What is Target? 3 secrets to Target effective target market for businesses 4.0
Choosing the right market and target audience is not simply a necessary and useful job, but a mandatory requirement, especially in today's fiercely competitive business era. These things can be summed up in one word, “Target”. So what is Target? What is the secret to Targeting the target market effectively in the 4.0 era.
What is Target?
Target is understood in the Vietnamese sense as a goal. In Marketing , Target is the determination of the target audience and market that the business will target in business. These can be target customers who share the same characteristics, needs and interests in your products/services. The purpose of Target is to serve the implementation of Marketing strategies and business orientations of enterprises.
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For individuals, Target is when you set your own goals for yourself to help arrange scientific work as well as prioritize important things to ensure efficiency. Building Target will give you the motivation to strive and improve and upgrade your self-worth.
What is Target Run?
Running Target is when a business mobilizes all necessary resources in a certain Marketing campaign to ensure the completion of the Target that the business has set out before.
Review the current situation of the business to come up with appropriate plans and strategies to shorten the time to complete the goal.
Highly focused, put all your energy to perform.
It is possible to get help from other external resources.
Divide into small teams and clearly allocate work to each stage of the goal.
Target example of McDonald's brand target market
McDonald's is considered one of the successful businesses in choosing the right target market.
The customers that McDonald's target in the market are mainly children, students, employees and professionals in the age group from 8 to 45 in the low & middle income group.
Build impressive amusement parks right at the restaurant.
Get rid of the Super Size option and start offering healthy options, adding more nutritious dishes to the menu.
Harmony between price and quality
Provide party organization services.
Many special promotions.
Smart advertising campaigns, catching “Trend” to the right audience, at the right time.
What benefits does Target bring to businesses?
Helping businesses identify and reach target customers accurately and quickly.
Save budget, eliminate unnecessary costs to build effective business campaigns.
Optimize specific methods, limit risks in development strategies, compete with competitors.
All plans are built ready, businesses can be more proactive when implementing. As a result, businesses focus on maximum goals, strategies become effective.
3 secrets to Target effective target market for businesses
The journey to find Target and Insight of target customers is still a difficult problem for marketers. Identifying the right target customers will help businesses build the right direction, reach the right audience instead of wasting "consuming" a large budget on Marketing "to get new customers but they are not sure they already have them. needs with the product/service you provide.
In fact, many businesses make the mistake of setting targets that are too general and unclear. You need to understand: Targeting the target market needs to be specific, but it does not mean that you exclude customers who do not meet the set standards. Instead, the journey to find Target is simply a desire to convey a brand message and focus marketing resources to the audiences that are in need or are likely to buy your product. With this approach, you can both save budget and reach customers effectively.
#first. Sketching customer portraits
Sketching customer portraits can be considered as the hot background of the Marketing campaign, deciding the success or failure of the project. Simply put, it's how you envision the totality of customers who are likely to be interested in and buy your product. Understanding your customers: Who are they? Where are they? What needs do they have?
This is the first and extremely important step in shaping the right approach to your entire marketing strategy. Each customer is different in terms of age, gender, income level, and place of residence that will affect their consumption behavior. Determining the right audience to launch the right campaign means your project is already halfway there.
Based on real data on customer demographics and online shopping behavior, combined with consideration of personal histories, motives and interests to identify these audiences.
Customers of each age will have different ways of receiving and adapting to products/services. You need to clearly define what age your potential customers fall into, are they Millennial or Gen Z?
Men and women will have completely different needs and interests, leading to different goals and buying motives between these two objects.
Financial capacity will directly affect the purchase decision. If people have enough income, they will aim for affordable, mid-range quality products. As for customers with a higher standard of living, they not only focus on product appearance, quality and price, but are willing to pay large sums of money to own good products.
Place to live
Urban and rural people will have completely different needs and buying habits. The place of residence and living culture will also partly affect the buying preferences of users.
In addition to these basic characteristics, you can expand and deepen the details of your career, marital status, etc. The more clearly you define your customer profile, the easier it will be to build a strategy and level of success. high work.
#2. Conduct research and select Target Market
Research target market
This is the process of collecting, processing, and analyzing information related to customers, competitors, niches and possibly everything related to the field in which your business operates. This step is intended to assist businesses in making decisions related to problem solving and seizing marketing opportunities.
Depending on the purpose of the business, be it entering the market, developing a new product/service or conducting a communication campaign, the research method will be different.
Face-to-face interview: This helps you bring your product closer to consumers. Because it's done in many places with a lot of people (schools, commercial centers, residential areas, ...) it takes time and effort.
Phone survey: This is a method of collecting user information first and contacting for reviews. This method does not cost much, but the efficiency is not high, because many customers are afraid of this marketing method.
Online survey: This method is done through survey questionnaires created, posted on the Internet, social networking sites to consult people. This method can reach a wide audience, low cost but the response rate is difficult to predict.
Determine the size of the target market
Market size is also understood as the size and scope of the market you target. Depending on the resources and specific goals of the business to choose the right market size, but you must ensure it is in control, feasible and effective.
Every business has ambitions to reach large customers and boost business revenue. However, if you do not have enough potential, you choose too large a scale will not be feasible. The ability to serve its own target market but the business cannot do it, it is difficult to compete with competitors or succeed with huge orders.
Research your competitors
Researching competitors in the same segment is not a bad idea to help you target extremely effectively. At the same time, the business strategies of competitors can spark creative ideas, overcome existing limitations in competitors to move the business in the best possible direction.
Coming to this step, you must have localized the target market that the business will target. However, to add more certainty to the decision, you need to check and re-evaluate whether those options are in line with the business's goals and responsiveness.
Above is information about “What is Target?” and 3 tips on Targeting effective target markets for businesses that Tino Group has compiled to send to you. Hope the sharing in the article will help you understand Target correctly in Marketing, arouse inspiration. From there, you can apply it correctly and bring efficiency to your business.
Is Target related to the process of Inbound Marketing?
Answer: Yes. Targeting the target audience is related throughout the process of doing Inbound Marketing : building content for the website , social media , PR, etc. These contents serve to nurture and take care of potential customers.
Is it possible to select multiple Target Markets at the same time?
You can select more than one Target Market for your campaign. It is important that you consider whether each market you choose should have different messages. The key point is how to create a balance between the elements.
What should be noted when Targeting customers?
You should not dig too deep into each customer. This will shrink your client file.
Avoid applying “obvious facts” like: my clients are male and female.
When Target and deploy the campaign, do not rush to optimize the customer file. You need time to measure and see the effect.
What tools can be used for market research?
Some tools you can use to research and determine the market size such as: Google Trend, Google Keyword Planner, Power Editor, etc.