Marketing Strategies: What to Do After Identifying the Target Market

Marketing Strategies: What to Do After Identifying the Target Market


All market research ultimately depends on the target clientele. Once you know your audience, then you can really get the ball rolling with preparing and delivering your marketing strategies. In other words, real marketing research only begins once you can identify your target market. Now that you are at this point, you can actually begin strategizing with tangible data. While everyone in marketing has their own personal touch, here are some general steps to get you moving in the right direction.

Data Collection

The first step to take after determining your target market is to begin collecting specific data about your target. You can gather this in a variety of ways, from in-person investigation to online marketing research tactics.

If you opt for an in-person approach, you may collect data through one-on-one interviews and face-to-face group interaction. It will require a significant amount of legwork, traveling from place to place in order to collect relevant data for your business, but it comes with the added benefit of boosting brand awareness through you acting as an in-person representative.

Online marketing research, on the other hand, allows for the same data to be collected by examining focus groups, online interviews, blogs, market research online communities (MROCs), ethnography, and other forms of qualitative research pertaining to your target market. This type of data collection may be less personal, but it can be done anywhere at any time, making it much more cost-efficient for most companies.

Either way, plan your personal strategy for how you want to go about collecting the information you need about your target market and start compiling data.

Evaluation

An important fact to remember is that plans seldom work out exactly the way you intend. This is why constant evaluation is important to keeping your marketing research strategy running smoothly and efficiently. While implementing your data collection, you may find some strategies are yielding results more efficiently than others.

For example, you may be focusing on collecting data through MROC’s and focus groups but find that the focus groups are providing more relevant data for your business needs.

Just remember to look at this step as a way of finding problems in your data collection process before they are a hindrance, and train yourself to evaluate based on the strength of the data being collected rather than the methodology that you like best.

Adjusting Strategies

If the discrepancy in efficiency between the two data sources is sufficient enough, you may decide to reallocate your resources to more focus groups or other similar resources, like online interviews or product placement polling in your target demographics.

The ability to remain flexible and adjust your strategy will go a long way toward collecting the most relevant and necessary information, so keep that in mind when you find some parts of your data collection strategy performing poorly.

The more you are able to adjust your strategy as you go, the more you will be able to improve the odds of successfully gathering vital market information for your business. As you begin to see which strategies and methodologies work best and which fall short, brainstorm tactics for amending the process as you see fit.

Analyzing and Acting on Results

Knowledge is power, and knowing how your target market responds to both the goods and services provided in your sector of the market as well as your business’ past and current marketing strategies will help you custom tailor your next marketing campaign to meet (and hopefully exceed) those expectations. As your database of information on your target market grows, you will begin to see the relevant patterns n your target market as they relate to your business’s goods and services.

Successful marketing research will yield insights that you can act upon. Keep compiling and analyzing data until it presents useful patterns that your business can use to make future marketing decisions or even decisions related to what goods and services you may pursue in the future.

There is no such thing as objectively guaranteed success with any marketing strategy, which is why good research is critical to making those marketing decisions. The more relevant data you collect, the more confident you can be in your future marketing decisions. How you present your products or services to a target market, how you present your business aesthetic, and even what media you use to interact with your target market should be based on reliable, vetted research.

Remember that none of this is possible without first defining your target market. So, it may seem like a small accomplishment at first, but once you have rounded that corner, it is truly the keystone upon which all of your marketing research is built.