Ever question why a few Clickbank affiliates appear to make a mint marketing products while other people make only cents? Much comes down to knowing what products to pick out for your promotions in the first place.
Clickbank sells over ten thousand digital products at any one time. So how is an associate supposed to understand which of those products will make them cash? Some research will normally separate the good from the bad. However you have to understand what to look for.
And speculating you are new to the affiliate marketing fun and you've merely just heard about Clickbank and you haven't a clue how to continue. Or perhaps you're already an affiliate however things haven't been working for you.
This guide will set you on the correct road.
One of the most important aspects to consider when starting your marketing efforts and creating a marketing plan is the analysis of your target demographic. By demographic I mean the target market which you wish to reach out to.
Choosing Your Market
This target demographic or market is further broken down into location, ethnicity, income group, sex, age and other parameters.
Usually market analysis and demographic assessment is done during a product’s initial concept and designing, however demographic assessment can also be done when you are trying to re-launch the product to a different market and a different demographic.
Why is it important to choose your Target Market?
Target market determines the appropriate placement of your product in the scheme of things. Say, you are trying to launch a new car which is economical in the sense it is fuel efficient, stylish, comfortable and also great value for money.
Now let’s take your target market, which are the connoisseurs of car, rich affluent and with a lot of social status and prestige. You are highly unlikely to make even a single sale to this target market.
The reason is this section of the overall market does not look for efficient and value for money automobiles. They need cars which can magnify their social status and also keep in line with their power and affluent lifestyle. They want status symbols, which can enhance the power and prestige and not fuel efficiency and value for money.
Choosing the right target market can be the difference between your product being a failure and a resounding success. Take the example of the Tata Nano, touted worldwide as the cheapest car. Even during the initial news of the development of the car the Tatas managed to generate a significant interest in the car. It was billed as the cheapest car in the world at roughly $2400 (at current exchange rates).
What made it an even more astonishing is that it was also proclaimed to be a safe car. From the initial announcement and the launch prices have soared by when they finally brought the car to hit the road they managed at a reasonable escalated price. This car was promised to change the average Indian drives and were primarily targeted at the two wheeler section of the Indian middle class.
Although sales were slow initially and there were some issues with the car initially, the common people seem to have taken into the car and sales are now picking up finally. Had the Tatas targeted a more affluent section of the society the car might have been ditched and it would have been an utter failure.
Importance of setting your target market is also important if you are planning to boost your revenue. In the above example the launch was correct and it was well targeted at the right section to attract maximum attention and interest.
In some cases a targeted marketing approach is also necessary to get a foothold into the market. Again coming to the example of cars say an international brand is entering a burgeoning market which has a lot of new potential car buyers in it.
The first strategy would be to launch a product that is the best bet. In the case of India for example, the burgeoning middle class is a powerful and massive segment. It practically drives the midsized car marketing strategy of major players. This segment need cars that are trendy, fuel efficient, safe and gives a great value for money. When launching a new car in this segment the first and foremost thing is to remember are these aspects. Hyundai Motor Corporation’s strategy is a case in the point. It started with its range of small cars to compete against the other popular brand Maruti Suzuki.
Today Hyundai is the second largest car manufacturer in India and from its two production facilities in India are also the largest car exporter. Once it has captured the heart and the minds of the small car segments they have started launching their premium cars targeting the richer segment of the market.
Target marketing strategies .
Marketing strategies can be broken down into the following difference categories:-
Single segment strategy
In this the target market is a specific segment of the market and that section is marketed with a product mix. For small companies with limited marketing, distribution and production capabilities this is the approach of choice as it can handle that much of the market which is allowed by their current size and capacity.
Often large companies with a selective marketing strategy can also approach to find the product acceptance and the feasibility of a larger marketing strategy, such as pilot launch available in select markets only.
This is an approach which is defined by the strategy to market different products to different segments of the market to have a diverse product mix. Sometimes the same product is marketed but the marketing approach and the branding is different to create a difference to target the intended market segment.
Companies often tend to specialize only on one product and then market it to different segments of the market. Their approach is marked with a high degree of product specialization together with a concentrated approach which revolves around only one product.
When a company targets a specific segment of the market and then approaches them with different product mixes and strategies to market them it is an example of market specialization. For example in the clutter of the automobile market if a firm is only manufacturing trucks and approaching the specific segment which is interested in trucks it is an example of market specialization.
Full market coverage
Market specialization is usually employed by large companies with a huge production capacity, and a wide sales and distribution network in place. They can leverage their capacity and reach to service the entire market and market them various products and services. Usually a market specialization is approached by companies with a large product mix. They employ various mass marketing tips and have different strategy for different products and different segments of the market. Examples of a company adopting the market specialization approach would be Amway and Johnson and Johnson’s.
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