cutting edge marketing tools you need to know

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Cutting Edge Marketing Tools You Need To Know Marketing in the 21st Century: Zeroing In On Your Target Markets   by Herb Lawrence, Center D irector Arkansas State Universi ty Small Business and Technology Developme nt Center "Half the money I spend on advertising is wasted; the trouble is I don¶t know which half´ ... have you ever felt like this? This is a classic statement on advertising, credited to both John Wanamaker (1838-1922) and Lord Leverhulme ( 1851-1925) . The saying is recorded in print from at least 1919. If you have ever felt this way ...  you aren't a lone! For many sma ll busines ses one reaso n your marketing message isn't working may be because you aren't using the right channel for  your particular target markets.  A recent study by  New Strategist called "Millennnial s..How they Buy"  found that how America ns prefer to get news and information varies significantly by certain demographic factors . So if your target mark et are young married households (30 and under) print media may not  your most effective choice. Likewise if your target market are older  Americans, they are much less likely to use on-line sources available on the Internet. So knowing the demographics of your "best" customers can tell you a lot about the best channels to use for your marketing message . New Strategist polled American households to determine where they prefered to get information and the results can help you d etermine the right media channels you should be using to concentrate your marketing messages. So should you be concentrating on television, newspapers, radio, the Internet, or something else? In the study potential consumer s were broken out by age ranges: y  Millennial Generatio n ± age 18 to 31 y Generation X ± age 32-43 y  Baby Boomers ± age 44 to 62 y Older Americans ± age 63 and older.  

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Page 1: Cutting Edge Marketing Tools You Need to Know

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Cutting Edge Marketing Tools You Need To Know

Marketing in the 21st Century: Zeroing In On Your Target Markets  by Herb Lawrence, Center Director Arkansas State University SmallBusiness and Technology Development Center

"Half the money I spend on advertising is wasted; the trouble is I don¶t know which half´ ...have you ever felt like this?  This is a classic

statement on advertising, credited to both John Wanamaker (1838-1922) and LordLeverhulme (1851-1925). The saying is recorded in print from at least 1919. If you haveever felt this way ... you aren't alone! For many small businesses one reason yourmarketing message isn't working may be because you aren't using the right channel for

 your particular target markets. 

 A recent study by  New Strategist  called "Millennnials..How they Buy"  found that how Americans prefer to get news and information variessignificantly by certain demographic factors. So if your target marketare young married households (30 and under) print media may not your most effective choice. Likewise if your target market are older Americans, they are much less likely to use on-line sources available on

the Internet. So knowing the demographics of your "best" customers can tell you a lotabout the best channels to use for your marketing message. 

New Strategist polled Americanhouseholds to determine where they 

prefered to get information and theresults can help you determine the rightmedia channels you should be using toconcentrate your marketingmessages. So should you beconcentrating on television, newspapers, radio, the Internet, or

something else?

In the study potential consumers were broken out by age ranges:

y   Millennial Generation ± age 18 to 31 y  Generation X ± age 32-43 y   Baby Boomers ± age 44 to 62 y  Older Americans ± age 63 and older. 

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The chart below shows that overall television is still the primary source for news & information regardless of age, with theexception of consumers 32 and younger. Baby boomers andolder Americans are also much more likely to read newspapersthan younger households. So if your target market is age 44 and

over, traditional sources of media are still viable options. 

Media Channels and Household DemographicsHowever what isespecially valuable is the fact that the Internet has become the dominant sources for younger American households (18-43) and nationally the Internet has edged televisionout among the Millennial generation. 38.3% of Millennals prefer to get news andinformation from the Internet compared to 36.8% who consider television as theprimary source. These millennials are also much less likely to read newspapers. Of course this should not be surprising since these Millennials never knew a world wit hout the Internet and so are much more likely go to that source. 

It is also interesting that their older siblings, the Gen Xers while more 10% more likely to use television, are also heavier Internet users. Twice as many GenXers consider the Internet to be their primary source of news not newspapers. 

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next article will key in on several different small business industries and incorporateinformation from New Strategist to determine who are best customers are. 

How Your Small Business Can Improve Your Marketing Plan

In the meantime... want to know more about Cutting Edge Marketing for the 21stCentury Tools? Join the ASU Small Business and Technology Development CenterThursday, January 28th for our Cutting Edge Marketing Seminaron the ASUCampus. For more information or to register visit our Training Calendar Seminars andsign up. 

 Want to know how you can put New Strategist to work for your small business? Contact the ASU SBTDC Consultants...Laura Miller or Robert Bahn at (870)972-3517 and see how you can improve your marketing strategy from our free and

confidential consulting assistance.