Thursday, October 17, 2013

Target markets & target audiences

Without a good understanding of target markets and target audiences, marketing communications cannot be accurately directed.

The Government defines markets by Standard Industrial Classification (SIC) codes, which are far broader than required by most specialist businesses. Data relating to size and value of particular markets is typically not available, although in some industries trade organisations may take on this role. You will need to estimate the total value of your market, then calculate your share and establish whether the market as a whole is growing or not and set goals for your campaign. Within this market there may be a number of identifiable sectors that have different applications, requiring segmentation of your market place and matching products and services accordingly.

Next we need to identify the target audience and determine the total population. Not all of the target audience will be buyers. Some will have specification influence, others can be advocates and opinion leaders through endorsement of your product. Users who work with the product also have an influence and will feedback opinions to buyers. In structuring a campaign we therefore need to understand the benefits that these various people comprising your target audience are seeking and address communication messages accordingly. The size of the target audience will have cost implications for delivering your message. For large populations, display advertising in the trade press or web site is often cost effective. Readership statistics can be related to your target marketing profile to find the best match, but there will always be a ‘wastage’ factor due to some readers not meeting your classification.
Direct marketing is cost effective in delivering audience specific messages to named recipients, allowing you to communicate at an individual level. E-mail marketing allows considerable scope for fine-tuning to send messages only with high relevance to individually expressed preferences. Once you have a clear view of the target markets you serve and the target audiences you address, then media and delivery methods can be chosen to maximise your marketing investment and achieve your campaign goals. 

1 comment:

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