FOR the business to business sector (also known as B2B), targeting the correct audience is of the utmost importance.
Identifying a target market is key to the development of effective marketing communication strategies and can really make a difference on the success or failure of companies across the B2B industries.
But what exactly is a target audience, how do you find it and how can it impact your business?
What is a target audience?
A target audience, or market, in the simplest terms, is a specific group (or groups) of people that are being approached with specific messaging, products or services. When it comes to B2B, a target audience are the businesses that will best receive whatever you are trying to sell — the ones that are will benefit from or utilise your service or product ensuring that your approach is most likely to result in a sale. Understanding this market helps determine your potential customer base, which can increase your income in the long run.
Tools for target marketing
As more and more B2B businesses begin to understand the importance of target marketing (and how it can increase their revenue exponentially), organisations, individuals and app developers have come up with tools that could potentially help businesses identify if they are indeed targeting the correct audiences for them.
A B2B contact information tool helps companies gain B2B contact information which allows them to then connect directly with their prospects, it also updates salesforce information, enabling the sales team to make a true connection with prospects. By having the correct contact information, productivity of the sales team will be increased as they have many ways to connect with prospects. The more communication salespeople have with prospects the higher the chance that this will turn into a sale as they are able to engage and begin to build a mutual connection with that prospect helping identify a problem area that their sale will solve.
Other tools that can help with target marketing are organisational ones. There are a variety of different apps online that can help you store the information you have about your prospects and make it easier for team members to access data and see who has already been contacted.
Reasons for targeted marketing
There are some many reasons for B2B audience targeting. For one, by establishing and reaching out to a target audience, companies are ensuring that they are reaching the correct audience using resources (including time and money) as efficiently as possible.
Defining your potential customer base also is a great way to better understand your product and will help you find the most appropriate way to market and advertise it to consumers. What is the best way to sell your services to customers? What angles, ideas and taglines will have them engaging and investing? What kind of content do they enjoy, on what platforms using what exact type of technology? Does traditional advertising work better or are they interested in a more modern approach? These are all some questions that targeted marketing can help answer and boost your sales revenue opportunities. Your ability to craft specific messages for your audience, appeal specifically to them and have your product or service reflect their needs is at the heart of why establishing your target audience is so important.
And of course, there are dangers for a B2B business if they are not targeting the right audience. Business failure, loss of income and losing out to the competition are some of the issues your B2B might face if you don’t take a target marketing approach. You’ll also not be taking advantage of cost-effective strategies, like advertising in specific spaces or spending a fortune on media buys that are being directed to a wasted audience - those who are unlikely to purchase your product - so you’ll see little return on your investment.
Invest in the data
Ultimately, as a B2B business target marketing can really give you an edge over your competition, save you time and money and give your company a real boost. With so many great tools and apps available, it’s never been easier to reach your ideal customer — that is, the ones that are actually going to engage with and purchase your products or services. Target marketing gives you access to a rich set of data that can help transform leads into prospects and identify the people who need what you offer, the most.