Target Marketing

www.business.govt.nz

What is target marketing?

The practice of identifying aproduct’s ideal customer andtargeting them to maximisesales

www.business.govt.nz

- Geography- Income- Age- Sex- Personal interests…anything universal among

the group of customers

Market segments can be defined by:

www.business.govt.nz

Customer research

Entrepreneurs need to research their target markets before launching a business

Many don’t, however, and struggle to realise the potential of their product or service

www.business.govt.nz

Talking to repeat customers can help businesses identify what traits and habits unite them as a market segment…

They can then use that knowledge to attract more people like them to their product

Researching existing customers

www.business.govt.nz

Customer databases

Databases not only help businesses recognise customer segment traits, they can also record buying patterns

These help businesses identify more of their customers’ needs

www.business.govt.nz

Finding more ideal customers

Businesses often export or go online with e-commerce websites to gain access to more of the customers their products target

www.business.govt.nz

Competitor research

Who are your rivals targeting?

Can you do it better than them?

Re-visit unviable markets

Markets are always evolving

What wasn’t a viable idea yesterday might be viable today

www.business.govt.nz

Adapt to untapped markets

Can you apply your product, service, assets or knowledge in a different way to meet the needs of an entirely new market segment?

www.business.govt.nz

Creating a market

Sometimes, an innovative new product isn’t designed with a customer segment in mind

These products can only succeed by creating demand

Find Out More

Facebook.com/business.govt.nzTwitter.com/business_govtNZLinkedin.com/company/business-govt-nzSlideshare.net/MED-Business business.govt.nz