In this article, we will argue that it is not so much a matter of cutting the amount of money you spend on marketing as it is using each dollar to stretch a little bit further and to offer a better return to increase your business sales.
The best way to do that? Through target marketing.
What Is Target Marketing?
Target marketing is a fairly easy concept to grasp once you have heard the definition. Large corporations use target marketing every single day. Every new product launch and rebranding of existing products undergoes extensive market research.
Essentially, the term means honing in on a very specific group of individuals who are the most likely to buy the product you have to sell or pay for the service you have to offer.
When you integrate target marketing into your business plan, you have a much better chance of both saving and making money. And you don’t have to work quite as hard for it.
Let’s look at an example.
Say you provide daycare as your business. There are several marketing options available when you start up this type of business; you can use radio, television, the newspaper, the Internet and so on to advertise to your audience.
If you just blindly place advertisements anywhere you can think of, you are going to end up wasting money. There is not much point in placing an ad for a daycare service on a radio station that plays classical music all day long and has an audience that is mostly over 50.
What you want to do is target your marketing efforts so that your dollars are spent directly appealing to the niche market most likely to use your products and services.
A daycare service, for example, might want to place posters for services in the windows of grocery stores. The advertisement isn’t as slick as radio, but is much cheaper and will likely be noticed by more people likely to use your service.
The Advantages of Target Marketing
If you have grasped the concept, then the advantages of target marketing will soon become clear.
From where we stand, we can see two very obvious advantages of using a target marketing approach as far as your bottom line is concerned.
- You will SAVE money through using less advertising.
Gone are the days of the scatter approach, when you take advantage of any and all marketing opportunities. Focusing your efforts on a smaller spectrum will mean you save money.
- You will EARN money through more sales.
While your marketing efforts likely aren’t being heard or seen by as many people when using target marketing, they are being seen or heard by people who are much more likely, as a percentage, to buy your product or use your services.
This will translate directly into more sales per dollar spent.
Target marketing is very important when it comes to any aspect of marketing, whether on the Internet or more traditional advertising mediums. Focusing your efforts will make a big difference to your bottom line in both savings and sales.