S5 – EP4 – Target market.

By richardmiller richardmiller - 28/04/2021
By richardmiller richardmiller - 28/04/2021

S5 – EP4 – Target market.

Consumers who make up a target market share similar characteristics including geography, buying power, demographics, and incomes. So who do you want to talk to?

Show Notes

Summary

Richard Miller

Episode 4. Your target markets

 

Show Objectives – The Why

 

In this season, we are building your Brand Pyramid.

 

A brand pyramid is a framework that answers most of the fundamental questions in a diagram that can be easily shared and communicated across an organization.

 

Far from a trivial exercise, developing a brand pyramid forces consensus among senior management with regards to what the company wants to be, who it serves, why, how it should make customers feel and what the company’s core values are.

 

It also clarifies brand fundamentals and sets the strategic foundation.

 

In short, a brand pyramid keeps everyone rowing in the same direction.

 

Each week, we discuss the layers of the pyramid, what it’s objective is and give helpful tips on how to develop it.

 

The What…

The brand pyramid consists of:

 

  1. Mission
  2. Vision
  3. Target
  4. Insight
  5. Barriers
  6. Pillars
  7. Proof points
  8. Brand promise
  9. Personality
  10. Engagement
  11. Strapline

 

This week, we discuss the next step… determining your target market.

 

When putting this show together, I blended my 17 years’ experience with that of others I admire to give you the best advice possible.

What is a target market?

A target market refers to a group of customers to whom a company wants to sell its products and services, and to whom it directs its marketing efforts. Consumers who make up a target market share similar characteristics including geography, buying power, demographics, and incomes.

 

Identifying the target market is an essential step for any company in the development of a marketing plan. Not knowing who the target market is could cost a lot of money and time for a company.

 

KEY TAKEAWAYS

 

  • A target market refers to a group of customers to whom a company wants to sell its products and services, and to whom it directs its marketing efforts.
  • Consumers who make up a target market share similar characteristics including geography, buying power, demographics, and incomes.
  • Identifying the target market is important for any company in the development of a marketing plan.
  • Not knowing who the target market is could cost a lot of money and time for a company.

 

The How…

Understand the target market:

 

  • Target markets are generally categorized by age, location, income, and lifestyle. Defining a specific target market allows a company to home in on specific market factors to reach and connect with customers through sales and marketing efforts.
  • Testing a target market often occurs well before a product is released. During the testing phase, a company may use limited product rollouts and focus groups, allowing the product managers to get a feel for which aspects of the product are the strongest.

 

  • Defining a target market is important for any business because it means the difference between selling a product or service and sitting on the sidelines while the competition boosts its revenue.

Segment the target market:

 

  • A business may have more than one target market—a primary target market, which is the main focus, and a secondary target market, which is not as large but still has growth potential.
  • Dividing a target market into various segments is as simple as dividing the population into groups that can be measured by key characteristics. These include gender, age, income levels, race, education, religion, marital status, and geographic location.

Written by – Richard Miller – Brand Director, Crisp & Co.

Innovation, creative content and strategic communication specialist.

Richard started his first business at the age of 14 and has thrived on creating and building entrepreneurial opportunities ever since.

He began his advertising career as Agency Sales Executive for TV network Channel 10 in 2006.

Experienced in both media sales and buying, Richard was responsible for multi-million-dollar media accounts as National Media Manager for Iceberg Media before co-founding Crisp & Co. in 2009 (formerly Crisp Advertising).

Taking a pragmatic and results focused return on investment approach has established Crisp & Co. as the go to creative and communications agency for local and national businesses seeking expertise in business insight, creative content and strategic communication.

With a lifetime of experience operating small to medium businesses and working closely with both local and national brands, Richard is well positioned to take a holistic view of a full marketing and sales plan with a keenly trained eye on creative concepts and communication strategy.

Along with wife and work colleague Siobhan Miller, Richard also co-hosts the podcast series Mad Man & The Hospitalian; interviewing highly successful professionals from business, marketing and hospitality backgrounds around Australia, discussing the highs and lows of their careers and asking the ultimate question; ‘what is your definition of a fruitful life?’.

Find out more about Crisp & Co. here www.crispand.co and listen to Mad Man & The Hospitalian wherever you get your podcasts. Connect with Richard on LinkedIn