For this blog I have decided to break it down and sort of write a blog to myself along with writing one regarding peer discussion posts for their products. I think it was helpful to look at it specific to my own product then in a more general sense.
In reference to my product, Nike Moms:
One of the most important tools at a marketers disposal is Google Analytics. Using concrete information from a credible source to understand the tendencies of your potential target market can help establish and define the strategies you will use to market your product to them. “Google Analytics is a free web analytics tool offered by Google to help you analyze your website traffic.” (Su, 2017) In the instance that you don’t already have a website for your product, you can use data from similar products’ websites to establish a game plan for your product. Nike most likely has extensive information about their customer’s website utilization so understanding how to use their website to direct traffic toward this new product, Nike Moms, should be relatively simple. “Once you understand the defining characteristics of your existing customer base, you can go after more people who fit the same mold.” (Newberry, 2018)
Establishing a clear understanding of the demographic we are trying to reach is another important tool that can help marketers define their target market. In this case Nike would be looking at what is the most common age for first time mothers. According to a Social Media Today post by Andrew Hutchinson in 2017 “the average age of a first-time mom in the US is 25.8.” With this information, the marketing team can look at the number of women in the United States between the ages of 20-35 (our target market). There were 33.15 million women between the ages of 20 and 35 in the US as of July 2018 (Duffin, 2019). We are choosing this age range because “85% of births are to women under the age of 35” (Hutchinson, 2017).
In reference to peer reviews:
Similar to what was mentioned above with Google Analytics, one of the first steps a marketer should take when defining a target market is gathering information. “The web offers a wealth of information from various sources that can provide you with up to date market research and current consumer trends.” (Ward, 2019) It would be almost irresponsible as a marketer to not utilize data that is so easily accessible. “Metrics are a great way to pinpoint promising demographic groups. This might mean conducting surveys via e-mail blasts or newsletters, or you might find it worthwhile to contact a marketing firm that can help you gather preliminary data. Either way, the key is to collect demographic data in your surveys. This can enable you to correlate positive responses to your product or service with specific demographic groups – the same groups that you should later target.” (Cohn, 2015) Getting this information directly from your target market will give you the most intimate understanding of how to market a product to them. Like with Google Analytics, the use of pre-existing data can be integral to understanding the trends of similar businesses or products and how consumers react to their marketing strategies. This will give you a keen insight into how they may react to yours.
Another tool that can help a marketer define their target market is economic status. If a product is expensive to research and manufacture, it will need to be expensive for the consumer to purchase. Therefore, the products will have to be marketed to consumers who can afford to buy them. For instance, a tech product might be marketed to a demographic with a higher household income than a clothing product. This approach also works for products that are similar. A 2015 Forbes article discusses a funneling approach for defining a target market. “Your third and final sieve might be income level – the family purchasing a Kia probably occupies a different income bracket than the family purchasing a Lexus.” (Cohn) I believe the most important piece of a marketing plan is understanding who you are marketing to.
Su, Bill. (2017, May 16). Medium. What is Google Analytics, and why is it important to my business? Retrieved from https://medium.com/analytics-for-humans/what-is-google-analytics-and-why-is-it-important-to-my-business-8c083a9f81be
Newberry, Christina. (2018, October 31). Hootsuite. How to Define Your Target Market: A Guide to Audience Research. Retrieved from https://blog.hootsuite.com/target-market/
Ward, Susan. (2019, April 27). Small Business. How To Define Your Target Market. Retrieved from https://www.thebalancesmb.com/define-your-customer-before-marketing-2947197
2017, May 10. Hutchinson, Andrew. Social Media Today. 5 Things Brands Need to Know About Marketing to Moms. Retrieved from https://www.socialmediatoday.com/social-business/5-things-brands-need-know-about-marketing-moms-infographic
Chritton, Susan. (2019, July 31). QuickSprout. How to Define your Target Audience. Retrieved from https://www.quicksprout.com/define-your-target-audience/
Sweeny, Deborah. (2019, March 8). Deluxe: Small Business Resource Center. 9 tools to research your target market. Retrieved from https://www.deluxe.com/sbrc/starting-a-business/9-tools-to-research-your-target-market
Law, Tom J. (2019, July 10). Oberlo. Why You Desperately Need a Defined Target Market and Target Audience. Retrieved from https://www.oberlo.com/blog/target-audience
Resident population of the United States by sex and age as of July 1, 2018 (in millions). (2019) Statista. Retrieved from https://www.statista.com/statistics/241488/population-of-the-us-by-sex-and-age/
Cohn, Chuck. (2015, February 6). Forbes. Steps To Identify Your Target Market. Retrieved from https://www.forbes.com/sites/chuckcohn/2015/02/06/steps-to-identify-your-target-market/#3abf73f8229d