Speaker 1: Target marketing. In today's competitive marketplace, targeting helps you to determine in a structured manner which customers are most attractive for you to focus on in order to improve your chances of great success in the marketplace. Do like this video and stay with me and do subscribe to my channel if you are new here. This step involves selecting one, two, or more of the segments that you have identified so that you can target it and focus on it. So think about it. You've already segmented the market, you've found that there are like three, four, five groups that you could serve. Do not go to serve all of them. You say, which segment fits me best, fits my business best? You select the segment to serve. It can be one, they can be two, or even more. So you select the segments you want to concentrate on based on the awareness of the different needs and the recognition that you cannot be able to serve all segments effectively. Unless of course you have unlimited resources and competitive capabilities, which is quite difficult. Now, three main strategies for targeting a market are first mass marketing, which is undifferentiated marketing. And this means that you are serving the whole market. I don't know. Is that even possible? Unless of course you have unlimited resources and competitive capabilities. So the second segment, which is more realistic, is the segmented approach where you use the segmentation information and you select a segment. This is called differentiated marketing, where you select one segment or two segments or three, and then you serve them specifically based on their needs. The third option is to do niche marketing, where you concentrate on a small or narrow market niche, but which is highly profitable and you focus on them, you concentrate your resources and work to build strong market presence, strong market share, and probably market leadership in that niche. So the niching strategy has grown in popularity in recent years because of the many differences in competition and the growth of competition in many markets. Now, the decision you make here depends on your strengths. Different businesses have different strengths, and the idea is to assess your business strengths and capabilities, and then you consider the segments that reflect a good match for you. You select what works for your business in terms of your resources and other capabilities, and you leave the rest to your competitors. Start with the low-hanging fruits, and as we talk of low-hanging fruits, you can see my low-hanging fruits that I have grown over time. Now, start with the low-hanging fruits, where there is a perfect match in your business trends with the needs of the market segments. I'm a believer in starting with the low-hanging fruits because it means you are optimizing your strengths. And because you know things keep changing so quickly, if you don't pull your low-hanging fruits, they maybe will be picked by someone else before you can organize yourself. So it always makes sense to start from the less complex to the more complex as you move into a market. The whole idea behind this process is to take advantage of the market where there is growth in the market. It also helps you to offer specialized goods or services to a specific niche or segment. The idea is to seek to satisfy each consumer group that you select to serve, and the key emphasis is to understand those unique needs, those unique wants and desires of that market, and also to understand the nature of the members of that segment. The main benefits of effective segmentation is that it enables you to develop effective marketing mix, which you can use to easily serve your customers. It helps you organize a full piece of marketing mix to respond to the customer needs. The other benefit is to focus your resources on customer segments where you have the greatest chance of winning in the marketplace. No wastage of resources, so it's cost effective. Another benefit is the ability to craft new products that meet the needs of the specific segment that you want to serve. You can be able to target a growing segment that is also within your reach given your own resources and your competencies and capabilities. Thank you for staying with me. Do like this video and share it with other people who you think might benefit from it. They may be marketing students, business people who are trying to get some opportunities in the market, who are wondering why they are not cracking the market, and that kind of thing. And if you have not subscribed yet, do subscribe now and press the subscriber bell. Thank you so much and best wishes. We all need to elevate our mindsets at this time.