To plan a successful promotional campaign, it's imperative to define your target market as clearly as possible.
Even if you're the biggest company in your industry, it's impractical not to mention impossible to target everyone. This is especially true for mining businesses.
With the level of competitiveness in the market and the state of the economy, a well-defined target market is vital to your success. By targeting a specific market you'll be able to focus your campaign on customers that are likely to buy your product or service because they find it useful and valuable.
Here are 5 steps to clearly define your target market:
Evaluate your current customers
If you're a growing mining company who wants to expand your customer base, you can start by evaluating your current customers. Why do these customers patronise your product or service? Which of your current customers bring in the most advantage to your business?
Look at your existing customers and check for commonalities, which you can use to define your target market.
For example, sustainable mining may be a common interest for your customers. It's very likely that people who care about responsible mining might find your product or service beneficial.
When reaching out to eco-conscious customers, eco-friendly promotional products make excellent event giveaways.
Pay attention to your competition
It will also help to pay attention to your competition. Who are the specific customers they are focusing on? Who are their existing customer base?
You might be lucky enough to discover a niche they are overlooking. This is where you must take advantage and include this niche in your target market.
It's also important to give your competition a run for their money. If you are targeting the same niche, think of something extra to offer your customers. Promotional products and giveaways may be helpful in boosting brand awareness in this case.
Promotional products and giveaways such as this Hard Hat Keytag With Light are always a hit for mining trade shows, conferences, conventions and other related events.
Evaluate your product or service
It's not enough that you know who your target market is. Just as important is what your product or service can offer to your customers.
Evaluate your product or service and make a detailed list of key features, benefits and advantages. From there, list potential customers who might benefit from your product or service.
When you have a clearly defined market, it will also be easy to choose the right promotional incentive to keep them coming back to your brand. For miners working on night shifts, for example, useful giveaways such as this Tornado LED Flashlight are perfect.
Choose and define your target market
To effectively expand your brand's reach, don't just focus on who needs and wants your product or service. You must also carefully consider customers who may likely find your product or service useful.
Here are factors to consider when defining potential customers:
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In addition to demographics, evaluating the psychographics of your target market will also help. For this category, you need to consider factors such as personality, interests, lifestyles, values and behaviours.
Evaluate market competitiveness
Now that you've clearly defined your target market, the final step is to evaluate it for competitiveness. Are there enough people who will buy your product or service? Are there enough potential customers who will find your promotional giveaway valuable and beneficial? Can your business really reach your target market with the right promotional strategy?
These are some questions to consider when finalising your target market definition. Once you’ve gone through all five steps, you have a solid foundation to which you can base your promotional plan on.
Before you strategise for your next promotional plan, you might want to check the top promotional product trends to help with your strategy. You'll want to check out Vivid Promotions for a wide selection of promotional giveaways to suit both your budget and needs.