What Is the best Marketing Strategy For My Business

*[Updated January 2020]

Mass Marketing vs Target Marketing?

We all know that old idiom “cast a wide net to catch many fish”. Seems simple enough and can be applied to everything; from making friends to gain new customers for your business. Thanks to the internet your net can be cast wider than ever before. Yet how true does this parable actual hold up? Is it better to cast a wide net with Mass Marketing or is it better to focus on a specific few with the smaller net of Target Marketing?

Casting a wide net with Mass Marketing does seem like a great idea. Why? Because it is, especially when paired with the cost-effectiveness of using the internet and online media. One can reach thousands or even millions of people in an instant.

However, there is a flaw to this logic, a Majority Fallacy. As described by businessdictionary.com this is an error in strategy where one mistakenly believes that the largest segment of a market is most lucrative when in actuality it is not. This could be for many reasons such as high competition or one’s goods and services are too specific.

This is where Target Marketing comes into play, as one is able to skip over the people who are uninterested in one’s goods or services. Not only does this keep one from wasting time and money on people who will never become customers, but also helps give one’s marketing strategy direction by focusing on potential customers and returning customers more effectively. The perfect antidote to the majority fallacy as previously described.

However at the same time, one may be missing out on potential customers. This form of target marketing is great for the short term but is it a good long term strategy?  The short answer is no. Target Marketing could make it quite difficult for a business to grow for a variety of reasons. One of which is a lack of new customers that are essential for a growing business. While it is good to keep repeat business, especially in a business’ early years, it is equally important to reach out to as many new people as possible.

So which marketing strategy is better?

In all honesty, neither marketing strategy is better than the other. Ask yourself these questions.

• what is my business?
• what does my business do?
• what does my business need?
• what stage of life is my business in?
• what do my customers need?

For example, a business that makes toys for toddlers wouldn’t market their toys to a single childless college student. However, that doesn’t mean that mean that they have to go so niche in their Target Marketing to only focus on toddlers. They can market to parents, expecting parents, grandparents, and even to a wide range of toddlers.

It is all about the balance between the two, just like everything else in life. This doesn’t mean one should always focus on both at the same time as the balance of the two marketing strategies might be to focus on one today and the other tomorrow.

After this quick overview of mass marketing and target marketing ask yourself “which is right for your business?”.

• First, you need to think about your business goods or services. How specific are they are and who uses them? Thinking critically about your goods or services is one of the best places to begin when choosing which strategy to run with.
• Now that you have thought critically about your business ask “How long have I been in business and what does my business need right now?” If you are a new business it is best to start small with target marketing. Rome wasn’t built in a day and neither will your business.
  • By focusing on target marketing not only will you build up your base you will also learn about your demographics better for your business to more accurately market to them. This will let you establish yourself in the market and as a brand.

Just because you are focusing on Target Marketing doesn’t mean you won’t be learning about Mass Marketing. Your target audience will be vastly diverse, so just because they all share similar qualities doesn’t mean they are all the same. Which is another reason why Target Marketing is a better place to start. Because in many ways it introduces Mass Marketing to your young business on a much smaller more achievable scale.

So if you are…

• not a new business
• have been around a while
• feel stagnant in your growth
• looking for a way to grow your business

Then Mass Marketing might just be what you need. You already have your base clientele that gives your business a firm leg to stand on. But like they say “You gotta spend money to make money”.

Even though on the surface Mass Marketing seems cheaper in the long run then, you’ll find that it can cost more initially than Target Marketing does. Which is why it could be best to hold off on mass marketing till your business is ready to grow.

When entering or continuing in the world of Mass Marketing there are many options to choose from to reach a wealth of new customers. Social media, such as Facebook or even youtube, are a great low-cost way to reach anyone in the world. Recently Youtube has become more desirable than Facebook to run ads for one’s business as Youtube has become both more user-friendly and cheaper than facebook.

In the end, the idea of  “Mass Marketing vs. Target Marketing” is all wrong. They are both useful and have a purpose. Everything has a time and place. Your marketing may change based on the different things your business offers. Your general goods and services may work best with Mass Marketing.

Yet the more niche your goods and services become the more likely you will need to use Targeted Marketing. Neither of these strategies are wrong. It all depends on what you and your business need at the time. This is where having the right marketing partner, with experience and knows the difference will help guide you down the right path.

For help with a custom marketing strategy give us a call at (972) 850-7312 or visit our site https://www.bighitcreative.com/. Let us help you navigate your way to a solid strategy.  

Business Dictionary. www.businessdictionary.com/definition/majority-fallacy.html. Accessed 7 Feb. 2019.

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