Targeting in Marketing

Once you have segmented your addressable market, you need to focus on one or a few segments. You would select the segments most relevant to your product and then target your marketing towards those segments. 

Let us learn more about targeting from our faculty member Mike. 

In the video, you focused on evaluating the given customer segments and then identifying the most suitable segment. 

The four broad targeting strategies are as follows:

• Mass-marketing strategy: Treat the entire population as one single market and, therefore, target everyone with the same product/service throughout. The aim is for your product/service to reach the masses.

• Differentiated strategy: Target different segments with different products/services.

• Concentrated strategy: This targeting strategy targets only specific segment.

• Customised strategy: Each customer is unique and deserves a different product.

In the next video, you will look at the application of targeting strategy.

In the next segment, let us see how to position your brand.

In the above video, you saw that your targeting should not be static but rather dynamic and how to change the targeting strategy accordingly.