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Targeted Marketing. Proper marketing is essential for a product. Increasing sales and profits an effect of a good marketing strategy. There are very many ways to market a product. The results of the different marketing strategies differ a lot. Targeting of a market is one good example of a marketing strategy with a higher success rate. This strategy concentrate more on the most likely customers to buy certain products. Therefore, maximizing the target market is where all the efforts will go. Small businesses find this strategy to be very effective to them. It is a very effective strategy since there are an assured returns unlike the other broad marketing mechanisms. The businesses employing this type of marketing enjoy numerous benefits. First, it is possible to put more emphasis on the features that are more important to the customers. This improvements will, therefore, leave the customers with no choice but to buy the products. The overall effect of this strategy is the increase in profits. Secondly, targeted marketing enhances communication with the customers. Communication with customers may be done whether in written form or verbally. Addressing of the customers queries can be done via these channels. In return, the customers provide feedback. This makes it possible to fix any problem. The customers’ needs and wants can, therefore, be fully met. This enables a business to establish a stable and reliable fan base of customers. At the end, the number of customers influenced by the loyal customers will increase.
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Above are some of the benefits of targeting a market. However for this strategy to work, there are certain characteristics that are associated with targeting market. One of them is the geographic target market. This means that, consumers are located in the same region. This may be a city, town or even a country. Some products record very good performances in some areas than others. Demorgraphic or socioeconomic target is another example. This focusses on the age group, education level, gender and even income level of individuals. The specific group linked with the product becomes the target market of the product.
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Behaviorial target market is another characteristic of this strategy. The degree of loyalty is a major concern in the behavioral target market. Awarding of loyal customers may be a mechanism used by a business. Giving out of discounts on the goods bought is one such example. And finally, a market can be targeted by product related segmentation. Certain products owned by the customers provide the basis of this type of target market. Selling of computer accessories to people who own computers is a very good example. Product related segmentation is important in the creation of more specific target campaign, decreasing the number of competitors and therefore increases the number of sales.