Dominate Your Competition, Know What Makes Your Target Market Tick
The marketing industry is a highly volatile place. One minute you’ve made yourself at home, relaxing in the living room with a nice cup of tea, the next your entire world is shaken by an unexpected earthquake.
“How do I create a target market strategy that works?”
This is a question many marketing professionals find themselves asking daily, with no clear answer to be found. However, what we can do is study and observe the market trends and when the right opportunity arises, we pounce on what we think our target market should be!
Once we take that first big leap and identify our market, it doesn’t stop there. The next challenge is to find out how to enter the market and DOMINATE your competition!
Oh boy. This is where the real fun begins!
How To Dominate Your Competition
The competitive world of marketing can be a tough war to enter. The competition may have a larger budget to spend on marketing, ads and staff… BUT there is hope for newbies entering the marketing industry.
I read an article that outlined key concepts as to how entrepreneurs not only learned to successfully enter the marketplace but ultimately dominated their competition and their target market. I thought this may bring some interesting insight to those of us who are new to the subject of target marketing.
I am forever learning, especially when it comes to implementing measures to dominate the competition. Nevertheless, they say that knowledge is power and a dream without a plan is always just a wish. I figured that starting a new marketing plan from a different angle may prove to hold an amazing outcome…I’ll keep you posted.
I hope these four pointers that I found in an article written by Kc Agu can bring some light, some insight, and some hope to your existing marketing plan, helping you to nurture it to produce promising results.
Here’s what I found:
1. Know your target audience inside and out
Boris Mordkovich, the founder of Evelo, an electric bike company, has said, “Success in entering new markets and taking over comes when you spend heavily in getting to know your product’s target audience, and aggressively serving them your products based on the customer information you have on them.”
According to Mordkovich, if you want, and I mean really want your startup to be the ultimate survivor, clawing it’s way to victory over a pack of aggressive competitors, you need to be better than them at sniffing out information about your customers.
Additionally, “Not everyone is your target customer.” Evelo were targeting young people in their 20s and 30s with their marketing campaigns, however, due to their sizable investment in target market research, they came to understand that most of their customers were in their 50s or 60s. They flipped their existing strategy on its head, witnessed remarkably positive results and have never looked back!
2. Create an entry point strategy that wows!
A solid entry point strategy can make or break a concept, and sometimes even a business. People don’t want to see the same dull drivel day in and day out. They want new, exciting and never-before-seen content when they’re browsing online or in store.
When it comes to CEO target marketing tips, Jack Vogt, CEO at Credit Zipper, says, “If we don’t have a concrete and astounding entry strategy into the new market, my team and I will put a hold on the launch. Your entry will become your culture. It’s the way you enter that spells how your audience will see and perceive you. And this is hard to change. Any mistake from your brand during that fragile brand build-up stage can thwart your business progress in that new market.”
Basically, if you’re not working with successful entry point strategies, don’t bother. You’re wasting resources and your product will likely fizzle and burn out instead of lighting up the marketplace with a BANG!
A concise, well thought out business analysis will bring the telling data to the forefront and allow you to plan your entry point strategy accordingly.
3. Mutually beneficial partnerships are a MUST!
If you’re sitting in your home office Googling, “how to dominate my target market with limited resources” you’re barking up the wrong tree.
Your resources are only constrained by a lack of partnerships. You don’t have editors to create the stunning video you’ve included in your entry point strategy? Google “digital media companies in my area” instead. Reach out to these businesses, sell your ideas to them and you might find that a mutually beneficial link can be arranged.
Rebecca Montrenes, CEO of Lanyards USA, says, “Partnerships are pretty awesome. We regularly partner with brands in new territories to reach far more than our capacity can reach as a company. Partnerships help us get deeper market penetrations which end up with the two companies making a profit as a result.”
4. Develop a complete target marketing strategy to own the market.
Now, let’s address the age-old question of “Why doesn’t marketing work for me?”
To be frank, it’s likely because you don’t have a comprehensive target marketing strategy to provide an edge over competitors.
“We take over new markets by making sure we stretch ourselves to beat everyone in that market on products coverage or services coverage,” says James Bradly of Dealslands. “I have found out that when a company becomes that big, they automatically become the face of the new market. And this position helps your brand pick up the signals of new markets and new trends within the main market before others discover them. That way, your brand is always investing before others and buying out promising competitors before they even become real threats.”
In other words be the biggest, be the loudest, be the best.
Own your niche and you will be making a sizeable profit in no time. It may be a little costly to do this, but to dominate an industry full of comparable products and services, investing in a complete target marketing strategy really does bring out the best in your business.