Market Targeting

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November 28, 2009

in Behavioural Targeting

The principle of market targeting is defined pretty much the way you would expect, simply put the technique involves studying consumer trends of a target buying audience to determine what the most effective way to market a product is. A simple example of market targeting is taking a small sample of consumers who purchase Blu-ray and then look at what their next purchase is. If for example their next purchase tends to be an upgraded sound system then this tells a company they should be marketing sound systems at those who purchase Blu-ray since they are a profitable audience.

Market targeting is useful because it is a tool that allows you to increase your productivity without spending much initially if the tool is used correctly. No doubt you already have an advertising budget and a marketing budget. Therefore you do not need to expand the amount you spend, you simply need to streamline your spending using market targeting to ensure you are reaching the correct audience. By using market targeting you can study the behavior of your average client so that you know where to search for them and ensure that your ads are being viewed by this audience. This is a much better solution over putting out a general ad and hoping an interested party will happen to view it.

A great example of market targeting is any large shopping website such as Wal-Mart or Target who offers users related item subheadings. They actively display similar items to the one that you are browsing since most people who look at one item choose to buy another related item. In this instance, the companies are advertising their own products within the site by targeting the audience and delivering their preferences. If you own a website that sells products or services this is a very easy task to complete.

If you like the idea of putting your advertising where it counts then market targeting is the best technique for you. Usually, you have two different choices when it comes to market targeting, either read up on your target audience or hire someone as a consultant who already has the knowledge that you need. Although it may seem cheaper to do your own research, once you count in the time investment and the difference in revenue that you will see from using a professional you may find that a market consultant virtually pays for their own services.

As the internet world continues to grow market targeting is expected to grow alongside it. In order to stay competitive eventually a business will have to take advantage of the popular technique. Thus, if you want to see profits now instead of waiting for later it may be well worth your time to start implementing market targeting in your advertising plans.

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