As the world continues to reel under the Covid-19 pandemic, there are signs of a vaccine to be made available soon – hopefully, much to the relief of mankind. The revival post-pandemic is certain to see the Indian economy buzz and witness a growth trajectory. This should render India as the most favorite destination for companies across the globe to expand their business. And, what better way to achieve this by implementing Database Marketing that targets the Indian market! This write-up discusses what a marketing database is, and its importance.

Defining Target Market

In simple words, a target market is a group of people at whom a business aims to promote and sell its products or services. For example, a small business might target a small group of people using advertisements. Demographics, personal preferences, or buying patterns are some of the variables used by marketers to determine their target market. Target markets vary for each company depending upon its type – whether it is a start-up, or SMB, or MSE, or MNC, and so on. However, it needs to be large enough to earn profits.

Smaller companies usually target prospects by age or gender. There are retailers who aim at prospects using their income details – they usually target middle and lower-income consumers. Small businesses identify their target market by carrying out market researches – they identify their target market by studying consumer purchasing cycles. It’s very essential for all companies to identify their target market to devise an effective marketing plan – not knowing the target market can be disastrous for any company’s growth ambitions.

What is Target Marketing?

Having understood the definition of a target market, it now becomes easy to now discuss target marketing. A marketing strategy wherein businesses break a market into segments and accordingly concentrate on their marketing efforts by focusing on one or a few key segments are referred to as target marketing. Target marketing holds the key to attracting new prospects and increasing sales.

The target marketing that we are discussing, is a type of focused marketing that aims your marketing campaigns at specific prospective groups enabling to promote, price, and distribute your products or services easily and cost-effectively.

You might be wondering how to define your target market. Well, some tips that can be suggested to you can begin by looking at your current customer base. You may then check out your competitors, analyze your products or services against your competitors. Once done with these activities, you may then choose specific demographics to target. Finally, you may evaluate all your decisions, and deploy additional resources if required.

Need for Database Marketing to Target Specific Audience

Having seen what target marketing is all about, it’s now the most appropriate time to delve more into Database Marketing. Database marketing, also referred to as Customer Relationship Management (CRM), is a collection of customer and prospect details that help you to understand their needs and buying histories. Knowing this enables you to offer them personalized communications. In other words, database marketing is nothing but understanding and managing your customer marketing database that contains fields like customer name, email id, contact number, company name, purchase history, etc.

Database marketing can be categorized into two types – Consumer Database Marketing, and Business Database Marketing. Consumer database marketing pertains to companies that sell directly to consumers (B2C), while business database marketing pertains to companies that sell directly to businesses (B2B).

Database marketing helps marketers to target existing customers and prospects by sending them personalized and relevant messages and content. There are several benefits associated with database marketing – if done rightly.

• Separates existing customers from new – enables customer segmentation.
• Prioritizes your most valuable accounts.
• Helps to determine customer behavior.
• Encourages you to implement new ideas and products.
• Enables the gathering of feedback and understanding customer needs better.
• Increases your brand visibility and relevance.
• Helps to retain customers and building relationships with them.
• Enables to launch promotional campaigns.

Database marketing companies allow you to personalize your messages and also track your marketing campaign performances. Some of the companies that use database marketing are HubSpot, Eloqua, and Marketo. Database marketing uses customer databases for their personalization campaigns to promote their product or service using any addressable medium.

Marketing Database – The Key to Target Marketing!

A customer database contains information gathered from the details given by each customer or prospect. It has details that include the person’s name, contact number, e-mail address, income bracket, etc. It also reflects the purchasing history, likes or dislikes, and future needs of the prospect or the customer. After knowing the benefits of database marketing, it now becomes necessary to understand the importance of targeted marketing database.

Database marketing is essential for any B2B business, and even B2C businesses today are leveraging it to the hilt. What holds the key to a successful database marketing campaign is the customer database. A customer database can either be generated in-house or you can obtain a readily available one from a reputed data provider.

Ideally speaking, any robust database should contain every prospect for whom your product or service is suitable. And, once you know what your required data should be, it becomes easy for you to build your database which can be as big as you want. There are several ways in which you can capture the data. It is only after you have decent prospect contacts in your database that you can start your personalization strategy to create brand awareness, and further grow your sales.

Building Your Target Marketing Database

When deciding to start your marketing database building process to target a specific group of buyers, you also need to bear in mind that including press contacts, bloggers, and other influencers can also be useful in communicating your message. When doing so, what you need to ensure is to seek the prospect’s permission to obtain their personal data. Several ways can help you capture these details, but you need to ensure the relevance of your product or service. Let’s see below the ways in which you can populate your database for your marketing needs – yes database marketing!

• You can begin by loading the database with details of your colleagues, or business contacts you’re your dairy or business cards. But, do not forget to add all your customers – old as well as existing.
• Next, capturing contacts of visitors to your business website. By offering them free e-books or downloads or subscriptions to your newsletters, you can ask them for their personal details like contact numbers and email ids. Linking your website to your marketing database can help you to automatically capture this data.
• Using search tools like Google and LinkedIn can help you in your research to gather a defined customer segment like for example, directors or high school principals, etc.
• There are other ways to collect consumer details too. You may obtain it from various events that happen frequently. Or you can enroll prospects for free webinars by leveraging your social media.
• The last option – buying a readily available database! Though the quickest mode to get started with your digital marketing campaigns, is not highly recommended. But, if you do not have any other choice, you should always ensure to approach a reputed data provider only. How much do email lists cost should not be the uppermost question on your mind, instead you should lay stress on buying a quality database or an email list. Doing so will prevent you from handling irrelevant and terrible data. A verified database that is updated regularly and which conforms to guidelines can give you a reduced bounce-rate experience.

How Marketing Database Helps You Communicate with Prospects

Having created your marketing database, it allows your marketers to devise their digital marketing strategies wherein they can start sending personalized messages to customers and prospects. This can be communicated via email marketing, snail mailing, or telemarketing. The email marketing channel works out to be the cheapest and the most effective option.

Sending newsletters or messages to prospects who have opted-in, nothing can beat the email mode of communication. It is virtually free! Further, segmented databases can help you to send different emails to different groups. That’s how personalization is implemented.

Sending snail mails or in other words, posting a letter involves cost. Send such mails through a specialist mailing agency can bring down the cost though. This mode of communication is quite similar to the email marketing campaign as far as headlines, content, and call to action are concerned.

Telemarketing involves more cost compared to emails and snail mails. Studies have found that direct mails followed up by telemarketing communication works. That’s the reason why so many companies hiring telemarketing services.

Quick-start Your Database Marketing with Data that Matters

BestDataProvider.com is into the latest trends in digital marketing and deals with databases that are thoroughly verified and regularly updated. We conform to all guidelines and offer customized databases as per the requirements of our clients. Buy targeted email lists or robust databases, and get started with your target database marketing to stay a step ahead of your competitors. For your free sample database, reach us at [email protected]

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