Why is it important for your engineering brand?
The following are some of the reasons why target marketing is important for engineering and industrial companies:
Target marketing helps you define and focus on your growth potential.
Companies have limited resources in terms of time and money, so having a strong and focused marketing team can help build effective marketing strategies. Focusing on the areas or audience that give you a higher likelihood of purchase can offer your company significant opportunities to grow sales.
An example is the automotive manufacturer Mercedes-Benz which produces luxury cars. Their brand targets middle-aged buyers (25-44 years) in the upper-class social groups. Aside from their inclination towards modern technology and style, this demographic has a higher probability of purchasing luxury cars than other age groups.
Target marketing builds interest in your company’s products and services.
By identifying the target market, companies can recognize common characteristics among consumers who have a high probability of showing interest in the product or service. This data helps build up a database of customers. The database can be used for future marketing and retargeting efforts as well as a source of valuable insights on trends that companies can use to attract more customers.
For example, car companies such as Nissan, which also uses social media channels to target potential buyers, can use the data gathered from interested audiences as a tool in building custom ads.
Target marketing creates loyalty to the brand.
With proper identification of the target market, you can craft specific messages that will appeal to that particular market. Each market segment has specific needs, so crafting effective market messages that will meet those needs is important. These advertising messages, when used and delivered appropriately, can help create brand loyalty.
One popular example of a successful marketing campaign for a targeted audience is Apple’s ‘Get a Mac’ ad campaign on television that told consumers all they need to know about the product. The campaign was created to help increase Mac sales on a market where PC was dominating. It played over Mac’s high customer satisfaction rating and how it doesn’t have the issues that PC has.
The ‘Get a Mac’ campaign was able to capture the attention of PC users and those who were looking for a more reliable computer. This campaign helped the company increase its sales by 36%.
Target marketing keeps you competitive.
Target marketing can help companies be proactive in keeping an eye out for changes in customer interests, and in countering marketing efforts made by competitors. One of today’s most effective strategies to keep your company competitive is to know your competition and your customers. Differentiating yourself from the competition, improving customer service, and being responsive to your customers’ needs and expectations will give you a competitive advantage.
Target marketing can help increase your authority.
By focusing on your target market, you can establish yourself as an expert and provide for the desires and needs of the market. Google’s ‘Year in Search’ internet ad campaign is a great example of increasing a company’s authority on the service they offer. The campaign has been running for almost 10 years and still never fails to remind people who use the internet that Google is the best place to search for information.