Targeted marketing is fundamental to effective marketing and sales
By accurately understanding your target customers and what they value we can communicate the right messages to the appropriate people
Targeted marketing is an effective approach for businesses because it allows them to reach their ideal customers with precision and efficiency. Instead of casting a wide net and hoping to catch some fish, targeted marketing allows businesses to focus their efforts on the specific consumers who are most likely to be interested in their products or services.
One of the key benefits of targeted marketing is that it helps businesses to maximise their return on investment (ROI). By focusing on a specific audience, businesses can ensure that their marketing efforts are reaching the consumers who are most likely to make a purchase. This allows them to get more bang for their pound and achieve a higher ROI than they would with mass marketing.
Another benefit of targeted marketing is that it allows businesses to build stronger relationships with their customers. By understanding the specific needs and preferences of their target audience, businesses can create marketing messages and campaigns that resonate with those consumers. This helps to build trust and loyalty, which can lead to repeat business and long-term customer relationships.
Targeted marketing also allows businesses to test and optimize their marketing strategies. By targeting different segments of their audience, businesses can see which strategies are most effective and make adjustments accordingly. This can help them to improve their marketing efforts over time and achieve better results.
One way to achieve targeted marketing is through the use of data and analytics. By collecting data on consumer behaviour, demographics, and preferences, businesses can identify their target audience and create marketing campaigns that are tailored to that audience. This can include using social media advertising, email marketing, and search engine optimization to reach specific groups of consumers.
Targeted marketing is an effective approach for businesses because it allows them to reach their ideal customers with precision and efficiency, maximise their return on investment, build stronger relationships with their customers, and test and optimise their marketing strategies. It can be achieved by the use of data and analytics to identify the target audience and create tailored marketing campaigns.
Many of the clients we work with have two key resource issues “Time” and “Budget”. We work with clients to improve the effectiveness of their marketing by becoming more targeted.
This could also be classified as doing less better. Our experience over the years has been that for the vast majority of our customers “mass market / broad marketing activities” generate a very poor return on investment.
Time spent identifying and developing customer personas will significantly help
- Identify who to target
- Clarify how to get hold of them (magazines they read / trade shows they attend / etc)
- What message will cause them to take action
- Challenges that their organisation / industry sector faces
Targeted Marketing Can Help Generate Growth for Your Business?
Targeted marketing is an approach to raise awareness for a product or service among a specific (targeted) group of audiences that are a subset of the total addressable market. The targeted audiences that are part of the total market could be specific businesses, professionals, or consumers, depending on who the business is trying to reach.
Targeted marketing has been shown to be an effective way to help you to grow your business, generate revenue, and improve your overall ROI.
Targeted Marketing is Different from Other Types of Marketing
Targeted marketing is a tactic that contrasts with broader approaches that aim to raise awareness, such as billboard advertising.
Targeted marketing starts with defining “who” specifically is a good fit for a product or service and delivering personalized messages directly to that targeted audience.
This is very different than starting with “what” the promotional message is and expecting audiences to react to it. When you start with the “what,” the marketer may not know who will respond to a message or if it is relevant to them.
An example of What over Who
For example, as a one off at work you are asked to go online and make purchase of flowers for a bereavement. If the company you purchase from does not know the details of “who” you are, they may start to show you more ads for flowers and bouquets when in reality, you are not interested in that category beyond the single purchase.
Understanding the “who” when executing email campaigns and online advertising, helps marketers craft personalized messages that resonate with the reader. This likely improves the chances of conversion and revenue growth for the business.
What Criteria Is Used in Targeted Marketing?
Traditionally, the criteria used was made up by firmographic (size of the company, industry, revenue) or demographic (age, gender, income, education, race, religion, marital status, profession, etc.) data depending on whether the marketer is offering a product or service for a business or consumer.
This has changed slightly with the rapid increase of digital devices connected to the internet, as well as new analytics capabilities, have resulted in many new criteria that allow marketers to reach their intended audience more easily and more successfully.
For example, intent-based targeting allows marketers to reach audiences that are actively demonstrating signs of “interest” in a topic, product, or service as defined by their digital activities. These digital activities may include search terms entered into Google. They can also include form fills when someone downloads a piece of content or signs up for an event or email newsletter. These are translated into audience segments that are defined by the activity that took place. An example of this could be a business searching for loading shovel attachments, the person searching for “high tip buckets” may be placed in a different segment to someone searching for “pusher blades”.
If you know what someone is searching for, it is a lot easier to determine if they are a good prospect for your business. It is also easier to craft targeted messaging that will appeal to their needs.
Finally, marketers can also use analytically derived audiences that have a high propensity for a product or service. This means that they are more likely to procure than others. These segments are created by machine learning models that analyse the various features of a consumer or business and apply that to the broader market of audiences to identify those that share similarities with them. These are then segmented into audiences that have a “high propensity” or “likelihood” to be a good fit for messages that marketers want to deliver to them. Understanding if someone is more likely to buy, allows you to get more for your money when it comes to paid ads and marketing spend. The more likely the audience is to convert, the higher your ROI will be.
