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Identifying your target market before you begin implementing an advertising or sales strategy can save you a significant amount of time and money. A well structured targeted marketing program will identify effective and efficient ways to connect with your customers while allowing you to select advertising and sales approaches that have an expected return on investment while increasing revenue and profit.
Whether you are a consumer business or business-to-business product/service provider, a targeted marketing program will help you identify the company, customer and product profile critical to your businesses short and long-term success. By developing a target marketing strategy for each product or service area of your business, you will be able to target a specific market segment that will attract a specific customer group. This top-down approach can help you identify both horizontal and vertical sales and marketing opportunities while reducing advertising and sales expenses, producing higher profits and increased revenue.
Essential components to identify your target market include:
1. Demographics:
• Consumers Business - Age, Income, Family Size, Education, Occupation, Gender, Nationality, Etc.
• Businesses to Business – Annual Sales, Number of Employees, Industry, Job Title, Etc.
2. Geography: - ZIP Code, County, State, Region, Country, Climate, Etc.
3. Behavior: - Brand Loyalty, Quality, Value, Etc.
4. Psychographics: - Personality, Lifestyle, Interests, Etc.
5. Additional Market Research Questions:
• Are they ready to buy?
• How often do they buy?
• What kind of _______ do they like?
• How likely are they to purchase your type of product?
Market Research
Surveys, Focus Groups and Search Engine Marketing are the three primary methods of market research.
1. Surveys
Surveys are the least expensive and can be conducted on-line, in person, by phone, or by analysis of website and internet search traffic.
When utilizing a survey:
• Establish the goals of the survey
• What are your market segmentation criteria for participants?
• Determine Sample Size based on variety and accuracy, noting that the larger the sample size, the greater the accuracy.
• Determine the sampling Method: - Personal Interview, Telephone, Direct Mail, Email, On-line
• What is the format of the data collection
• Processing and analyze the data
• Create a detailed report of your findings while explaining how the results fit into your targeted marketing plan
2. Effective Focus Groups
Focus Groups are an interactive group setting. Companies gain feedback and information by asking questions about products, services, concepts, ideas and advertisements.
• Establish the information goals of the focus group.
• What are your market segmentation criteria or group make-up?
• Determine group size, noting that the larger the group, the greater the accuracy.
• Pre determine the questions.
• What is the format of the data collection
• Processing and analyze the data
• Create a detailed report of your findings while explaining how the results fit into your targeted marketing plan
3. Search Engine Marketing (SEM)
By utilizing proven search engine marketing techniques, companies are able to identify key traffic drivers associated with their industry, product or service area. These keywords and phrases can be integrated into all aspects of your company’s electronic and print media, advertising and sales strategies to insure effective customer communication while providing a measurable return-on-investment for all of your advertising and sales expenses. Contact Digital Image Business Solutions today to minimize your advertising and sales expenses while increasing revenue and profits.
DIBS WEBSITE
Sales and Marketing Approach that Provides Higher Profit
Identifying your target market before you begin implementing an advertising or sales strategy can save you a significant amount of time and money. A well structured targeted marketing program will identify effective and efficient ways to connect with your customers while allowing you to select advertising and sales approaches that have an expected return on investment while increasing revenue and profit.
Whether you are a consumer business or business-to-business product/service provider, a targeted marketing program will help you identify the company, customer and product profile critical to your businesses short and long-term success. By developing a target marketing strategy for each product or service area of your business, you will be able to target a specific market segment that will attract a specific customer group. This top-down approach can help you identify both horizontal and vertical sales and marketing opportunities while reducing advertising and sales expenses, producing higher profits and increased revenue.
Essential components to identify your target market include:
1. Demographics:
1. Consumers Business - Age, Income, Family Size, Education, Occupation, Gender, Nationality, Etc.
2. Businesses to Business – Annual Sales, Number of Employees, Industry, Job Title, Etc.
2. Geography: - ZIP Code, County, State, Region, Country, Climate, Etc.
3. Behavior: - Brand Loyalty, Quality, Value, Etc.
4. Psychographics: - Personality, Lifestyle, Interests, Etc.
5. Additional Market Research Questions:
• Are they ready to buy?
• How often do they buy?
• What kind of _______ do they like?
• How likely are they to purchase your type of product?
Market Research
Surveys, Focus Groups and Search Engine Marketing are the three primary methods of market research.
1. Surveys
Surveys are the least expensive and can be conducted on-line, in person, by phone, or by analysis of website and internet search traffic.
When utilizing a survey:
• Establish the goals of the survey
• What are your market segmentation criteria for participants?
• Determine Sample Size based on variety and accuracy, noting that the larger the sample size, the greater the accuracy.
• Determine the sampling Method: - Personal Interview, Telephone, Direct Mail, Email, On-line
• What is the format of the data collection
• Processing and analyze the data
• Create a detailed report of your findings while explaining how the results fit into your targeted marketing plan
2. Effective Focus Groups
Focus Groups are an interactive group setting. Companies gain feedback and information by asking questions about products, services, concepts, ideas and advertisements.
• Establish the information goals of the focus group.
• What are your market segmentation criteria or group make-up?
• Determine group size, noting that the larger the group, the greater the accuracy.
• Pre determine the questions.
• What is the format of the data collection
• Processing and analyze the data
• Create a detailed report of your findings while explaining how the results fit into your targeted marketing plan
3. Search Engine Marketing (SEM)
By utilizing proven search engine marketing techniques, companies are able to identify key traffic drivers associated with their industry, product or service area. These keywords and phrases can be integrated into all aspects of your company’s electronic and print media, advertising and sales strategies to insure effective customer communication while providing a measurable return-on-investment for all of your advertising and sales expenses. Contact Digital Image Business Solutions today to minimize your advertising and sales expenses while increasing revenue and profits.
Sincerely,
Chris Bernard
Chief Strategist
dock29 - marketing agency
office: 941-776-1925 (direct)
mobile: 941-730-4677
fax: 801-749-3719
email:
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dock29 - a marketing agency is an accountable advertising agency that deploys marketing strategy coupled with sophisticated tracking tools and methods to drive advertising performance.
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