Do you find that when you’re asked to identify your target market, you respond with something like ‘millennials’ or ‘people living in this area’ or ‘young families’? That’s specific, right?
But yet when you place your ad – which everyone agrees is fabulous – in the media outlet that your target market is exposed to, the results are less than outstanding. Or when you create that product that is perfect for your target market, there’s such little uptake, even though you know your market is aware of your perfect product.
Maybe you’re only attracting the early adopters … or maybe you haven’t defined your market with sufficient precision.
AE’s approach to target market definition consists of 5 levels of precision. Let’s use the example of targeting millennials.
Level 1: Demographics (male millennials, i.e. persons born between 1980 and 1996)
Level 2: Interests (male millennial sports fans)
Level 3: Lifestyle (male millennial sports fans that watch sports while hanging out at bars with their friends a few times a month)
Level 4: Attitudes (male millennial sports fans that watch sports while hanging out at bars with their friends a few times a month and believe that winning is more important than how you play the game)
Level 5: Values (male millennial sports fans that watch sports while hanging out at bars with their friends a few times a month and believe that winning is more important than how you play the game and highly value their traditions)
The best products, market campaigns and corporate strategies require Level 5 targeting.
How would you get their attention if you defined your target market using only Level 1 criteria versus if your target market was defined up to Level 5? Would you still be considering the same media outlets, the same imagery and the same products?
For more information on how you can use this approach in your business, contact us at 246.253.4442 or moc.scimonocesellitna@drawohs.
