The Benefits of a Product, and Audience Specificity (Essay Sample)

The Benefits of a Product, and Audience Specificity
Marketing is a fundamental concept in business as it increases brand equity and revenue. Every business aims to create a marketing strategy that meets its needs and available resources. A marketing strategy collects relevant techniques based on the available resources to establish the best opportunities to increase sales and brand awareness. Marketing strategies depend on various factors in the business environment, such as competitors, revenue, consumers, and human resources. An effective marketing strategy should target a specific audience, focus on the benefits of a service or product, and have perfect timing.
Customer segmentation is essential when identifying business opportunities and creating a marketing strategy. Effective marketing should target a specific group most likely to buy a service or product. A business needs to identify the interests of its target consumers to adjust the strategy effectively (Morgan et al., 2018). Besides, appealing to the target customers is the ultimate objective of a business to gain their trust and increase brand equity (Cui and Choudhury, 2015). For instance, a sports betting business will target people interested in sports as they are likely to turn into customers. Therefore, an effective marketing strategy should be target specific to increase turnover chances.