What is Targeted Marketing for Entrepreneurs?

Targeted marketing is an innovative approach to improve your brand awareness, promote your products or services among a specific group of audience, and boost your revenues. It saves you money and time while helping you achieve your company’s goals.

According to Alan Safahi, targeted audiences are an integral part of the total market and include specific professionals, consumers, households, or businesses, depending on your business requirements. Today’s article will discuss improving your targeted marketing campaign. Read on!

Determine The Total Available Market

Defining your target market requires thorough research and extensive knowledge of the overall/total market. Alan Safahi Orinda, founder of a profitable business in San Francisco, says this broad view is an excellent way to check whether your target audience’s assumptions are correct.

In addition, analyzing the overall market help, you understand the existing trends and modify your products/services accordingly. For example, if you look at the supplements market, you will see that organic supplements are growing more than products made of synthetic or biochemical materials.

Segment Into Pieces

Once you have defined your total available market, it is time to segment it according to your needs. Bear in mind that segmentation requires you to analyze your end customer, identify their characteristics, and generate valuable insights. Alan Safahi recommends:

• Grouping your potential buyers into segments
• Classifying your products or service into different categories
• Developing a product-market grid and estimating the market size
• Selecting targeted markets and taking actions to reach them

Geographic and Demographic Characteristics

Regions, cities, urban areas, metro areas, climate density, etc., are geographic characteristics that define your targeted market—for example, the northwestern U.S supplement market or the San Francisco eco-tourism sector.

Age, gender, education, income, religion, ethnicity, etc., are demographic characteristics that help you define your target audience and streamline your marketing efforts—for example, weight loss supplements for female low-income employees in San Francisco.

Psychographic and Behavioral

Psychographics refers to the personality and lifestyles of your target audience. It shows you how your customers live their lives. For example, older adults with cognitive disorders move to Oklahoma to live in affordable nursing homes.

Behavioral characteristics refer to buyers’ usage, status, benefits, attitudes, and readiness. According to Alan Safahi, combining these elements with psychographic characteristics is an excellent way to boost your targeted marketing campaigns.

Refine the Product Definition

When you segment, identify the opportunities for your product or service refinement. Improving your product based on your target audience’s needs and wants will help you achieve a better product-market fit, increase sales, and improve your company’s overall revenues. Safahi says targeted marketing has a solid association with product definition. Therefore, iterate your strategy until everything goes smoothly and according to the plan.

Position in the Target Market

Once you have achieved a well-defined product and segment, it is time to position it in the market. Create a solid approach to market your product effectively. Alan Safahi recommends reviewing why your customers will use your product, identifying the segments and focusing on the buyers’ persona, determining the market’s maturity, and using automation tools with predictive models to achieve your goals.

Originally Posted: https://alansafahicontracosta.com/2022/07/18/what-is-targeted-marketing-for-entrepreneurs/