The trend towards targeting smaller audiences is a reflection of a broader move to more personalised marketing, as reflected in the following statistics:
- 44% of consumers are likely to repeat purchase after a personalised experience
- Marketers see an average increase of 20% in sales when using personalised experiences
- 59% of customers say that personalisation influences their shopping decision
Targeting smaller market segments with increasingly customised messages and using the best possible platforms facilitates marketing that addresses issues and communicates messages that are more likely to be shared more often. The variations from audience to audience might be small, but it can mean the difference between an average outcome and an excellent outcome – recognising that different people can engage with products for different reasons.
Venture capitalist, Mark Cuban asks people seeking funding three initial questions:
- How small is your market?
- What is your competitive advantage?
- Do you understand the customer owns your arse?
Cuban generally invests in businesses that target and can prosper with smaller audiences – enabling a more customised approach to marketing. Fortunately, advances in marketing automation technologies are enabling cost-effective customisation or personalisation.
RECOMMENDATION – Target smaller markets and customise or personalise messages in a way that maximises audience engagement.
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