Target Markets: Love ‘em or lose business (Part III of III)

1 03 2013

Happy couple with a kid in their new homeThe final installment of Professor Dave’s (my twin brother!) guest blogger series about Target Markets:

Greetings again! This is the third blog post on target marketing. In the first one, we talked about identifying your business’s target markets. In the second, we walked through an example.

Today we’ll talk about how to use all that work you did to earn you more money.

To start out, let me tell you a short story. The other day, I was talking with some of my students in class. They were building a marketing plan for a realtor out here in Connecticut.

Students: So, we were thinking they should post pictures of their available houses on Facebook.

Me: Why?

Students: Because its free marketing!

Me: Um…

Students: Uh oh. We forgot something, didn’t we.

Do you see the issue they overlooked?

If you said that people looking for homes usually don’t go home shopping on Facebook, you hit the nail on the head. They forgot about using the target markets to help define the company’s marketing. They were trying to build a marketing strategy in a vacuum.

Your goal is to build a marketing campaign for each target market. Hometown Bicycles does a great job with this. They are trying to appeal to casual riders (target market 1), enthusiasts (target market 2), and racers (target market 3) who are looking for a friendly, home-like environment with people who are looking out for their well-being.

So, on Hometown’s website and in the store it showcases and celebrates people who compete, appealing to the racers. Hometown employees are trained to be incredibly knowledgeable about bikes and will take the time to talk extensively about them because experts like to talk with people as excited about bikes as they are. Hometown also has a section of its website dedicated to pets and another about the saga of a little jabeñero plant along with slogans and pictures geared around establishing the friendly, family-like environment so casual riders doing internet research easily see what sort of people they would be working with. And Hometown Bicycles is shaping up to be an incredible success!

Target markets are powerful tools, and I would love to see how you use them. So go and do great things! And if you need someone to help you implement your awesomely redesigned marketing campaign, I’m sure Dawn would be more than happy to help! [Dave’s right – I would!]

Author Bio:  ”Dave Tomczyk, is an Assistant Professor of Entrepreneurship and Strategy at Quinnipiac University. His background is pretty diverse, including video game development, working at NASA, a Masters in Economics, and some work in astronomy. And a love of target markets!”

Dawn M. Tomczyk-Bhajan  |  DMT Artistry, LLC   |  www.DMTArtistry.com

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