Understand Your Market

Target market

There is nothing more important to a marketing strategy than understanding those that we wish to market to.

Understanding them is a requirement before any real strategy or action can be undertaken. On that note, here are the main factors that we can use to segment and understand our target market.

 

Age and Gender

It’s fairly easy to imagine how this might affect your marketing. An elderly woman probably won’t be as interested in the latest workout supplements as a gym-going male in his young 20’s.

The consumers age and gender can affect how we market to consumers.

 

Location

The location that you consumer lives in can also have a significant impact on how we market to them. Somebody living in Alaska probably doesn’t need or care about a new line of stylish sunglasses.

Education and Occupation

The consumers job and level of education are important factors that should be taken into account.

A highly educated investment banker probably doesn’t have interest in or time for collecting goofy hats.

However, it’s important to be careful with this. Generalizing based on career and education can be a dangerous trap to fall into. Everybody has a personality outside of these things.

 

Income

The income level of the consumer is extremely important for determining a marketing strategy. People on the lower end of the earning scale probably won’t want to spend extra money for an exclusive product that provides status for the consumer. On the other side of the coin, people with more money than they know what to do with will often avoid products with a money-saving brand.

 

Family Status

It’s always worthwhile to consider family status. Is the consumer married? Do they have kids? A mum with 5 kids will spend money very differently to a bachelor. People without kids rarely need to buy diapers. And they certainly don’t need baby-sized diapers with Winnie-the-Pooh on them.

Family status

Interests

Interests is one of the most important things to think about when developing the market strategy. This is because we often choose consumers that are specifically interested in whatever category of product we’re marketing.

Somebody who’s interested in basketball is a perfect candidate for marketing basketball jersey’s to. But they probably aren’t interested in going to see the ballet.

 

Attitudes and Values

The attitudes and values that consumers hold can be vitally important to marketing success. These are the things that essentially determine a consumer’s behaviour.

Unfortunately, they aren’t always easy to discover. Determining gender and location is easy. But determining what somebody truly believes regarding a certain topic is much less clear.

 

Every brand is different. Consequently, every marketing strategy will be different too. All of these factors should be considered when designing your own strategy. But keep in mind, some will be more important than others.