A consumer marketing strategy is a kind of plan that businesses pursue to try to maximize profit by matching their products with the individuals who are most likely to buy or use them. It is part of a greater marketing strategy that includes branding opportunities, outreach, product development, multimedia marketing, and other aspects of general marketing. Many businesses are adopting consumer oriented marketing strategies because they are so often useful in leading to higher sales and profits.
Almost any company has a specialized target market for their products or services. A consumer marketing strategy looks at how to reach these target markets through advertising or other means. The strategy can include online or Internet marketing strategies, or even new media operations through Facebook and Twitter. It can also include attention to more traditional advertising venues.
In a consumer marketing strategy, marketers often “drill down” to identify their most loyal customers and establish a more targeted customer base. This can include what’s called target market segmentation. In target market segmentation, planners take the overall target market and separate it into groups to see which of these groups are the best consumers; that is, which of them tend to favor the company more than others according to sales figures and other available data.
Lots of marketers would say that a consumer marketing strategy helps them to “know” their customers. This starts with increased research about the general identity patterns in a segmented target market, and ends with feedback from attempts to measure customer satisfaction. There are lots of different ways to find out how satisfied customers are with a company’s products and services, from basic online or print surveys to event-driven market research.
Just as a consumer marketing strategy can include the use of technology in its implementation, new technology can also assist in helping planners to develop these kinds of overall advertising strategies. New software that helps in aiding human decision making can provide better views of overall market research results. Businesses can routinely use information from their main databases to craft new marketing strategies and future plans. This is one illustration of how technology is changing the business world, and how a greater and more diverse availability of information helps business leaders to go further in their interactions with a general customer base.