Uncovering an untapped market segment can result in more sales for your business. This can also lead to significantly lower advertising costs and marketing expenses for your campaigns. That’s because it’s unlikely for your competitors to already know these audiences and the relevance of these groups for their advertising efforts, marketing plans and sales targets. So it’s likely for you to encounter little competitiveness and resistance across these new markets. That’s because your ads, offers and organic content can stand out from others that aren’t directly competing against your brand and products. But you’ll need the right marketing development tactics to be able to pull this off.
The right slant when it comes to your marketing strategies and tactics can even allow you to discover untapped market segments within the target audience that you’re currently focusing on. For example, if you really get to know the timely interests, hobbies, lifestyles, content viewing preferences, shopping and Web surfing activities of your ideal prospects, then it’s likely for you to spot a laterally relevant niche that overlaps with your target industry. You can then explore this further to find out for sure if there are viable advertising and marketing opportunities in those laterally related niches.
For a more specific example, let’s say you’re selling toys for children aged 5 to 8 years old. Now some might say that a laterally relevant niche that can produce viable results for your advertising and marketing campaigns is to zone in on parenting-related content publishing networks. But it’s also likely for you to encounter stiff competition across the most popular parenting magazines, websites, blogs, social groups and the like.
So what you need to do is to come up with unique angles for your marketing development plans. Using the same example mentioned by TalkingAds Limited earlier, you can zone in on your target countries and local areas. Then, you can make an educated guess on the age brackets and professions of the parents of your ideal prospects, which in this case are 5 to 8-year old children. Let’s say after using timely relevant statistical data, you discover that the ideal parents to focus on are 35 to 45-year old males and females who reside in your target local areas and countries.
This now allows you to dig deeper. You can learn about their timely interests, the places where they hang out, the hottest topics of conversation that they participate in across these Web communities and social groups, the type of content and news stories that they engage with and share across their peer networks, etc. So by doing this, you can discover Web communities, mobile apps, content repositories, social groups, Internet forums, websites and blogs where they regularly hang out to talk about their hobbies and professions. These are suitable places where you can promote the toys for the children of those parents. This gives you the opportunity to access significantly lower advertising rates and organic content placement fees.
So how can you know the most promising marketing strategies and tactics to use for discovering untapped market segments? Well, you’ll need to base your ideas on stuff that’s already working quite well for other businesses worldwide. Once you do that, you can focus on certain brands that are competing in niches and industries with lateral relevance to the interests, habits, needs and preferences of your ideal prospects. To guide you on how to do this correctly — Here are some tips and pieces of advice that lots of successful businesses are continuing to emulate for their advertising and marketing campaigns this year:
Marketing Development Tips to Uncover Untapped Market Segments for Your New Offers
- Get to really know your ideal customers. Don’t just stop once you’ve pinpointed the most suitable age brackets, gender groups, professions, local areas and countries to target for promoting your newest offers. Instead, dig a lot deeper. Try to also learn about their laterally relevant interests, needs and the like. This marketing development strategy should be among your top priorities while creating and improving your advertising, sales, marketing and repeat business campaigns.
- Build up your network of co-marketing partners. They’ll be able to help you discover untapped market segments. This is why it’s crucial for your business to include a cost-effective set of affiliate marketing strategies for your advertising and marketing plans. For example, an interested affiliate might not be publishing content that’s directly relevant to your target niches, the industry where your business operates and the related habits of your target audience. But because the affiliate wants to sign up as your co-marketing partner, you should make it a point to talk to them. Who knows — They might have reasonable ideas to effectively promote your latest offers to their subscribers, regular viewer traffic, fans, followers, community members and mobile app users.
- Look for non-competing brands that might be wildly popular across your ideal prospects. You can maximize the utility of your target customer profile by aligning their interests and needs to recent industry trends, technological breakthroughs and the hottest social media news among their peer networks. That’s because these can significantly alter their behavior, Web surfing habits, timely interests, shopping preferences and so on. Using the example described earlier, the parents of your target prospects might suddenly be interested in crypto currencies because the most attention-grabbing posts in their Web communities and social groups are all about the benefits and advantages of this technological discovery for young parents who want to earn additional income for their growing families.
You’ll also be able to uncover more inexpensive advertising and organic content placement opportunities when you do this. That’s because many of those non-competing brands are unlikely to get offers where they can produce additional income streams for their ventures. Lots of them would want to earn additional income for their efforts. Especially if it won’t affect their campaigns for their own products and services in any way.
These are the most cost-effective marketing development strategies for discovering untapped market segments. If you don’t have the right marketing expertise and authority knowledge to do this, or if you don’t have the right staff with these advantageous skills, then you should consider using the services of a credible marketing agency. That’s because if you find the most suitable one for your exact requirements, then you’ll be able to lower down your overheads much further. Just don’t forget that, during your selection process for the right agency, you should start out with shorter term subscriptions. This will allow you to effectively gauge whether your chosen provider is the right one for your particular needs when it comes to uncovering new markets for your latest offers. Otherwise, then you can simply move on to your next shortlisted agency, all without spending too much time, energy and money.