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Targeting Your Market

Author: SearchPooch.com

News hot off the press says that retail sales in the United States were better than expected in January, bringing some hope that the current recession may be starting to lose its grip. While economic forecasts had been for sales to continue to decline, instead they rose by one per cent, according to data from the US Commerce Department, which has reported the biggest increase in retail sales since November 2007.
To make the most of any upturn, it's necessary to work smarter as well as harder. One way for a small business to do that is by target marketing - selecting those parts of the overall market that both match the strengths of the business and are large enough to support it. Of course you do not ignore other segments of the market, but it means that most of your sales will come from the niche you target. If you select your target with care, this gives you the potential to outdo competitors and earn good profits.


There are various ways you can segment a market in order to find your target. An obvious way is by age. People at either end of the age-range are important in today's economy. The so-called "baby boomers" (people born just after World War II and now entering retirement) frequently have disposable income and can enjoy a relaxed lifestyle - possibly dining out, traveling, gardening and enjoying other leisure pursuits. The "tweens" are another group that is being courted - pre-teenagers who have developed decided tastes in fashion, music and hobbies and who can persuade their caregivers to spend money on them.
Within an age range, you can become a specialist by gender. Male teenagers have a range of interests different from female teenagers. Think video games, cars and accessories for the boys; beauty, fashion, stars for girls - although gender boundaries are less distinct than they once were. Then there are other segments such as occupation, geographical location, education, income, home ownership, ethnic identity...according to your products, the list goes on.


Let's take a concrete example. Bob owns a real-estate business in a country town. As more people have started moving to the country for lifestyle reasons, Bob has decided to specialise in marketing lifestyle blocks. Sure, he sells homes in town as well, but he goes all out to make a special pitch for the larger properties, giving them extra marketing attention, including providing online videos of each property for sale. He understands that as well as selling a block of land, he is selling a dream,and Bob's advertising strategies tap into that dream - ponies, barns and dreamy sunsets are a feature of his well-presented brochures. Bob works with mortgage brokers to help his buyers get the money they need, and he has a small team of people who mow lawns, tend gardens, clean windows and get each property looking its best for selling. Bob knows his market - and his results reflect the work he puts in to providing exactly what his customers want.
Anyone can do it - just focus on that target

About the Author:

SearchPooch.com

Article Source: ArticlesBase.com - Targeting Your Market

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