There are three prime areas that you must identify when it comes to developing your marketing strategy. They include:
- Target Market
- Purchasing Target
- Communications Target
It's not enough to be familiar with these terms, you must understand how these components work together.
Your target market is who you aim your marketing efforts to. This is the group that you want to sell your products or services to. They have an interest in what it is that you have to offer. Your target market can be broken down into segments that can include demographics, psychographics, income levels, and age levels.
Your purchasing target are the individuals or businesses within your defined target market that needs your product or service and can actually afford to purchase it.
The communication that you use to target this market is referred to as your communication target. It is the different methods or styles that you will use to reach your defined target market or audience. The message you send through your communication target can be presented both formally or informally.
As you can see each piece is equally important and works together like a jigsaw puzzle. By identifying and knowing who your target is it is easier to develop your marketing effectively and aim for the bull's-eye. It will enable you to design special offerings and promotions. It will also increase your ability to convert your marketing efforts into sales.