Our Digital Marketing Strategist Tyler Holmes walks you through step 1 of creating a Marketing Strategy: Target Market
No matter your company size you should have a solid marketing strategy. It doesn’t have to be some 100 page document outlining every minute detail of your day to day marketing tasks, it could be as simple as some bullet points scribbled on a whiteboard. The point is you need to have something. Your team needs to have some guidelines and goals to focus on every time they work on any marketing tasks. In fact, a good marketing strategy should give your team direction for every professional situation they find themselves in. For example, if your strategy is around building a premium brand image, then everyone knows that everything they do that is associated with the company must come across as best in class. That might mean a different dress code or being very selective in who you partner with. Below I have outlined the first areas you will want to think about, target market. Be sure to follow us on Twitter to be notified when we post the next part of the strategy.
1. Target Market
This is the most important thing to include in any marketing strategy. Your target market sets the tone for every part of the strategy. Each market has strategies that work better for them than others. For instance if your target market is 35+ Males Pinterest is probably not the best place to spend your time. The good thing about setting your target market is most people have a pretty good idea who there audience is. One thing to watch out for is assuming that your target market is the same as who you wish your target market to be. You may actually have two target markets, the one you have and the one you want. This could be changing from one age bracket to another, or maybe focusing on bigger businesses if you are a B2B. One big thing I like to do with target market to figure out my target market is to look at Google Analytics data combined with your CRM. This gives you a good idea of the demographics for the group that is already customers (CRM) and who is interested in you (Google Analytics traffic). You can then take these stats and build a basic profile.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” ~ Peter F. Drucker
Here are the elements you want to include in a target market profile. Something to note, not every line will pertain to every company. Only include the elements that you saw as trends in the CRM and Google Analytics data.
Should be a range and only included if you saw a significant trend in the data
Pretty simple here, but again only include if the data has male or female at over 70% of the total
This is another pretty straight forward inclusion
Usually this is the element that is the difference between actual and goal target markets
Does your B2B company focus on certain industries? Make sure to include them here
Are you looking to branch out to new industries? Include them to make sure that you consider them when choosing marketing initiatives
Usually only relevant to B2B companies
Ask yourself, who makes the decision to partner with your company? That’s who you should target
If your product or service is more expensive you may want to target higher income households or higher revenue businesses
Many ad platforms are able to attribute household income based on sourced data
Some companies may have very specific parameters for their company. For instance a non-profit may want to target those who have have given to charities in the past or a car dealer may only want to target people with a certain credit rating. Both of those are targeting parameters allowed in Facebook advertising.
All of this seem to daunting to tackle alone? MediaFuel can help you build a new custom marketing plan for your business.