Wouldn’t it be nice if you if only had to market to one homogeneous group? You only needed to offer one type of product, print one flyer, offer only a narrow spectrum of optional offerings. This may be the dream of every GM and production manager but unfortunately it is not based in reality.
Didn’t Henry Ford say “you can have any color as long as it was black” with his model T. The fact it is not the 1920s and those days are forever gone. If you want to compete you must offer the product and the amenities that people demand.
I know this not a revelation but we all may be skipping a step. It is not just about just coming up with products that appeal to your customers. People’s individual differences actually drive demand. It fuels their wants, needs and desires.
Through Target Marketing we can better understand what drives people’s choices and focus our efforts to meet our customers’ needs. Everyone has heard the phrase “you can’t be all things to all people” - no truer words have been spoken. What target marketing does is that it helps you identify and prioritize groups and sub-groups and better understand their interests, preferences and behaviors. We can then be armed with information and knowledge to form strategies to convince and attract targeted customers.
Target markets can be broken down into many different categories i.e. demographic, geographic, and psychographic.
- Demographic variables may include the following:
- Family size
- Family life cycle
- Race and ethnicity
- Generation (Millennials, Baby Boomers, Gen-X, Gen-Y)
- Members of a geographic target market are united by area orientation. For example:
- School district
- City or county
- Urban, suburban, rural area
Members of psychographic target markets are grouped according to their lifestyle – things they have in common such as interests, opinions, activities, attitudes, values, etc. Some examples:
- Pet owners
- Empty nesters
- Musicians and artists seeking an urban lifestyle
- Employees of social service agencies
- Friends and family of current homeowners in your neighborhood
I suggest it might be a good time to revisit your various target markets and zero in on the groups and sub-groups they might occupy. Pay attention to their behaviors and tendencies. Only then I believe you can adequately address their needs and desires.
Parts of this blog were sourced from the blog: http://homesales.stablecommunities.org/defining-customer-profile-and-identifying-target-markets/segmenting-marketing-target-markets.
We welcome hearing your thoughts regarding Target Marketing. Feel free to post your questions and thoughts in the comments section below.
ABOUT Reed Dillon - Reed Dillon is the owner of Creative Brand Content, creativebrandcontent.com - a marketing consulting company and Modularhomeblogs.com, a subscription blog service for builders. Reed has spent nearly two decades heading the marketing departments of some of the industry’s leading modular manufacturers and earning numerous national marketing awards. Contact can be made at firstname.lastname@example.org or by phone at 540-488-2978.