Target marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings. It can be the key to attracting new business, increasing your sales and making your business.
BREAKING DOWN 'Target Market'
A company invests significant amounts of time and capital to define and monitor its target market. Not all products and services are meant for all types of consumers, and consumers are often cautious with their spending power. For this reason, target markets are typically segregated by age, location, income and lifestyle. A company defines its target market by the consumers that are likely to have a need for its product. Defining a specific target market allows a company to hone in on specific market factors to reach and connect with customers through sales and marketing efforts.
Testing of the target market often occurs in a phase before the product release. In this phase, a company may use limited product rollouts and focus groups, allowing the product managers to get a feel for which aspects of the product are the strongest. Once a product is released, the company can continue to monitor the demographics of its target market through sales tracking, customer surveys and various other activities that allow the company to understand what its customers demand.
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