Menu

Using Research: Target Market Selection

For the reputation management company, it is important that they use market segmentation in order to see what kind of customers they want to target in order to be as profitable as possible. The main bases of segmentation include geographical which is the customer and their location along with their region, whether they live in urban or rural, ACORN, and their classification. When it comes to demographics of the consumer, this involves their age, gender, occupation, socio-economic, and what kind of group they are apart of. The behavioral aspect involves the rate of usage, benefits, their loyalty status to your company, and the customer’s readiness to purchase. When it comes to the psychographics of the customers, this involves the type of personality they have, their lifestyles, attitudes and their class.Image result for Using Research: Target Market Selection

When you are planning who to target for your company, you first start of with the segmentation aspect, which involves being able to identify meaningful groups of customers. Second, you will be doing the actual targeting, which is where you select which segment(s) to serve. After this is done, you will move on to is your marketing mix where you will figure out the product, the price of the product, the place in which you will be selling your product, and what type of promotion you will be using to reach your target market. Positioning is very important and in order to make a brand occupy a distinct and valued position, relative to competing brands, in the mind of the customer.

It is important to always keep in mind the 5 S’s for your objectives that deal with selling customer acquisition and retention targets, serving customer satisfaction targets, sizzling which is the wow factor, speaking by engaging your customers and saving quantified efficiency gains.