Identify at least two tools that can help a marketer to define the target market and explain why that information can be used in the development of a marketing plan.
There are many tools that can help a marketer define his/her target market. But to keep this post as clear and concise as possible, I’m only going to focus on three of them (Claritas PRIZM, Pew Research Center, and Google Analytics). Claritas PRIZM is an excellent tool, as it provides valuable insights into consumer’s demographic, geographic, psychographic, and behavioral characteristics (Claritas, 2021). This information is essential, as it allows a marketer to identify the right market for a product or service. This knowledge can also be used to develop a marketing plan in which the marketer determines which characteristics of these individuals to base the ad’s content on. This could be a behavioral trait like they seek the benefit of quality coffee while they’re on the go. They can also use this geographic information to devise a plan for sending out location-specific ads that are tailored according to the region’s language, interests, norms, etc. Ultimately, these efforts will increase the chances of people engaging with the brand’s ad, which will likely result in a more efficient campaign and a better return on investment (ROI).
The Pew Research Center supplies some demographic and geographic information as well. But it also provides a social media fact sheet that shows which platforms are most popular and who’s using them (Pew Research Center, 2021). And when developing the marketing plan, a marketer can use this information to establish touchpoints (e.g., Facebook and Instagram) that will feature content and key messages that will motivate the audience to interact with the brand and what it’s offering. As for Google Analytics, its audience tab provides a plethora of information about a target market, such as age, gender, geographic location, interests, etc. (Kaplan, 2021). It also contains a couple of new features that provide a deeper understanding of these individuals. One is called affinity categories, which identifies users in terms of lifestyle (e.g., cooking enthusiast). The second is in-market segments. This tab identifies users in terms of their purchase interests (e.g., athletic apparel or babysitting services). And with this insight, a marketer can figure out who would be interested in a product/service and where to offer it based on where they reside.
As one can see, these tools allow people that share similar characteristics to be divided into groups. This process is known as market segmentation. And by exploring these segments, a marketer can better understand consumers, allowing them to target the right market with the right message. Of course, this is vital because aiming too broadly will only lead to reaching a vast amount of people who aren’t interested in a product or service. Thus, wasting a lot of time, money, and other resources.
Claritas. (2021). My best segments. https://claritas360.claritas.com/mybestsegments/
Kaplan, A. (2021). 6 online tools anyone can use to identify your target audience. Hey Now Media. https://info.heynowmedia.com/tools-to-identify-your-target-audience
Pew Research Center. (2021). Social media fact sheet. https://www.pewresearch.org/internet/fact-sheet/social-media/