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Target Marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments. Target marketing can be the key to a small business’s success – though many ignore it to their own peril.
So, let’s look at the basics.
The beauty of target marketing is that it makes the promotion, pricing and distribution of your products and/or services easier and more cost-effective. Target marketing provides a focus to all of your marketing activities.
While market segmentation can be done in many ways, depending on how you want to slice up the pie, three of the most common types are:
- Geographic segmentation : based on location such as home addresses;
- Demographic segmentation : based on measurable statistics, such as age or income;
- Psychographic segmentation : based on lifestyle preferences, such as being urban dwellers or pet lovers.
An often over-looked market is your most profitable buyers targeted with your most profitable and easiest to delivery products or services. EnterprisingWorks can help with target marketing from any angle. But, we believe that as long as you are going to target, you may as well segment based on that which is most profitable to your business.
