Through the Lens of an MBA
Attracting Your Target Market: Key Marketing Principles to Get the Crush
The Girl in The Pink Scarf
Issue date: 11/3/09 Section: Voices
Take into account seasonality and "business cycles." When launching a new product and deciding upon an introduction date, a keen brand manager must be aware of the current environment and assess how receptive the potential customer will be to the product. Introduce your product offering (the prospect of a new relationship) at a time that's ideal for a potential spark. If the product would make a perfect stocking stuffer, it makes sense to introduce it around Christmas, and not say, during Halloween. Befittingly, depending on what phase your love interest is in (for example, in the recovery phase, just emerging from the trough of a broken relationship), strategically assess the target's current propensity to purchase.
Take awareness into account, but be sure to understand how to convert that into an interest to purchase. A customer will not even think of purchasing the product if they do not know the product exists. Increase awareness by planting seeds, using some of the techniques previously listed. Awareness will affect repeat purchases. Albeit, awareness is important, it is nothing without getting the customer to purchase. New product introductions depend on correctly assessing the customer's willingness to purchase. Brand managers examine the 'definitely would buy' and 'probably would buy' percentages, and use these 'top box percentages' as a measure of the target customer's interest level. Similarly, you can apply the same principle by keeping a mental tally of 'definitely' versus 'probably' responses to inquiries of hanging out with the crush in the future. Paying close attention to these figures will give you a better read on your projected success rate of converting that trial into a repeat purchase.
Armed with these key marketing concepts, you are now better equipped to target that special crush. Moving on to further stages, keep in mind other marketing principles: packaging is important, as well as price. As they say in marketing, once you lower your price, it's difficult to raise it again. How are you positioning your product? Is it strategic to position yourself as an impulse purchase? In applying all these principles, remember to stay true to what you stand for as a brand. Thus, there is a fine balance between providing a free sample and preserving and building brand value. To build true brand value, be yourself, and your biggest fan- by serving as your own personal brand ambassador, your excitement can be contagious enough to convert that target customer, and crush any doubts of "purchasing the product."
Enough of all of the marketing mumbo jumbo? Here are the key takeaways:
(1) Understand what's important to the target customer,
(2) Appeal to the target customer's relevant interests using the above principles but realize that:
(3) The truer you are to yourself, the better-highlight your key product benefits, and become a brand ambassador for yourself, to create a future loyal and lasting customer.
Take awareness into account, but be sure to understand how to convert that into an interest to purchase. A customer will not even think of purchasing the product if they do not know the product exists. Increase awareness by planting seeds, using some of the techniques previously listed. Awareness will affect repeat purchases. Albeit, awareness is important, it is nothing without getting the customer to purchase. New product introductions depend on correctly assessing the customer's willingness to purchase. Brand managers examine the 'definitely would buy' and 'probably would buy' percentages, and use these 'top box percentages' as a measure of the target customer's interest level. Similarly, you can apply the same principle by keeping a mental tally of 'definitely' versus 'probably' responses to inquiries of hanging out with the crush in the future. Paying close attention to these figures will give you a better read on your projected success rate of converting that trial into a repeat purchase.
Armed with these key marketing concepts, you are now better equipped to target that special crush. Moving on to further stages, keep in mind other marketing principles: packaging is important, as well as price. As they say in marketing, once you lower your price, it's difficult to raise it again. How are you positioning your product? Is it strategic to position yourself as an impulse purchase? In applying all these principles, remember to stay true to what you stand for as a brand. Thus, there is a fine balance between providing a free sample and preserving and building brand value. To build true brand value, be yourself, and your biggest fan- by serving as your own personal brand ambassador, your excitement can be contagious enough to convert that target customer, and crush any doubts of "purchasing the product."
Enough of all of the marketing mumbo jumbo? Here are the key takeaways:
(1) Understand what's important to the target customer,
(2) Appeal to the target customer's relevant interests using the above principles but realize that:
(3) The truer you are to yourself, the better-highlight your key product benefits, and become a brand ambassador for yourself, to create a future loyal and lasting customer.
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