When planning strategically for marketing, target market selection falls in place after marketing segmentation. Target market selection is determining which marketing segment to focus your marketing efforts. Finding the right balance is the objective. Where a mass marketing campaign will seek to touch all members of the market, a targeted campaign would provide a tailored approach to meet the needs of members of a single segment or across multiple segments.
Selecting the right market segment is important because companies need to make sure that their product or service is best suited for the most attractive segment. Making the right target market selection is one of the most fundamental decisions that marketing teams and/or company executives can make. The result of this decision is an optimized return on marketing investment (ROMI). An important question that organizations at every level should ask is “Are we marketing to the right segment?” What do the numbers show? Do you believe that they your ROMI is optimal? If you don’t think so or aren’t sure then it’s not a problem to go back and reevaluate marketing research and give a different segment a trial and compare returns.
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