Question

vii. Why is it important for a business to plan its market strategy, keeping in view the target market/customer?

Answer 1

Targeting’ in the context of marketing is essential as it is an element of a holistic market strategy. It effects promotion, consumer experience, branding , business functions. When your firm concentrates on target market segmentation, it helps you do the following-

1. Speak to a well-defined audience directly - Marketing communications resonate more intensely with audiences if the readers can relate to the info directly. Brands which have a huge and varied market of consumers usually struggle with developing marketing campaigns which communicate directly to their audience. As their viewers are quite different, few jingles / stories can resonate with every individual on a personal-level. Thru target marketing, you can ease this issue & concentrate on creating messages for a definite audience.
2. Catch the attention of & convert higher quality leads- When you communicate directly to the persons you desire to target, you are more probable to appeal to the right persons. Your marketing will very effectually reach the persons most likely to want to do dealings with you. When you link with the right persons, you are then more likely to obtain qualified & higher quality leads that will convert into paying clients.
3. Set your brand apart from that of the competitors- When you stop attempting to communicate to each consumer in your market & begin focusing on a smaller fraction of that audience,then you also begin to stand out from rivals in your sector. When consumers can identify clearly with your brand & your USPs, they will select you over a competitor who is not particularly targeting them. You can utilize your positioning in marketing in order to make your brand more famous & unique.
4. Construct a deeper client loyalty- The capability to stand out from your competitors by reaching your consumers on a more personal & human-level leads to longer-lasting relations. When consumers identify with your brand & feel that you are a promoter of their particular perspectives & requirements, they will be more loyal towards your brand & will likely continue to deal with you over a lengthier period of time.
5. Improve commodities- Knowing your consumers more closely also aids you look at your commodities in a new way. When you have a deeper comprehension of your target audience, then you can place yourself in their shoes & figure out how you can enhance your offerings. You can figure out which features you can add so as to better serve your consumers.
6. Remain focused- Ultimately, the advantage of utilizing ‘targeting’ is that it also serves to aid your brand & your team. Target marketing enables you to become more specific as regards your marketing strategies & direction of your brand. It aids you clarify your vision & bring each one in the firm on the very same page. You obtain better direction when it comes to forming future plans for marketing & for the business as a whole. A targeted approach aids you fully optimize your means, budget & time.