ART Of continuing to pursue a dual market targeting strategy
1. What are the potential consequences for the A.R.T. Of continuing to pursue a dual market targeting strategy?
2. How do you create a loyal A.R.T. relationship with transactional consumers? Is the single ticket sales approach a sustainable business model?
3. How best should director Diane Pauli’s “expand the boundaries of theater”?
Essentially, your targeting strategy involves evaluating each segment’s attractiveness and, from there, choosing which segment to enter. And a brand’s choice tends to be based on which segment they think will bring the company the most value. Establishing your potential customer base and choosing how broadly or narrowly you wish to market to these prospective consumers is key to your brand’s success and longevity.
While we were creating our personas, a few followers mentioned that they have multiple target markets and requested we chat briefly about how to handle that. It is a very good question.
The same energy required to light up a room can cut through concrete in the form of a laser. So the focus is important in marketing. However, many businesses have multiple target markets. The key is to have a plan.
Geoffrey Moore, author of Crossing the Chasm, looks at target markets like bowling pins. Identifying the lead pin is critical to knocking down the others.
Here is a practical example. If we sell medical transcription services to small physician practices, identifying the lead pin would be easy. But our secondary pin might be small hospitals and our third pin might be larger physician practices. The key learning is to have the stories, services, testimonials and content to make the second and third target market feel comfortable that what we have done in the first target market is transferable. In this case, I think we have a match.