Delivering the right message to customers is essential because it helps to retain existing and acquire new customer, which are necessary elements in building a successful business relationship.
When customers receive clear, accurate, and relevant information, they are more likely to feel confident in their decision to do business with your company.
Tailoring a message to the target market is important because it helps ensure it is relevant and resonates with the intended audience.
Suppose you are promoting a product or service to a specific group. In that case, it is important to understand what they are looking for and how they prefer to receive information.
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This presentation is based on the book Principles of marketing from the open textbook initiative by the University of Minnesota.
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Regarding marketing, there are two main approaches: targeted marketing and mass marketing.
Targeted marketing involves creating and delivering marketing messages and campaigns to a specific group of consumers based on their characteristics and needs.
This approach is effective because it allows marketers to tailor their messages and campaigns to specific consumer groups, making them more relevant and appealing.
However, targeted marketing requires more effort and resources to research and segment the target audience.
On the other hand, mass marketing involves creating and delivering marketing messages and campaigns to a large, undifferentiated audience.
This approach is more cost-effective because it doesn't require the same level of research and targeting.
However, mass marketing may not be as effective at engaging and converting consumers because the marketing messages may need to be more relevant and personalized.
Ultimately, the choice between targeted marketing and mass marketing depends on the specific goals and resources of the marketing campaign.
Technology has revolutionized how businesses operate, and it is an essential component of success in today's fast-paced and competitive market.
In the past, businesses relied on manual processes and outdated technology to research their customers' needs and wants, often resulting in inefficiencies and slow growth.
However, with the introduction of advanced technologies such as social media, artificial intelligence, machine learning, and the internet of things, businesses can automate tasks, analyze data, and make more informed decisions.
Two examples of applying technology to segment and target potential customer.
Data collection and analysis:
With the proliferation of digital devices and the internet, firms can collect and analyze vast amounts of data about their customers and potential customers. This information collected can be used to create targeted marketing campaigns and personalized experiences for customers.
Personalization:
With the help of social media, artificial intelligence and machine learning, firms can use the data they collect to create personalized customer experiences. This can include personalized recommendations, targeted advertisements, and customized messaging.
Other examples that we see frequently.
Social media:
Social media platforms like Facebook, Instagram, tiktok, and Twitter allow firms to target their marketing efforts to specific groups of users based on their interests, demographics, and behaviours.
Email marketing:
Email marketing allows firms to send targeted messages to specific groups of customers based on their preferences and behaviours.
Online advertising:
Online advertising platforms like Google Ads and Microsoft Advertising allow firms to target their ads to specific groups of users based on their interests, demographics, and behaviours.
