It’s not surprising that companies see better results in their marketing and sales when they target the right customers for their products. Narrowing down your target market so that your product is marketed to the right people is a tactic that has been used in the business world for years, and for a good reason: it works. Read on for some of GbBIS’s target marketing basics.
Firstly, businesses should understand that small portions of their market are what drive results. In a study done in 2010 on the top 25 new product launches, researchers found that 1.5% of shoppers made up 80% of the sales volume for the average new product. The study also found that top category buyers were 3.8 times more likely to try new products than the average shopper. Repeat purchases for top category and brand buyers were 19% and 28% respectively above average shoppers.
After you realize that you need to target a smaller section of your customers, it’s time to get to know your target customers. You have to understand your customers’ behaviors by asking yourself a few questions: how do my customers buy? What motivates them? How many customers do I have? What’s the best way to reach my customers? What data do I need to better understand them?
Once you’ve identified who your target market is, and found the ways to reach your most valuable customers, you can begin to develop a marketing strategy that focuses on this target market. Design marketing materials that appeal to that segment of your market. Offer discounts and coupons that appeal to your target market. Evaluating this important segment of your market can help you better manage your marketing materials, and increased sales.
GbBIS offers businesses the most accurate demographic data to help them answer the questions above and better target their market. With business reports, maps, and web applications, we can help you identify demographic variables within a certain distance of your store. Drive time maps and reports give you demographic data within a certain driving distance from your store. GbBIS mailing lists—designed to your specifications—help you organize direct mail for your target market.
Contact GbBIS today and discover how our data, web applications, maps, and reports can help you better target your market.
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Call Us at 1-877-447-6277
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