When it comes to advertising your business, it's imperative that you know who your "target audience" is, and how to reach them. While it's important to reach as many people as possible, and it often seems like focusing only on certain segments of the population is limiting, you need to be "direct." Directly reaching those interested in your product or service will ultimately put more money in your pocket. Therefore, before you decide what your message is, and how to deliver it, you need to understand your target audience.
2. Selling our idea
When it comes to advertising your business, it's imperative that you
know who your "target audience" is, and how to reach them. While it's
important to reach as many people as possible, and it often seems like
focusing only on certain segments of the population is limiting, you need
to be "direct." Directly reaching those interested in your product or
service will ultimately put more money in your pocket. Therefore, before
you decide what your message is, and how to deliver it, you need to
understand your target audience.
Source : WIKIPEDIA
3. Target Audience
A target audience is the demographic of people most likely to be interested in your product
or service. If you own a plumbing company, your target audience is property owners, both
commercial and residential. If you own a toy store, your target audience is parents,
grandparents, and anyone else with children in their lives.
Other examples of target audiences include single men in their 20s, tweens, working
mothers, retired seniors, and dog owners. In some cases, the target audience becomes
very narrow-focused. For instance, if the product is a pricey Italian men's business suit
appropriate for up-and-coming Wall Streeters, then the market audience is single men in their
20s who live in New York City and earn over $200,000 per year.
4. Why finding the target audience
Matter to us?
Tip
You should always think
as a consumer not as a
producer while targeting
your consumers or
producing your product
in the market.
5. Why it matters?
In order for people to "buy into" a product or service, they need to relate to the tone and
content of the message. By striking a chord with someone, a personal connection is made,
and trust is established. Let's say the goal is to sell a product to working mothers.
The advertising methods might employ digital and social media platforms and may have an
energetic and empathetic tone. A better approach to reaching retired seniors is a marketing
campaign using print ads in newspapers and magazines that carry a more subtle and relaxing
tone.
6. How to find our
target audience?
Tip
Necessity is the cause
of rising demand.
Either find the necessity
or creates the necessity.
7. Finding your target
audience
The best place to being is by thinking about the specific needs your product or service fulfills.
If your business is designing websites, you’re going to focus on selling those websites to
business owners, not retired people. If your product is very general in nature (e.g., a common
condiment like ketchup) less market research is needed because most people use ketchup.
If, however, the audience is more specific it's important to gather data about your customers
so you can narrow-focus. One way to gather data is to offer a special price or coupon code to
those who visit your website (or place of business) if they fill out a survey that captures the
information you need.
8. Most of the time, many
Companies can also help
conduct Market Research
for you.
9. Measuring and Altering
your message
The most important part of "messaging" is paying attention to how well advertising methods
are working. To assess the effectiveness of a marketing campaign, you can monitor sales,
new customers, requests for information, phone inquiries, retail and web traffic, and click-
throughs. If you don't want to do this on your own, the Nielson company is the oldest company
that measures the total effectiveness of a campaign.
10. Target
audience/market
Companies cannot connect with all
customers in large, broad, or diverse
markets. They need to identify the market
segments they can serve effectively.
Identifying and uniquely satisfying the right
market segments often are a key to
marketing success.
11. Effective target marketing
requires that marketers:
● Identify and profile distinct groups and
buyers who differ in their needs and
wants.
● Select one or more market segments to
enter.
● For each target segment, establish,
communicate, and deliver the right
benefits for the company’s market
offering.
Tip
Tell the audience about
the problem through a
story, ideally a person.
Tip
Want to understand
more of target market.
Look for Relaince Jio
who almost established
its monopoly through
market strategies in
Indian market.
12. Top 4 basis for
Segmenting Consumer
Market
Tip
The four bases for segmenting
consumer market are as
follows:
A. Demographic Segmentation
B. Geographic Segmentation
C. Psychographic Segmentation
D. Behavioural Segmentation.
13. Tip
If one example isn’t
sufficient to help people
understand the breadth
of your idea, pick a
couple of examples.
1.Demographic
Segmentation
Demographic segmentation divides the
markets into groups based on variables
such as age, gender, family size, income,
occupation, education, religion, race and
nationality. Demographic factors are the
most popular bases for segmenting the
consumer group. One reason is that
consumer needs, wants, and usage rates
often vary closely with the demographic
variables. Moreover, demographic factors
are easier to measure than most other
type of variables.
14. 3. Income:
Markets are also segmented on the basis of income. Income is used to divide the
markets because it influences the people’s product purchase. It affects a consumer’s
buying power and style of living. Income includes housing, furniture, automobile,
clothing, alcoholic, beverages, food, sporting goods, luxury goods, financial services
and travel.
4. Family cycle:
Product needs vary according to age, number of persons in the household, marital
status, and number and age of children. These variables can be combined into a single
variable called family life cycle. Housing, home appliances, furniture, food and
automobile are few of the numerous product markets segmented by the family cycle
stages. Social class can be divided into upper class, middle class and lower class.
