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Transcript
Target marketing
What is target marketing?
The practice of identifying a product’s ideal
customer and targeting them to maximise
sales
Market segments can be defined by:
• Geography
• Income
• Age
• Sex
• Personal interests
…anything universal among the group of customers
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
Researching existing customers
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
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
Competitor research
Who are your rivals
targeting?
Can you do it better
than them?
Re-visit unviable markets
Markets are always evolving
What 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
Find out more with Business.govt.nz:
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:
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Assess the health of your marketing
Business toolbox from Statistics New Zealand
Marketing and sales
Finance and money
Assess your financial health