Hit your target!
Numerous times, during discussions when brand managers are asked ‘who is your target’, they say ‘shouldn’t it be everyone’….then we will have a higher response and thereby higher sales. REALLY???
How I wish that would be true, but its not. Imagine if you are marketing a premium 2 seater convertible sports car and targeting everyone in the market then you are wasting precious marketing $. If you are wondering why, then read on below.
Every branding activity starts by segmentation of the potential market. The segmentation can be on various metrics – basic segmentation can be done based on age (youth, senior citizens etc.), life stage (single, married, with children or not etc.), income levels, urban or rural and many more. No point in selling a kids investment plan to a couple with no kids.
However, a more important segmentation, which is often overlooked is ‘needs based segmentation’. This segmentation has to be done under the guidance and supervision of an expert. Once you have done a needs based segmentation, you would choose the segment which is most likely to be interested in your offer. The brand messages will have to be then customized for the target segment so that it resonates well with the target audience.
With our @marca compass methodology, we can help to give direction to your brand by assisting you to choose the right target audience for your brand. Contact us to know more.
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