A major challenge facing every business today is how to develop an effective marketing strategy for their products and services. It usually requires extensive research to determine which segments of the market to focus on and how to successfully reach them. Depending upon one’s objectives, some marketing models work better than others. Once you determine who you are trying to reach, there are at least four different marketing strategies that can be employed.
Sometimes the simplest and most direct approach is the best. A single segment strategy focuses on only one segment of the market. The goal is to direct all marketing efforts on what will appeal to that single market segment. It is a concentrated strategy that often works well for new business that have a limited budget. By focusing on their core customers, hopefully they can expand their base and begin marketing to a larger market.
More sophisticated marketing strategies often target multiple segments of the market. This multi-segment strategy is designed to take maximum advantage of all aspects of the market. Every market can broken down into sub-groups, so by differentiating between them a marketing campaign can target several kinds of customers at once. For example, Toyota manufactures a variety of styles of their popular Camry models with the hope of appealing to specific types of Toyota customers. The product is the same in every case, but there are subtle differences in style and exterior design that are intended to appeal to different segments. This differentiating between market segments is designed to broaden and deepen consumer access and increase market share.
With this strategy no attempt is made to differentiate between market segments. Instead a broad, one size fits all approach is employed that doesn’t distinguish one aspect of the potential market from another. Because it requires less research and fewer variations, undifferentiated marketing is often simpler and cheaper to produce. Unfortunately, it can also mean a lot of the marketing message is wasted on people who are likely to have no interest in the product or service. Newer companies generally need to differentiate more in order to establish a core base of customers before developing broader strategies.
The emergence of the Internet as a major tool has made possible a tightly concentrated marketing strategy called micro marketing. This is where the most sophisticated possible attempt is made to reach specific customer groups with marketing designed precisely for that market segment. The number of customers reached can be quite narrow, but the marketing is so focused on their specific needs that the probability of sales are greatly enhanced.
Every marketing campaign is unique and requires specialized analysis and guidance from marketing professionals. Whether you are marketing to a single market segment, a wide range of undifferentiated customers, or are micro marketing to a very narrow segment, a professional can help you determine which of the different marketing strategies that can be employed are best for you.
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