Week 1 - Marketing Strategy

A goal of a marketing department is to attract new customers. If new customers are satisfied, they will return and your business will grow because of it. The hardest part is getting these new customers. With marketing departments having a budget they must follow, teams must plan effectively to minimize the cost of acquiring new customers. Teams are able to do this by using the strategy called target marketing.

Image result for marketing team stock photo

Target marketing is focusing your marketing strategy on a specific group of people. How a group people is determined depends on a variety of factors. These factors are called psychographics, geographics and demographics.

Psychographics are the consumers interests, hobbies and values. It is the heart of the consumer. Lets say you are opening up a new vegan restaurant. To avoid wasting time and money, you would not want to market your vegan restaurant to a group of people that like meat. Instead you should target customers who enjoy vegan meals.

Geographics is where the consumer is located. Everyone can not be every where at once. You should not target your vegan restaurant to people who can not physically attend your restaurant. A group of people may be interested in your restaurant, but they may live in a different area. The restaurant's customer base will be in the areas closely surrounding the restaurant, so those people should be targeted.

Demographics consists of factors such as age and race. Different groups of people need to be targeted differently. If you are trying to have more families with children under the age of 10 come to the restaurant, you may run a marketing campaign with the nearby trampoline park. The promotion could be if you attend the trampoline park, receive a free kid's entree. However, if a business is trying to target clients 65 or older, a promotion with the trampoline park would not be effective.

Understanding psychographics, geographics and demographics are the keys to running a successful marketing strategy. Optimizing these elements will help your business soar to new heights.

Comments

Post a Comment

Popular posts from this blog

Week 14: Micro-marketing and Macro-marketing

Image
Determining how effective a marketing for an individual firm can be difficult. Companies may not have access to analytics and statistical feedback on marketing campaigns. So marketing campaigns are sometimes viewed as a micro-marketing or a macro-marketing. Micro-marketing are advertising efforts that are focused to a small group of consumers. This strategy has some drawbacks. Sometimes a lack of interest or understanding of the customer occurs. An improper blending of the four ps of marketing sometimes occur here. For example, the overhead cost to create a new product can be passed on to the consumer in a result of higher prices. The failure rate for these products are pretty high. Coca-cola attempted fuse soda and coffee together and it did not go well. Macro-marketing can be more effective. It can save in cost and be more efficient. If your product appeals to large groups of consumers, using strategies that large groups of consumers can relate to. For example, the cost to cr...
Read more

Week 2 - Marketing Strategy Jimmy John's

Image
According to data from the National Restaurant Association, the fast casual is forecasted to generate $246.7 billion in food and beverage sales in 2019. With many large competitors such as Panera, Chipotle and Panda Express, companies must differentiate their marketing tactics and come up with a unique marketing strategy. Jimmy John's has done just that. With unique commercials and casual  social media campaign, Jimmy John's marketing strategy is one of the most unique ones out there. Although TV advertising may have lost popularity in recent years, Jimmy John's has used the platform very effectively. Television commercials was a way to differentiate themselves from their competitors. The commercials often showed their "Freaky Fast" delivery services and their in store quick service. Jersey Mike's and Chipotle do not have the same reputation for funny commercials that Jimmy John's does. This has allowed them to create a cult-like following and a larg...
Read more

Week 11: Information Technology Used in Customer Relations/Services

Image
A business is responsible for many tasks. With the low overhead cost of technology, companies defer some simple customer service task to automation. Customer support, specific product design and step by step processes are used by businesses to increase employee efficiency and convenience to the customer. Customer support can be automated. Many different types of organizations from university libraries to large corporations use this method. These programs are designed to answer simple questions so the salaried salesperson can focus on higher end and specific customer questions. Product customization is a lucrative part of a business. Potential customers can design a company's product that a business can charge at a high margin. With the right software in place, you can custom design a Ford Mustang, put your number on new Nike shoes or many other cool features customers can enjoy. Many customers have negative opinions on your product because they may not be using the product i...
Read more