Target marketing, as defined by Wikipedia, is the group of customers that the business has decided to aim its marketing efforts to and ultimately sale merchandise. Effectively targeting the correct market for a company’s upcoming or current product generally will not only help increase sales, but will increase the number of potential customers communicating with each other about the product. Creating the correct target market takes resources from most departments, but how does a company choose which market is best for their product line and how to effectively drive the marketplace?
Recently, I have been involved in research around ProPay’s Social M-Payments platform ProPayLink (recently known as Zumogo). The company needed to define its target market for the new, upcoming product. What were the components we needed to search out? ProPayLink is an application for Smartphone users; therefore we needed to research who used Smartphones, the average income for Smartphone users, what type of Smartphones these consumers used, etc. Compiling this information helped in the decision factor for the target market and therefore we were able to create the marketing strategy for ProPayLink.
Once the target market has been decided, the next step is to effectively drive it to the marketplace. I have become a big fan of a few select initiatives to take the product to consumers; let me share them with you:
Create a social atmosphere. Social media has become integral in the buzz about any new product offering. Create multiple channels of social media (Facebook, Twitter, LinkedIn, Google+, Blogger); update regularly and respond to any questions/concerns in a timely fashion. “By monitoring online conversations about your brand, industry, product or related services, you can strengthen product development, customer service and a variety of other core business functions,” (Defining Social Media Engagement, Mashable.com).
Beta launches work wonders. Your product was made for success; place the product out in the field and test how the marketplace takes to it. This is the best environment to create positive feedback to take back to developers, marketers, product development, etc. and change/update what consumers are looking for.
Continually update. A product is never finished. It needs to be continually updated and refreshed to keep your target market interested.
Creating the most effective target market for your business’s products can and will be time consuming, but eventually bring consumers to the table. ProPay continually enhances its products for our merchants and offers them a variety of devices to allow their customers to pay.
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