Home Party Plans: Target Marketing/Market Segmentation/ Niche marketing.
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Hello Party gals and guys!
Who would have thought for a moment that a colored piece of paper with some glue on the back would become a phenomenon?
Yes, Post Its! I can swear that I thought of it many times and I know you did to! The lucky son of a gun that implemented the idea wasn’t really so lucky, let me share with you what the so called lucky and successful in business know that you don’t.
Target marketing is the sure fire way to hit the bulls eye again and again without fail. It is the gift that keeps on giving!
Target marketing can be the key to a small business’s success. You, too, the home party plans consultant can build a better, stronger business, by identifying and serving a particular customer group – your target market.
The beauty of target marketing is that it makes the promotion, pricing and distribution of your products and/or services easier and more cost-effective. Target marketing provides a focus to all of your marketing activities.
The principle involves
i) breaking a market into segments
ii) concentrating your marketing efforts on one or a few key segments.
Once you do so you will need to further break it down to:
Geographic segmentation – based on location such as home addresses;
Demographic segmentation – based on measurable statistics, such as age or income;
Psychographic segmentation – based on lifestyle preferences, such as being urban dwellers or pet lovers.
In my Free 30 Min. consultations, I will ask the questions “Who are your customers? Who is most likely to buy your product?” Often my prospective clients have no idea who they are targeting or should target and worse still they think that everyone with a pulse will and should buy!
Just like you cannot be all things to all people, neither you’re your business.
Assumptions like these lead to wrong decisions, wrong marketing strategy – and ultimately, business failure, hence the 97% failure rate!
Understand this, only a limited number of people will buy your products or service. The most successful business focus their efforts in determining as precisely as possible those who will be interested in what you have to offer!
Let this video be a guide and starting point for what steps you need to take!
To your home party success,
Party Plan Pat!
