In our previous videos, we have discussed Market Segmentation, what it is and the benefits of implementing it in your strategy. Market Segmentation is the vital first step in the STP process:
We have now reached the second phase of STP: Targeting. In this video, we will discuss 2 key types of targeting: Niche & Micro-market targeting.
But First, What do we Mean by Market Targeting?
During the market targeting phase of STP, marketers will evaluate the commercial attractiveness of their identified segments and choose an appropriate approach with which to target them.
To introduce you to market targeting, we’ve chosen 2 narrow targeting strategies that will focus your efforts and have you speaking directly to your chosen audience. This is where our hyper-targeted approaches, niche & micro-targeting, come in.
A niche market is a subset of a larger market with its own unique characteristics, preferences, and needs. Niche marketing targets one or more segments identified within the larger market.
A niche segment can be of any size. However, it is always narrower than the overall market from which it diverges. For example, vegan women’s shoes are a niche market within the larger market of women’s shoes.
Micro-marketing takes things even further by targeting a specific group or individual within a niche market. This is the most narrow form of market targeting; micro-markets are determined by a particular characteristic such as location, age, job title, etc.
Localized marketing, targeting cities, neighborhoods or even a certain venue, like a store or restaurant, is a form of Micro-marketing.
There are different reasons to use each type of market targeting we have discussed above and each type will return different and beneficial results. The key to choosing the right targeting approach is to understand the segments you have identified and use the insights gained through your research to determine how best to target them.
To find out more about market targeting, you can read our blog, Market Targeting: Why It Pays to Differentiate, right here.
Go from to Beginner to Market Segmentation BOSS with your very own FREE guide: The ABCs of Market Segmentation 💌 Don’t hesitate to get in touch directly viadominique@hurree.cowith any of your questions or comments you may have!
Originally published at https://blog.hurree.co.
