Market Targeting Strategies

A market plan can consist of elements such as, target market, consumer interests, and resources; it must be specific and key to that group of consumers as that is the speciality of niche marketing. Factors applied in the audit identify the company's weaknesses and strengths, company's current client base and current marketing techniques. There are different ways for firms to identify their niche market, but the most common method applied for finding out a niche is by using a marketing audit. Smaller firms usually implement Market targeting this method, so that they are able to concentrate on one particular aspect and give full priority to that segment, which helps them compete with larger firms. Niche marketing, is also primarily known as concentrated marketing, which means that firms are using all their resources and skills on one particular niche. According to (Caragher, 2008), niche marketing is when a firm/ company focuses on a particular aspect or group of consumers to deliver their product and marketing to.

Analyzing your product or service in this way will help you better understand your target market. Conduct a focus group or ask your service department about their common problems. Take a look at what you're selling to understand which consumers would get value from your product. As the name implies, target market analysis is the basis for identifying your target market. You know your industry, but there's no one-size-fits-all mold for the businesses within it. In that case (and to state the obvious), you'd probably focus on companies within the construction industry.

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Smaller firms can focus on finding out their clients problems within their niche and can then provide different marketing to appeal to consumer interest. By using these tools and skills the company is then able to implement their strategy consistently. Focusing your marketing program is when employees are using marketing tools and skills to best of their abilities to maximise market awareness for the company.

Step 1: Analyze your existing customers

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More efficient use of marketing budget and resources

Plus, it’s important to stay on top of market trends and evolve strategies to align with those shifting consumer preferences. It’s essential to conduct thorough market research to identify the various types of customers that are relevant to your business. When it comes to marketing, businesses often target different types of consumers based on their behaviors, preferences, and characteristics. Customer segmentation is a useful tactic to better align tools and strategies with your target customers.

• When people engage with and show ongoing interest in the brand on any platform, Nike retargets them on other channels.
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• The company targets both male and female consumers, however, it continues to make significant investments in its women’s line, focusing on leggings, sports bras and ‘athleisure.’
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Analyze your product or service.

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Targeting is the process of evaluating the attractiveness of the consumer segments, as well as determining how to attract the consumers. A more difficult but important thing for companies when segmenting consumers is understanding their behavior. For example, the automotive company can create value for price-sensitive customers by marketing their cars as fuel-efficient and reliable. The second step is targeting, in which the company selects the segment of customers they will focus on. It is achieved through the segmentation, targeting, and positioning (STP) process.