If you have been reading our blogs, I am sure that you know very well what your market is, and you probably can explain your main market, provide a general profile of your customers, and even explain how you communicate with them through different channels. What you might not know is how to break down your market, so you can deliver better results through your marketing efforts.
A lot of the so-called marketing companies in Orange County will only sell you advertising services and not the guidance that you need to develop an effective marketing plan according to each layer of your market. At Twelve12, we want to give you some more information on this particular topic.
Before I begin, I want to make clear that the different markets that we will be covering in this blog have no particular order or relevance. The importance of each one depends mainly on the short-, medium- and long-term goals of a company and the expected results. It is not the same to want to expand to a new audience than it is to be unsatisfied with the number of buyers in your current market.
A “potential market” is the whole pie – all of the people who would benefit or who have a high enough level of interest in the type of product or service that is being offered. However, this doesn’t mean that they will buy our product and this is explained by the cost and access to the product and also the different offers from other companies.
When we talk about “available market” we are referring to those clients that could be able to buy our products or services. It might seem the same as the previous market, however, this concept is way more relevant for us than the previous. For example, a lot of people might want a Ferrari, however, only a certain group of people would be able to afford it.
Then we move on to our “target markets” which is the main focus of the company; from the “available market”, we usually select certain groups or areas and they become our priority, from the design of our product to the way that we pack it, advertise it, and sell it.
And then there is the “penetrated market”; this concept refers to those customers that are already using/buying our products and services.
If you want to know more about how to use and/or approach each of these market concepts for your advantage, give us a call today. At Twelve12, we’ll be happy to help you develop a successful market strategy with the true knowledge of professional marketing companies in Orange County.