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What is targeted marketing?
Targeted marketing is, according to the text books, "the
process of distinguishing the different groups that make up
a market, and developing appropriate products and marketing
mixes for each target market involved."
One of the curses of today's technology-driven advertising
media (and that includes the Internet) is that it is
relatively easy to blanket very wide sectors of the
population with your promotional message, in the hope that
some of the flying bullets will find their mark.
This is not only wasteful of your resources (and other
people's), but it can also work against your image. Probably
well over half of the 'direct' mail sent out today deserves
the title 'junk' mail, because that's precisely what it is.
Why is it junk?
* It doesn't reach the right people - people who are genuine
prospects
* It doesn't communicate well - it makes it difficult for
the reader to absorb the message
* It's incorrectly addressed (which infuriates most people)
* It doesn't attempt to address the real needs of the reader
It's a bit like the old way of shooting down an enemy
aircraft. When the target is sighted, round after round of
air-burst high explosive is shot in the general direction of
the target in the hopes that some of it will explode close
enough to do fatal damage.
The guided missile
Today's anti-aircraft attack method is far more effective.
Just one heat-seeking ground-to-air missile is released,
which homes accurately in on its target.
That's what targeted marketing is all about. Recruitment
agencies say that the ideal job advert will attract just one
applicant, and that will be the perfect candidate for the
job. Ideally, that is what all advertising should aim for.
That's clearly impractical, but your advertising and
promotion should be moving in that direction.
Unless you are targeting just one specific prospect (and
there are occasions when you could be doing just that),
practical targeted marketing could, perhaps be more
accurately described as...
...Batch targeting
This is where you break your overall target market down into
manageable segments - such as one specific industry, or a
geographical area, or a demographic profile. The segments
should not just be ones which are convenient to you, but
ones which allow you to direct, to one specific target
market, promotional messages which:
* Are highly relevant to the prospects in that sector
* Convince them that you are a specialist in their own
activity / interest area
* Show them that you can meet their own specific needs.
If, for example, you sell office equipment or consumables,
you obviously have a vast market - almost every type of
business. But, instead of sending out thousands of mailings
to every type of business, pick out, say, stone quarries (to
pick an unusual example!) You could focus on dust covers for
equipment and the more rugged end of office equipment
ranges.
You can demonstrate that you understand the needs of the
quarrying industry. If you've got a few customers in that
type of industry, you will already understand their
requirements. If not, pick up the phone and without trying
to sell, do a little market research amongst two or three
prospects in that sector.
By showing that you are a specialist supplier, you'll stand
out from all your other 'me too' competitors. This must be a
significant competitive advantage. We know of an insurance
broker who was just your average broker until he started to
focus on selling insurance to dentists. Within two years, he
was the UK's leading broker to the dental profession.
To summarise, the advantages of targeted marketing are:
* Your attention is focused on one specific market area,
which is likely to result in your marketing campaigns being
far more cost- and time-efficient.
* You appear to be a specialist in the prospective
customer's own field, and you can increasingly build up a
reputation as being just that.
* Your promotion material is highly relevant to their needs,
and is less likely to be junked
* You stand out from your competitors
* By differentiating yourself from your competitors,
prospective customers are less likely to focus on price as
the key issue, thus enhancing your profit margins
In Targeted Marketing: Part 2, I describe a highly practical
step-by-step plan on how to implement a targeted marketing
campaign.
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