Welcome back,
For this post I’m going to describe the four different
target marketing strategies that a company might employ in order to market their
product, service, or idea. I’ll define each one and then give my take and
recommendation.
Undifferentiated (mass) marketing
A market-coverage strategy in which a firm decides to ignore
market segment differences and go after the whole market with one offer. The
Super Bowl commercials are always using a this type of strategy because their
audience of over 100 million viewers, although most likely football fans, is
undifferentiated.
Differentiated (segmented) marketing
A market-coverage strategy in which a firm decides to target
several market segments and designs separate offers for each. This strategy
would be seen by a company like Match.com. Their segmentation may be as simple
as men and women, but it will make their commercials different, on ESPN they
will advertising by showing testimonies from women, and probably vice versa for
say TLC.
Concentrated (niche) marketing
A market-coverage strategy in which a firm goes after a
large share of one or a few segments or niches. Going back to ESPN, many beer
companies clearly have concentrated marketing strategies because they are
always targeting the same large share of a niche, like male sports fans.
Micromarketing (local or individual marketing)
Tailoring products and marketing programs to the needs and
wants of specific individuals and local customer segments; it includes local
marketing and individual marketing. Local marketing in defined by tailoring
brands and promotions to the needs and wants of the local customer segments –
cities, neighborhoods, and even specific stores. Individual marketing is a term
for tailoring products and marketing programs to the needs and preferences of
individual customers. An example for this customized products, such as jerseys,
jewelry, and trophies.
Now, I think each strategy has it's pros and cons. However, I want to share an observation about their relationship. I think that there is clearly an evolution to these strategies, starting with micromarketing and ending with undifferentiated marketing. Take Nike, for instance. Nike started with their founder, Phil Knight, selling sneakers from the trunk of his car. Now, he's the 56th richest person in the world with an estimated net worth of $16.3 billion. So, Nike started with micromarketing, and now it has commercials everywhere.
Target marketing strategies are really just ways to show how popular a certain company is and how far-reaching their products and services are. Some companies stay at the micromarketing level, and sometimes that is where those companies want to be. Many landscaping businesses would fit here. The other examples are above if you'd like to revisit, but I want to focus on micromarketing because that is what people usually use to market their ideas, and their personal brand. I think that for personal branding, people must focus on micromarketing, and the idea of customization. Know your audience when you want to talk about yourself - it's like tailoring your resume for a certain position. Above all, have an idea of which strategy you ultimately want to use. In other words, decide how popular you want your brand to be. To begin moving into the upper level target markets, I think targeting "investors" is the natural next step. For companies, that usually means trying to get more capital, but for those of you buying into this personal brand concept it means gaining interest and connections with people who will talk about you and promote your ideas. Below is a video that sums things up fairly well. If anything, the last minute provides a good perspective.
The big lesson here is to go out and get investors. If you really have an idea that you are passionate about, and I know most people do, chances are that others can become passionate about it, too. My last post was all about my personal brand and what I am passionate about. Now I just need to continue telling professors and making more connections until I find a professor that will buy into my idea and help me to carry it out - I need investors. My dad is going through a similar process with a bookstore that he recently took over. It is something that he is passionate about, and as he continues to tell others in the community, he gets more and more investors - people who buy into the idea of his bookstore and what it can provide. So, be confident in your brand, go out there, and get some people to invest in your ideas - I hope you'll have as much fun with it as I am.
Best always,
Tim
Now, I think each strategy has it's pros and cons. However, I want to share an observation about their relationship. I think that there is clearly an evolution to these strategies, starting with micromarketing and ending with undifferentiated marketing. Take Nike, for instance. Nike started with their founder, Phil Knight, selling sneakers from the trunk of his car. Now, he's the 56th richest person in the world with an estimated net worth of $16.3 billion. So, Nike started with micromarketing, and now it has commercials everywhere.
Target marketing strategies are really just ways to show how popular a certain company is and how far-reaching their products and services are. Some companies stay at the micromarketing level, and sometimes that is where those companies want to be. Many landscaping businesses would fit here. The other examples are above if you'd like to revisit, but I want to focus on micromarketing because that is what people usually use to market their ideas, and their personal brand. I think that for personal branding, people must focus on micromarketing, and the idea of customization. Know your audience when you want to talk about yourself - it's like tailoring your resume for a certain position. Above all, have an idea of which strategy you ultimately want to use. In other words, decide how popular you want your brand to be. To begin moving into the upper level target markets, I think targeting "investors" is the natural next step. For companies, that usually means trying to get more capital, but for those of you buying into this personal brand concept it means gaining interest and connections with people who will talk about you and promote your ideas. Below is a video that sums things up fairly well. If anything, the last minute provides a good perspective.
The big lesson here is to go out and get investors. If you really have an idea that you are passionate about, and I know most people do, chances are that others can become passionate about it, too. My last post was all about my personal brand and what I am passionate about. Now I just need to continue telling professors and making more connections until I find a professor that will buy into my idea and help me to carry it out - I need investors. My dad is going through a similar process with a bookstore that he recently took over. It is something that he is passionate about, and as he continues to tell others in the community, he gets more and more investors - people who buy into the idea of his bookstore and what it can provide. So, be confident in your brand, go out there, and get some people to invest in your ideas - I hope you'll have as much fun with it as I am.
Best always,
Tim
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