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Targeted Marketing. It is very important to do proper marketing for products. Good marketing skills increase the profits by increasing the sales. There are very many ways to market a product. The results of the different marketing strategies differ a lot. One good example of an effective marketing strategy is targeting a specific group of customers in the available market. Emphasis are focused on the customers most likely to purchase the products. Hence, there is need to maximize on the target market. Small businesses find this strategy to be very effective to them. It is a very effective strategy since there are an assured returns unlike the other broad marketing mechanisms. The businesses employing this type of marketing enjoy numerous benefits. 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. The ultimate effect of this, is the increasing sales and therefore leading to increase in profits. Additionally, and there will be good communication as a result of this marketing strategy. This communication may be in terms of writing or verbally. Through these communications, the business might address queries raised by the customers. They can also ask for feedback from the customers concerning a given product. If there are any troubles, the business might go ahead and fix them. These advancements will enable the business to meet the customers’ expectations. This will promote loyalty of customers. Other customers can be influenced by the increasing number of loyal customers.
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Some of the benefits of targeted marketing are mentioned above. However, some factors should be considered when determining a target market. One of them is the geographic target market. This means that the consumers of a given product are located in the same location. This may be a city, town or even a country. Some products do well in some regions better than others. A second example is the demographic or socioeconomic target market. It deals with age group, education level, gender and level of income. The specific group linked with the product becomes the target market of the product.
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A target market can also be defined as a behavioral target market. The degree of loyalty is a major concern in the behavioral target market. The business might come up with some ways of awarding the more loyal customers. Example is giving discounts on good purchased. Lastly, it is the product related segmentation. Certain products owned by the customers provide the basis of this type of target market. Selling of computer accessories to people who own computers is a very good example. Product related segmentation is important in the creation of more specific target campaign, decreasing the number of competitors and therefore increases the number of sales.