Targeted marketing is a marketing strategy which identifies an audience that is most likely to buy a product or service and subsequently creates a marketing campaign designed specifically to advertise said product or service to the target audience, using advertisements and promotional messages. This allows different companies to hone in on certain market segments, creating a “specialty” and possibly lowering competition with similar companies.
Mass marketing is spread widely throughout the population and often misses the audience that is most likely to be potential customers. A good targeted marketing model will help on two fronts: identifying a product’s target audience, and creating a campaign that is tailor-made for the target audience. This will guarantee focused and precise marketing, which should raise profits. A dynamic model will allow the advertiser to determine if the target audience changes or if the marketing strategy fits the target audience so new audiences can be targeted or advertisements can be changed accordingly.
Companies should primarily utilize records and statistics of past sales of their product or service across different market segments, which will help determine target audiences for their products. Additional data could include customer profiles, inventory analysis, production reports, cost analyses, marketing budgets, customer feedback and profit-and-loss statements.
Seeing as most companies are not monopolies in their respecting fields, competitor data, surveys and questionnaires are essential to perfecting a targeted marketing model.
One challenge marketers face is an overload of data coming from social media and from the industry itself. Finding the specific data needed to analyze your product and target audience can be very challenging, leading to problems in defining target audiences and marketing campaigns. Additionally the dynamic nature of technology and marketing tools demands ever-changing and evolving marketing campaigns, to keep up with the needs and trends of different target audiences.
According to the research firm Aberdeen, companies that are identifying customer needs and wants through predictive analytics are able to increase their organic revenue by 21% year-over-year, compared to an average of 12% without predictive analytics.
180byTwo’s AccountLink data set is an account-based marketing solution based on geospatial and IP data. AccountLink gathers company locations (15 million so far) and, with geospatial data analytics and artificial intelligence programming, creates Ideal Customer Profiles (ICPs) for marketing use.
PipeCandy eCommerce Leads & Insights for Fulfillment tracks company data and company shipping details: shipping volume, which companies they use to ship products, whether they ship internationally or not, and so on. You can find company leads easily with this dataset with filter capabilities.
Krill Technologies’ Europe & North America Database is a collection of two million European and two and a half million North American industry and employment data. The information is intended for use by marketers focusing on specific countries or regions within countries.
Lotame Private Data Exchange connects businesses with quality audience segment data vendors. Also called Lotame PDX, this service is part of the Lotame Data Exchange. It measures audience data from anywhere in the world and offers regional and vertical filters.