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Benefits of Targeting a Market. Proper marketing is essential for a product. Increasing sales and profits an effect of a good marketing strategy. There are very many ways to market a product. The results of the different marketing strategies differ a lot. Targeting a specific group of customers is one of the effective ways of product promotion. Emphasis are focused on the customers most likely to purchase the products. All the efforts will, therefore, be put on the target market to maximize on them. This method of product promotion is more convenient to the small scale businesses. Returns are always assured by this mode of marketing. Targeted marketing has various advantages to the business. First and foremost, a business can improve the products to suit the specificities of the customers. These advancements provide the customers with all the reasons to purchase a given product. This leads to the increase in profits as a result of an increase in sales. Secondly, communication is enhanced once a business has spotted their target market. Communication with customers may be done whether in written form or verbally. Addressing of the customers queries can be done via these channels. In return, the customers provide feedback. Fixing of a raised problem, therefore, becomes easier. Adjustments done by the businesses will suit the customers more since it was their idea. This enables a business to establish a stable and reliable fan base of customers. Other customers can be influenced by the increasing number of loyal customers.
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Above are some of the benefits of targeting a market. However for this strategy to work, there are certain characteristics that are associated with targeting market. Geographic target market is one such characteristic. This implies that the customers are found in the same locality. The location may be a city, town or even a state. Some products record very good performances in some areas than others. Another characteristic is the demographic or socioeconomic target. This focusses on the age group, education level, gender and even income level of individuals. A given product might be well-suited for a specific group; hence this group becomes the target market of the company producing that product.
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Behaviorial target market is another characteristic of this strategy. The degree of loyalty is a major concern in the behavioral target market. Businesses just use ways to award loyal customers. Giving out of discounts on the goods bought is one such example. Lastly, it is the product related segmentation. The focus is on customers owning certain products. For instance, a business can sell computer accessories to computer owners. Product related segmentation has the major benefits of creating s specific target campaign, increasing the number of competitors and hence increasing sales.