Could being Targeted Help You?
Targeted marketing can bring a wide range of benefits to businesses of all sizes and industries. By gathering and analysing data on customer behaviour, preferences, and demographics, companies can tailor their marketing strategies to reach the right audience with the right message at the right time.
Some of the key benefits of targeted marketing include increased customer engagement and loyalty, higher conversion rates, improved brand awareness and reputation, and more efficient use of marketing resources. By focusing on the customers most likely to be interested in their products or services, businesses can reduce waste and maximize the return on their marketing investments.
However, it’s important to note that targeted marketing must be done responsibly and ethically, with respect for customers’ privacy and data protection. By using transparent and opt-in methods for collecting customer data, and by providing relevant and valuable content to customers, businesses can build trust and long-term relationships with their audience.
Overall, targeted marketing is a powerful tool that can help businesses achieve their marketing goals and grow their bottom line. By staying up-to-date with the latest trends and best practices in the field, companies can continue to refine their marketing strategies and stay ahead of the competition.
For many of the B2B and manufacturing companies we work with they typically don’t need 100’s of new customers or enquiries. For example if they got hundreds of enquiries they wouldn’t have the systems, processes time or resources to simply deal with the enquiry. Additionally they wouldn’t have the on site processing capacity to deal with a rapid influx of enquiries / orders.
A targeted approach allows you to accurately identify and focus actions – the analogy would be going hunting with a shotgun as opposed to a rifle with laser guided targeting. Click here to see examples of targeted marketing or talk to Andrew Goode an FCIM experienced marketer who will discuss your marketing and sales requirements.
Could being Targeted Help You?
Targeted marketing can bring a wide range of benefits to businesses of all sizes and industries. By gathering and analysing data on customer behaviour, preferences, and demographics, companies can tailor their marketing strategies to reach the right audience with the right message at the right time.
Some of the key benefits of targeted marketing include increased customer engagement and loyalty, higher conversion rates, improved brand awareness and reputation, and more efficient use of marketing resources. By focusing on the customers most likely to be interested in their products or services, businesses can reduce waste and maximize the return on their marketing investments.
However, it’s important to note that targeted marketing must be done responsibly and ethically, with respect for customers’ privacy and data protection. By using transparent and opt-in methods for collecting customer data, and by providing relevant and valuable content to customers, businesses can build trust and long-term relationships with their audience.
Overall, targeted marketing is a powerful tool that can help businesses achieve their marketing goals and grow their bottom line. By staying up-to-date with the latest trends and best practices in the field, companies can continue to refine their marketing strategies and stay ahead of the competition.
For many of the B2B and manufacturing companies we work with they typically don’t need 100’s of new customers or enquiries. For example if they got hundreds of enquiries they wouldn’t have the systems, processes time or resources to simply deal with the enquiry. Additionally they wouldn’t have the on site processing capacity to deal with a rapid influx of enquiries / orders.
A targeted approach allows you to accurately identify and focus actions – the analogy would be going hunting with a shotgun as opposed to a rifle with laser guided targeting. Click here to see examples of targeted marketing or talk to Andrew Goode an FCIM experienced marketer who will discuss your marketing and sales requirements.
Conducting targeted marketing
Conducting targeted marketing involves identifying and reaching out to a specific audience with personalised messaging and offers. Here are some steps you can take to conduct targeted marketing:
- Define your target audience: Start by defining your target audience based on demographics, psychographics, and behaviour. This will help you create customer personas and understand the characteristics and preferences of your ideal customer.
- Gather data: Collect data on your target audience from various sources such as website analytics, social media analytics, customer surveys, and sales data. This will help you gain insights into their behavior and preferences.
- Segment your audience: Divide your target audience into smaller segments based on their demographics, behavior, interests, or other characteristics. This will help you create personalized messaging and offers for each segment.
- Create personalised messaging: Develop messaging that speaks directly to each segment of your target audience. Personalise your messaging by including their name, interests, or location.
- Choose the right channels: Select the channels where your target audience is most active, such as social media, email, or direct mail. Use the right tone and language to match the platform and audience.
- Test and measure: Test your messaging and offers with small segments of your target audience and measure the response rates. Use the insights to refine your messaging and offers.
- Continuously optimize: Keep track of the results of your targeted marketing campaigns and optimize your approach based on the feedback. This will help you improve your messaging, offers, and targeting over time.
Conducting targeted marketing requires a deep understanding of your target audience and a willingness to personalize your messaging and offers. By following these steps, you can create effective marketing campaigns that resonate with your ideal customers.
Example: Marketing Results With Non Targeted Approach
Example: Marketing Results With Targeted Approach
Targeted Marketing Summary
In an increasingly competitive business landscape, targeted marketing is a powerful tool that can significantly benefit SME manufacturers. By understanding their target audience, personalising their messaging, optimising resource allocation, enhancing product development, leveraging digital channels, and building brand awareness, SME manufacturers can effectively reach and engage their customers. By adopting targeted marketing strategies, SME manufacturers can level the playing field and achieve sustainable growth in their industry.
