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alexandra-stafford
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What is target marketing?The practice of identifying a product’s ideal customer and targeting them to maximisesales
• Geography• Income• Age• Sex• Personal interests…anything universal among the group of customers
Market segments can be defined by:
Customer research
Entrepreneurs need to research their target markets before launching a business
Many don’t, however, and struggle to realise the potential of their product or service
Talking to repeat customers can help businesses identify what traits and habits unite them as a market segment…
They can then use that knowledge to attract more people like them to their product
Researching existing customers
Customer databases
Databases not only help businesses recognise customer segment traits, they can also record buying patterns
These help businesses identify more of their customers’ needs
Finding more ideal customers
Businesses often export or go online with e-commerce websites to gain access to more of the customers their products target
Re-visit unviable markets
Markets are always evolvingWhat wasn’t a viable idea yesterday might be viable today
Adapt to untapped markets
Can you apply your product, service, assets or knowledge in a different way to meet the needs of an entirely new market segment?
Creating a market
Sometimes, an innovative new product isn’t designed with a customer segment in mind
These products can only succeed by creating demand
Business.govt.nz provides free access to a wide range of resources, including tools and interactive content. It acts as a gateway to government and private sector business information, news and services.Next steps:
Find out more with Business.govt.nz:
• Assess the health of your marketing• Business toolbox from Statistics New Zealand• Marketing and sales• Finance and money• Assess your financial health