Meeting target market objectives has a positive impact on revenue.
Target market objectives should be specific and quantifiable. Common objectives include increasing company awareness, leads or sales. Examples of these objectives include increasing use of a coupon code, increasing traffic to a lead generation landing page, or increasing sales on an e-commerce site. Once you set objectives, consider the amount of time to reach these goals and how many marketing channels to use.
Awareness
One target market objective is to increase awareness for the company. Types of awareness might include brand awareness, new-product awareness, or new-location awareness. Cross-channel marketing is an effective way to reach awareness objectives. Cross-channel marketing is using a variety of marketing channels at the same time to increase visibility with consumers. Types of channels include social, mobile, television commercials and paid search.
Lead Generation
Another target market objective is to increase leads for the company. Lead generation is the way a company collects contact information from potential customers. Examples of lead generation tactics include form submissions, inbound phone calls and newsletter sign ups. Once leads have been generated, marketing and sales work together to turn leads into customers. This can be done through lead nurturing, a program that builds trusts with leads regardless of their buying time frame. Lead nurturing is generally through email marketing. You simply send marketing collateral like case studies and white papers at specific intervals to aid the sales life cycle. After marketing collateral is sent, sales can follow up to see if there are any questions.
Sales
A third target market objective is to increase sales. Each sales team should have goals that involve turning members of a target market into paying customers. Tactics for selling to a target market include understanding the needs of the consumer, personalizing the sales pitch to speak to these needs, asking questions to qualify leads and discussing how a particular solution will solve a problem for the consumer.
Measurement
Measure the effectiveness of the tactics used to reach target market objectives. Determine which channels are most successful in reaching and converting your target audience into leads or customers. If a target market objective isn't quantifiable, it isn't worth pursuing. Examples of easily measurable variables include number of new leads, number of new sales, number of newsletter signups, number of visitors to a website and the number of people who use a coupon code in store or online.
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