketing and the business as a whole.
A focused approach helps you fully optimize your resources, time, and budget.Marketing communications is about brands helping consumers satisfy needs.
It is this understanding that has lead us to creating effective marketing communications for clients over the years. Most brand communication these days is based on content, but underestimating the power of marketing communications only allows brands to miss out on a proven marketing avenue.
Being the voice of India's business and industry along with working closely with the Government of India; our task is to ensure that our integrated solutions in Creative, Print, Digital and Technology are at par to the best in the world. Here are few of the works done for the organization that is the first port of call for industry, policy makers and the international business community. A corporate Brochure and other marketing communication collaterals for a well known name in the Steel industry.
The communication piece spoke of the journey of the organization and where it headed with a vision to build a strong nation. One of the most renowned names in the Real Estate Industry in Northern India; the integrated communications pieces developed had a tone of positioning one of their most sought after project in a different light - Short and sweet stories with a pinch of salt.
As an education brand, Princeton Review exudes confidence.
Their communication had to match the educational benchmarks that they have set over the past years. With such a business targeting students of different age groups is primary, but understanding core values is just as important. Defining brand communication can be tricky, especially for a well established name like Princeton Review.
The aim of the communication was to establish the correct image of the brand as that of an exam training organisationin a sustainable manner. The result was a high level of response from both forms of media. Launch with a degree communication design for the University placing it as one of the most sought after higher education destination in the region.
Here are a few of the snapshots of the same. How do position an education body with skill training at its core.
Why Is the Marketing Concept Important?
Well our team decided to make it look cool and essential. The communication used vibrancy and passion as the core theme linking it to the factual data of the success stories they created. We tried to do all that with our association with Lions that is getting stronger by the day. One of the largest milk processors and dairy product manufacturer in India who takes great pride in the purity of their products made us execute campaigns that were pure and healthy.
A different University with a different thought process led to creation of multiple communications and campaigns that were young, vibrant and different. Here are some of the snapshots of their marketing communications pieces. The pioneers, leaders and the creators of the Packers and Movers Industry in India, required marketing communication that not only justifies their position but revolutionize it. The rice the world loves! One of the largest exported basmati from India, the brand communication needed all the love that its taste had been spreading in over 54 countries.
Food just cannot go wrong with Besan. With cracking the core philosophy of the brand what was required was an execution that was all the more Fun with Rajdhani Besan. Here are few of the marketing communication pieces along with a few fun videos. Trusted by Clients Across Categories Few of our prestigious clients.