It's made me realise, for marketing to be effective, it does require not only a target market but also a target product. That single offering that gives you the highest chance of becoming part of the customer's life.
- Target market = that group of customers within the broader market where you have the greatest chance of success.
- Target product = that one offering amongst everything you sell that gives you the greatest chance of an initial sale.
Reading marketing theory, one is always reminded of the 4P's of marketing: Product. Place. Price. Promotion. But somehow we all get stuck on the promotion "P". What I've been reminded of lately is the importance of choosing the right product to accompany the promotion.
Just think about how McDonald's do it - they promote an "R40 burger meal" in the hope that you spend R150 upgrading on size and adding to your order. What they promote, and what they hope to sell, is not the same thing. Intentionally!
Think carefully about what product you want to do marketing for. It's part of the marketing mix!