The First Step - Market Segmentation
Market segmentation is the process of identifying all of the segments of a particular market or industry your products or services are used in. For example, a veterinarian may offer large animal mobile vet services, in-office small animal care, specialized surgery, emergency services, nutritional products, or animal rehabilitation services; all of these areas are unique segments of the larger animal healthcare market in which a veterinarian might offer products or services.
Customer Targeting Services
The Importance of Knowing Your Audience
You may have heard the first rule of marketing is “know your audience”. This is important because knowing your customers makes it far easier for you to persuade them to spend their money on your products or services.
Often customers base their buying decisions on an emotional response – they go with their gut more than they lead with their head – so by demonstrating that you know your audience, you can build trust that makes it easy for customers to choose your products or services.
What is Customer Targeting?
Customer targeting is the process of identifying the different types of customers you have for each of your market segments, determining what common characteristics and behaviors each type exhibits, and creating personas for the types you want to target.
Once you’ve done this, you can identify what elements of your products or services appeal to each persona, what factors will motivate each to make a purchase, and how best you can reach them based on their customer behavior.
Benefits of Targeting Your Customers
By taking the time to properly identify your prospective customers, and focusing your marketing campaigns directly on them, you have a far greater chance of success in achieving your marketing objectives.
And putting your advertising budget to work through effective campaign targeting to yield better results over a shorter timeframe is definitely worth the effort!
The first rule of marketing is "know thy audience"; if you don't know what motivates your customers, how can you be sure they're receptive to what you offer?
What is Positioning?
Similar to how your value proposition focuses on your company’s uniqueness, positioning is the process of identifying the things that make your products or services unique among competing products or services within the same market or industry.
By determining how your company’s offerings are unique, you can craft your content strategy to differentiate yourself from competitors and really highlight why customers should choose you when making their buying decision.
The Importance of Recognizing Your Value
Your company's particular blend of capabilities, core values and team members offers unique value to prospective customers; the challenge is in recognizing and taking advantage of it.
Your value proposition should clearly state why your company offers more value to your customers than your competition, whether it be in your approach, the services you provide, or the people who represent your business.
Benefits of Knowing Your 4Ps
Even though the sale of your company's products or services is ingrained in your day-to-day operations, it can be beneficial to take a step back once in a while and revisit the 4Ps - product, price, place and promotion.
In taking the time to review these four aspects of your marketing mix, you can find opportunities to gain an advantage over your competition and really set your company apart in the eyes of consumers.
How Can We Help?
Trillium DMC can help you get to know your audience better, from identifying your market segments and unique market position to targeting your ideal customers and developing qualified leads.