Many companies deal in clothing, home furnishing, leisure activities, design products
and services for specific social classes.
1. Age:
It is one of the most common demographic variables used to
segment markets. Some companies offer different products, or
use different marketing approaches for different age groups.
For example, McDonald’s targets children, teens, adults and
seniors with different ads and media. Markets that are
commonly segmented by age includes clothing, toys, music,
automobiles, soaps, shampoos and foods.
2. Gender:
Gender segmentation is used in clothing, cosmetics and
magazines.
15. Tip
If one example isn’t
sufficient to help people
understand the breadth
of your idea, pick a
couple of examples.
2. Geographic.
Segmentation
Geographic segmentation refers to dividing a
market into different geographical units such as
nations, states, regions, cities, or neighbourhoods.
For example, national newspapers are published
and distributed to different cities in different
languages to cater to the needs of the consumers
Geographic variables such as climate, terrain,
natural resources, and population density also
influence consumer product needs. Companies
may divide markets into regions because the
differences in geographic variables can cause
consumer needs and wants to differ from one
region to another.
16. 3. Psychographic
Segmentation
Psychographic segmentation
pertains to lifestyle and
personality traits. In the case of
certain products, buying
behaviour predominantly
depends on lifestyle and
personality characteristics.
1. Personality characteristics:
It refers to a person’s individual character traits, attitudes and habits. Here markets are
segmented according to competitiveness, introvert, extrovert, ambitious, aggressiveness, etc.
This type of segmentation is used when a product is similar to many competing products, and
consumer needs for products are not affected by other segmentation variables.
2. Lifestyle:
It is the manner in which people live and spend their time and money. Lifestyle analysis
provides marketers with a broad view of consumers because it segments the markets into
groups on the basis of activities, interests, beliefs and opinions. Companies making cosmetics,
alcoholic beverages and furniture’s segment market according to the lifestyle.
17. Comes under the psychology traits, it attracts the customer in its own unique style.
18. 4. Behavioural
Segmentation
In behavioural segmentation, buyers are divided
into groups on the basis of their knowledge of,
attitude towards, use of, or response to a product.
Behavioural segmentation includes segmentation
on the basis of occasions, user status, usage rate
loyalty status, buyer-readiness stage and attitude.
region to another.
19. Source : http://www.yourarticlelibrary.com/marketing/market-segmentation/top-4-bases-for-segmenting-consumer-
market/32293
1. Occasion:
Buyers can be distinguished according to the occasions when
they purchase a product, use a product, or develop a need to
use a product. It helps the firm expand the product usage. For
example, Cadbury’s advertising to promote the product during
wedding season is an example of occasion segmentation.
2. User status:
Sometimes the markets are segmented on the basis of user
status, that is, on the basis of non-user, ex-user, potential user,
first-time user and regular user of the product. Large compa-
nies usually target potential users, whereas smaller firms focus
on current users.
3. Usage rate:
Markets can be distinguished on the basis of usage rate, that is, on the basis of light,
medium and heavy users. Heavy users are often a small percentage of the market, but
account for a high percentage of the total consumption. Marketers usually prefer to
attract a heavy user rather than several light users, and vary their promotional efforts
accordingly.
4. Loyalty status:
Buyers can be divided on the basis of their loyalty status—hardcore loyal (consumer
who buy one brand all the time), split loyal (consumers who are loyal to two or three
brands), shifting loyal (consumers who shift from one brand to another), and switchers
(consumers who show no loyalty to any brand).
5. Buyer readiness stage:
The six psychological stages through which a person passes when deciding to purchase
a product. The six stages are awareness of the product, knowledge of what it does,
interest in the product, preference over competing products, conviction of the product’s
suitability, and purchase. Marketing campaigns exist in large part to move the target
audience through the buyer readiness stages.
20. He has his visiting customers speak their camera
issues into the app.
He’s able to give them a friendly, personalized
experience by understanding exactly what they need.
Case Study
21. In 2009, the first Uber cab ride took place in San
Francisco. Four years later, in August 2013, the
first Uber ride took place in India. Back then, Uber
wasn’t quite the startup behemoth that it is now,
but it was young and hungry. It already operated
in 19 countries around the world, and it had its
eyes set on India – a market that had the potential
to become one of the biggest in the world.
Uber and OLA entered the taxi services as
aggregators to provide app-based taxi services to
passengers in major metropolitan cities in India. Both
Ola and Uber offered passengers air-conditioned taxi
services at comparatively cheaper fares. Assured
taxi service at a door step to be summoned on the
mobile app gave the passengers the much needed
comfort coupled with reasonable fares. In many
cases the fares offered by Uber and OLA were found
to be less than the fares charged by 3-wheeler
autorickshaws. No wonder, in less than a year & 39;s
time there was a major shift of passengers from
traditional black & yellow taxis and autos to the
newly introduced air-conditioned appbased taxis
offered by Uber and OLA.
