Often we hear business owners suggest that they target “anyone interested in my services” or small-business owners, homeowners or stay-at-home mums. All of these targets are too general. Targeting a specific market does not mean that you are excluding people who do not fit your criteria. Rather, target marketing allows you to focus your marketing dollars and brand message on a specific market that is more likely to buy from you than other markets. This is a much more affordable, efficient and effective way to reach potential clients and generate business. With a clearly defined and researched target audience, it is much easier to determine where and how to market your company.
In our presentation to the Chartered Institute of Marketing (CIM) in London, we spoke on the topic of: “How to define your target market”. We discussed some existing generational characteristics:
Baby Boomers
Generation X
Generation Y (or Millennials)
Generation Z (or iGeneration)
We may also use some of the data released from Roy Morgan about some distinct Australian Demographics – which they call Helix Personas.
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