Unfortunately, too many business owners fail to understand the importance of carefully identifying their target market and then working hard to ensure that it is only these people who are targeted with marketing campaigns. When a business markets to those outside their core target area (or areas), this spend is ultimately going to be far less effective than that within the core target market. The problem which many have, however, is identifying these areas in the first place and whilst every industry (and every business for that matter of fact) is different, taking a look at a number of potential routes for identification should hopefully allow you to get your own business’ marketing approaches into shape.
In order to take a look at identifying the right target market for a business, let’s take a look at a number of different target markets in order to help you to generate an understanding as to what works best for different businesses.
If a business operates only with a predefined geographical area, it’s important to understand the need to market only within this region. Whether this region is within a city, county or wider region, the same principles apply in that marketing outside of this geographical area is wasted efforts. If a business offers services only within a region, it’s important to develop an approach which encompasses those within to make sure that marketing spend is utilised as effectively as possible.
Local marketing brings with it limited options when compared with wider segmentation, however it’s often a lot easier to reach those within a target market simply due to the fact that the segment is generally far smaller than would be the case with national or international markets. It’s not uncommon for a target market to be identified as ‘the local population’ for many businesses, however deeper segmentation by business type isn’t uncommon either.
When it comes to marketing a business, it’s products and services on a national scale, things ultimately get a little more complex. There’s suddenly a far greater number of people within the target market and the cost to reach all of these is significantly greater than on a local level. In this instance, it’s important to segment the market even further and, rather than simply targeting ‘businesses in the UK,’ to target, as an example, ‘accountancy firms within the UK,’ should your offering be applicable to these. When it comes to our B2B email lists, we’re proud to offer these in carefully segmented offerings, both by region, by business type and by job role.
That’s not to say that it’s uncommon to target multiple national segments and the majority of B2B businesses marketing in this way will undoubtedly have a number of core targets, however what’s important to remember is that better results generally come from a tighter target market than when trying to target a wider population.
Above all, identifying your target market and putting together a marketing strategy which talks to these people is vital to the success of any business. Regardless of the industry you’re in or the products and services which you offer, carefully segmenting your target market into sizable chunks makes success that little bit easier and avoids wasted marketing spend.
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