22. Uber’s entry into India was much like its entry in countries
around the world. Small teams of
“international launchers” moved swiftly from city to city, living
out of suitcases and hotel rooms, and setting up Uber’s
operations. Customers were initially roped in through the
promise of high-end cars for jaw-dropping fares. Uber’s
financial muscle, propped by VC dollars, came in handy.
People raved about getting rides in Audis at the price of an
auto.
What followed was a lesson in growth hacking that’ll be taught
in college courses in the years to come. Uber began offering
referral discount codes, and urban India lapped them up.
People got free rides if they could get friends to sign up, and
Facebook feeds and Twitter timelines were filled with
eagerly-shared codes, all hoping to turn into free rides. Users
turned evangelists, word spread, and Uber grew.
23. To be sure, Uber wasn’t the first company in India to offer cab
rides through an app. In early 2013, Ola had already pivoted
from being an intercity cab supplier to an on-demand model,
and TaxiForSure would implement the model soon after. But
being in Bangalore, it felt like the cab revolution arrived
with Uber. Then a rape case caused the shut down of uber
offices in delhi. But later it wriggled back in
the city .
It needed all its wriggling skills when it launched
UberMOTO – its bike taxi service – in Bangalore.
Within a few hours of its service going live, Ola launched its
own bike taxis in the city. Things seems to run fine for a while,
but the Karnataka government was having none of it. It turned
out that bike taxis weren’t covered under the law in the state,
and the government issued a diktat asking them to
be called off the streets. Ola compiled, but Uber did
something that exemplified its hard-to-kill nature
It rebranded its bike taxis as bike shares and stopped earning
money from the rides. While Ola’s bikes sat in garages,
Uber’s bikes were out on the roads, earning valuable market
share, if no money.
24. In July 2012, the company
introduced UberX, a service option
which allows people to drive for
Uber using non-luxury vehicles,
subject to a background check,
registration requirement, and car
standards.At first, rates were
similar to those of taxis and were
35% cheaper than UberBLACK.By
early 2013, the service was
operating in 35 cities. Uber
allowed drivers to use their
personal vehicles as part
of UberX starting in April 2013.
Rates were quickly lowered, which
caused some dissatisfaction
among UberBLACK and taxi
drivers, whose earnings decreased
as a result of the increased
competition at lower rates.
uberX
Source: https://www.uber.com/en-IN/ride/uberx/
25. Then it launched UberPOOL,
available for up to two people per
party, provides a ride that is
possibly shared with other riders
going in the same general
direction. Uber & quot; Express
" POOL, is a cheaper
version of the service and requires
the rider(s) to walk a short distance
at both ends of the ride to save
time for the driver and other riders.
The pickup/drop-off locations are
indicated via a map in the mobile
app. Drivers may mix UberPOOL
and ExpressPOOL riders.
uberPOOL
Source: https://www.uber.com/en-IN/ride/uberpool/
26. In August 2014, Uber launched
UberEATS, a food delivery service.
uberEATS
27. The India focus
UberEATS is also seamlessly integrated with the Uber ride app so that a rider can choose to order a meal during a ride. Speaking to YourStory, Bhavik says,“Mumbai is the best
learning ground for UberEATS and to understand the delivery business in India. We have already partnered with over 200 restaurants in Mumbai.”In India, the team claims to deliver
convenience, reliability, and a wide selection. Two years after expanding and launching across different parts of the globe, Uber is bullish about the Indian market. And rightly so.
According to IBEF, the market is pegged at $50 billion.“With our data and technology, we can provide our restaurant partners the future capability to even start their own internet
kitchens,” says Bhavik.UberEATS India will be using the UberMOTO strength to push deliveries.While only in Mumbai for now, the Uber team has hinted at an aggressive pan-India
launch. "Its Uber's modus operandi, they wait to learn from everyone else. And build on it. They have the patience for it, but once they start growing they push aggressively with
discounts and promos," says an owner of a restaurant in Mumbai.
While Swiggy and Zomato currently have a strong presence in the market, they have, in effect, cleared the way for Uber by helping build a market that didn't exist earlier.
In order to ensure the drop off of the food is seamless, the app allows users to save their addresses and search from recent deliveries. The idea, Karthik adds, is to give people the
option of choices. The app follows the same tracking mechanism of the rides business to UberEATS.“Logistics in India is a nightmare. Locations aren't set, traffic is unpredictable, and
consumers need more time to shift in behaviour," says a founder of Mumbai-based food startup.According to Uber, its app works through all those challenges. Karthik and Bhavik say
that their learnings from their rides business in India have helped build an India-specific app
Source: https://yourstory.com/2017/05/ubereats-launches-in-india/