Computer firm IBM announced they are developing a program which will make it possible to detect the interests of passers-by. Imagine you’re walking around in the city and you pass one of those new digital advertising screens and suddenly, your name appears on the screen, offering you a product you actually were interested in. Using this technology can be very beneficial for companies. They will be able to reduce wasted advertising to people who aren’t interested in the products they offer and as a consequence, also reduce the amount of badly targeted advertising expenditures. Not only the firms will benefit from this new technology, It will also reduce the amount of irritating advertising that comes up to customers about things they are not interested in at all. All of this would be possible by encoding RFID chips (the same chips which are used on the London underground) with individual information.Telegraph Ann-Sophie Parmentier
One of the most common mistakes made by new enterprises is targeting too many people. If you want your marketing efforts to be efficient you need to find a target market, that’s a well defined set of present and potential customers that your business attempts to satisfy and you should focus on that specific group. Finding your target market can be done by market segmentation, it identifies the characteristics of the customers you want to reach. You can make a segmentation on psychographic, demographic, geographic … bases. Combine your target market with a marketing mix –product, place, promotion and price- which is especially adapted to their needs to satisfy your target market. When you’re offering one or more marketing mixes to just one segment of a market it will be more lucrative than offering it to the entire market because you can cut back the marketing expenses on groups outside your target market. (ezinearticles)
Sharon Persyn
