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

22 02 2013

Russian nesting dollsPart II of Professor Dave’s (my twin brother!) guest blogger series about Target Markets:

Greetings again! Last week we talked about the four components of a target market. This week, we’re going down the rabbit hole a bit more!

Your goal is to define your target market as much as possible. The more you know about them, the easier it is to design a marketing campaign that will attract them, which we’ll talk about in Part III. But be warned: don’t try to fit all of your customers into one target market. Most businesses have two (or more!) target markets.

Take a realtor, for example. They have six different target markets: first-time buyers, home buyers, apartment buyers, vacation home buyers, commercial buyers, and sellers. While they all share some similarities, there are enough differences between them to treat them separately, especially for marketing purposes.

For example, first-time buyers tend to be much less sure of the buying process and need more handholding than other home buyers. They tend to be just married and/or just starting a family. They also are usually relatively new into their careers, so they are looking for less expensive homes. And… wait a minute. We’ve started to define the target market!

That’s the beauty of target markets—you likely already know what your business’s target markets are if you stop to think about it for a bit. But let’s go through an example of how you can clearly identify one.

TARGET MARKET CASE STUDY: FIRST-TIME HOME BUYERS

  • Demographic: Usually ages 25-35, recently married, college educated, looking for a home in the $100,000 to $200,000 range (incomes in the $50,000 to $100,000 range), may have just started a family (1-2 kids), likely still paying off loans from school.
  • Geographic: Looking to move within 50 miles of the realtor office.
  • Psychographic: Scared or nervous about the home buying process, but also excited about owning their own home. Usually moving from an apartment, so they may not be aware of all the maintenance requirements a house will need. Often thinking about school systems and feeling of the neighborhood. Use the internet a lot to help with the home purchasing decision.
  • Use-based: They will on average interact with the realtors 10 or more times but make only one purchase, which will likely last them for multiple years.

The more specific you can get, the better. Be careful of identifying too many target markets, though! Your goal is to keep the number manageable, so if you find yourself dealing with 10 or more target markets, see which ones you can combine together. We’ll see why in next week’s post.

Until then, happy pondering! And if you need help, I happen to have a twin sister who’s great at identifying target markets…

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

All content Copyright © 2013 DMT Artistry, LLC, unless otherwise noted. All Rights Reserved.

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Fo’ Shizzle My Nizzle: The marketing language gap

28 07 2011

Ah. The Great Cultural Divide. And I’m not necessarily talking about geographical culture either.

Did you know that every business on the planet – whether it’s 1 person or 1,000 – has it’s own culture? It’s true!

A business culture forms from a way of speaking, a set of ideals, a way of doing things…

And where culture forms, language is hot on its heels. Your business’ language consists of shared lingo, attitudes, processes, interests, missions, experiences and more. It’s a way of communicating that is unique to your company and to your industry.

And when your customers speak that same language, the results are… magical.

Unfortunately, many business owners lose sight of a maxim that’s as true to marketing a business as to personal self growth: “This above all: To thine own self be true.” They warp their cultural language to conform to some ideal market they want to target.

Guess what. Capital N – O… NO!!

It’s not the market that defines the culture, but your culture that should define your target market.

Think of it this way – a Porsche dealer would hardly use mommy talk to promote it’s 911 GT2 sports car. And you sure as shootin’ wouldn’t hear street slang used to market a Ford Aerostar minivan. Each of these cars has its own micro-culture, and to market them any differently would be a disservice to all involved.

When you try to be something you’re not, be prepared to be called out.

Please don’t misunderstand me. There is an element of genius in being able to adapt your communications to make different customers feel welcome, special and comfortable. But the point is this: Hold true to the core culture that makes your business the unique success that it is.

This Week’s DMT Challenge

PART I: Take a look at the website home pages of some of the corporate giants – Coca-Cola, Wal-Mart, NASCAR, McDonald’s, choose-your-own. Look at the colors, the images, the content and the layout. These are companies that have spent bookoo bucks and quality time defining the culture of their company. Do you think their websites succeed in getting the right message across?

PART II: See if you can define some cultural features of your own company or the company you work for. What’s your company mission? How does your staff interact with customers? How do they interact with each other? What’s the dress code? What are the most popular topics of conversation?

PART III: Now take a look at your own website – or any other marketing materials. Again, look at the colors, the images, the content and the layout. Do they communicate what you’ve defined above?

Incidentally, for those who are curious, “fo’ shizzle my nizzle” means something along the lines of “Most definitely, my African American brother.”

Is DMT Artistry the “bees knees”? Fo’ shizzle my nizzle. Let us prove it to you.

Dawn M. Tomczyk  |  DMT Artistry LLC  |  810.923.4582  |  dawn@dmtartistry.com