Marketing comes with a cost and thus a budget. To utilize the decided marketing budget in an optimized manner, we do what is called target marketing or big targetting. It is a strategy of converting the indefinite domain into a defined range or in other words, narrowing down our market. In this method, we tend to concentrate our marketing on a specific group of people who could be potential buyers rather than reaching out to masses most of who will not be interested in what we have to offer. This set of people or target audience with similar interests or unique characteristics that are suitable for our potential buyer is chosen based on varying segmentations:
- Geographic: Country, region, state, city, area, neighborhood, etc.
- Demographics: Gender, age group, education level, marital status, religion, etc.
- Behavioural: Status, brand interactions, purchasing scheme, spending habits, etc.
- Psychometric: Likes/dislikes, interests, lifestyle, values, etc.