What is the most effective targeting strategy for your product?

Targeting, very importantly, optimizes the marketing spend by maximizing relevant audiences, instead of generalised approaches. Then to give relevant messages to relevant audiences with personalised messages and offers is the tactic.

The most effective customer targeting strategy depends on various factors, including your business type, industry, product/service offerings, and your specific goals. Market Segmentation, Persona Development, Customer Profiling and Data Analysis, Behavioral Targeting, Geotargeting, Contextual Targeting, Lookalike/Similar Audiences, Social Media Targeting, Email Marketing Segmentation, Content Marketing with SEO, Influencer Marketing, Experiential Marketing. The most effective strategy for your business will depend on your specific industry, product, and target audience. It's often beneficial to use a combination of these strategies and continually monitor and adjust your approach based on performance metrics and customer feedback.

Targeting benefits businesses by efficiently using resources, boosting conversion rates with tailored marketing, improving customer satisfaction, reducing wastage, gaining a competitive edge, expanding markets, enabling data-driven decisions, personalizing customer interactions, nurturing long-term relationships, and adapting strategies for sustained success.

Targeting strategies surely depend upon the marketing budgets of the company. Nowadays most effective targeting strategy could be to use influencers with similar interests in the product and better engage with the audience. This is quite differentiated and very much specialized as well. Lastly, your targeting strategies depends upon the the nature of the products and services

Una de las primeras ventajas de realizar una adecuada segmentación es la capacidad de entender a tu público. Entender qué le preocupa, qué le gusta, cuáles son sus hábitos de compra o de entretenimiento te va a permitir encontrar un insight más poderoso que logre conectar mejor con él. No solo es una forma de ser más eficiente en cuanto a recursos, también es una forma de ser más eficaz.

Types of targeting in marketing include demographic (age, gender), geographic (location), psychographic (lifestyle), behavioral (past actions), contextual (content relevance), retargeting (re-engage visitors), account-based (B2B focus), social media (platform-based), email (segmentation), lookalike (similar audiences), value (customer lifetime), event-based (life events), and time-based (timing relevance). Each method tailors marketing efforts to specific customer segments, enhancing effectiveness and relevance.

I would take "undifferentiated" off the list of targeting options. Even if you don't have consumer research data, you should create hypothesized target personas for your marketing efforts. It's best to target a mindset and not just demographics or behaviors. In order to capture your target's attention, you must understand what role/solution your product can play. Identify the targetable mindsets from which you develop your marketing, media, and content strategies.

No sirve con conformarse con segmentaciones sociodemográficas estandarizadas. Si consideramos que una marca tiene personalidad y no puede clusterizarse junto a otras semejantes, tu público también tiene que ir más allá. Determinar uno o varios buyer persona, te va a permitir personalizar mucho más tu target y poder pensar en él a la hora de lanzar una nueva campa?a. Tener esto determinado para tu marca va a permitir pasar briefings más concretos a las diferentes agencias y tener finalmente una estrategia (con diferentes touchpoints) mucho más unificada y consistente.

Most of the time my targeting strategy starts with “Who is not my target audience” rather than ‘who is’, because defining ‘who is’ harder than defining ‘who is not’ With AI and ML, we don't have the same ability to target our ideal customers directly from platforms as previously. But we always have the ability to exclude our non-target audience.

I try to focus on what is universally missing.. because that way you help more people and bring the most value.. i think their is a place for niche markets, but i am focused on humans, specifically girls, and i believe what we share as needs, desires is the bigger win, there has been much on division but i find that those have bias.. so for me go deep, find a shared itch and scratch it

There are couple of principles which all targeting strategies should have at the heart of it. 1. Go for reach - You should plan for making more people see your brand for a longer period of time 2. Go for a sustained duration- Our memories need regular refresh so rather than investing all your budget at one go it is better to have a sustained plan with +1 reach. 3. Target light buyers: One of the biggest fallacies is we go too sharp and use psychographic segmentation and use that to inform media targets. The only way to grow brand is to recruit new buyers (grow penetration). To recruit new buyers we should target light buyers of the category as they have the most potential to drive incrementality.

Choosing the right targeting strategy depends on your business objectives, product, and ideal customers. Start by defining your target audience and understanding their demographics, interests, and behaviors. Consider your product's unique selling points and which strategy aligns best with them. Analyze your budget and available resources, as some strategies may be more cost-effective than others. Be data-driven, using insights from past campaigns and market research to inform your decision. It may also be beneficial to combine multiple targeting strategies to reach a broader or more specific audience. Regularly assess and adapt your strategy to stay aligned with changing customer preferences and market dynamics.

Some companies create a strategy for 3-5 years but review it yearly to keep abreast with the changing environment and speed of innovation while others do a yearly review due to the dynamism of the consumer behaviour. Both approaches have their pros and cons, what marketers need to avoid is the inconsistency of the targeting messages which might lead to consumer dissonance and erosion of trust.

The way helped me much: After analyzing purchaser from Google Analytics 4; their demography, behaviour, location, buyer persona etc. I utilized these data for targeting and it helped me much.

Behavioral Targeting: Amazon is renowned for its use of behavioral targeting. When users visit Amazon's website or app, the platform analyzes their past shopping behavior, such as product views, purchases, and search queries. It then provides personalized product recommendations based on these behaviors. For example, if a customer has recently searched for hiking boots and purchased camping gear, Amazon might recommend related items like hiking socks, tents, or outdoor apparel.

Using the methodology of characterizing personas is recommended. You should define your ideal personas and conduct research in order to understand it pain points & needs. This will help you to better target the marketing strategy.

Questions one might arrive at can be, how can Telcos be different, how can a shampoo, a toothpaste or a hair colour be different. Is differentiation a factor of price, or packaging or promotion? What makes different brands evoke different feelings? Does a brand always need to be different to be able to demand attention of consumers to select it vs others? I have found while studying various researches is that starting the targeting journey by looking at what consumer want instead of what one thinks that they'd want is something overlooked so often and hence targeting falls short.

Know Your Audience: Understand demographics, interests, and behaviors. Segment Your Audience: Divide into distinct segments for tailored messaging. Data Analytics: Use data and analytics to gain insights into customer behavior. Behavioral Tracking: Monitor user behavior for personalized targeting. A/B Testing: Evaluate different approaches with A/B tests. Leverage Customer Feedback: Listen to customer input for insights. Competitor Analysis: Analyze competitors' targeting strategies. Retargeting: Re-engage users who interacted but didn't convert. Multichannel Targeting: Use strategies across various channels. Mobile Optimization: Ensure mobile-friendly content. Local Targeting: Use local SEO for geographic targeting.

People come up with different approaches for this, for me it goes like this 1. Understand the macro environment 2. Cultivate what consumers are missing 3. Introduce your solution (products or services) aka the Brand Promise 4. Build reasons to believe choose what's important for consumers 5. Make the reasons consumer friendly and measure your performance