Target marketing is one of the best ways to appeal to the wants and needs of a certain group of people. Most marketers know the popular principle “20 percent of buyers consume 80 percent of product volume.” However, the really hard part is to find that 20 percent of buyers that are willing to buy our products and market to them specifically. What makes it hard to find the right target market is the fact that there are many market segments out there. There are demographic segments such as age, gender, income level, race or marital status. Other segments are based on the consumers’ lifestyle information like hobbies, religion, personality and even their life stage. Finding a sustainable, identifiable, accessible and responsive market segment is one of the keys to the success of a product.
One of the companies that has a very defined target market is Mercedes Benz. Although Mercedes Benz is an international company, their market size is relatively small because they have a very specific market. This sophisticated car company basically targets high-class, middle aged men and women. People who can afford these cars have a high education and income level, and they target middle age people because younger or older people are less likely to have the purchasing power to buy their vehicles. Even though most car companies focus on models that are attractive to men, Mercedes Benz has been successful in creating designs that include features that have a special appeal to each gender.
The best way to market to an audience like this is to include the best features and the most innovative and advance technology in the car industry. For example, their new model, the CLA45 AMG Coupe, offers some of the most advanced features in the market. Their performance and safety features include an AMG sport suspension, collision prevention assistant, LED daytime running lamps and rain-sensing windshield wipers. Their entertainment and convenience package offers a hands-free Bluetooth interface, sport front seats and ambient interior lighting. These fancy features cannot be found in any car. Only a very selected group of people can afford to buy one of these elegant cars.
If the included features were not impressive enough, Mercedes Benz also offers full customization of their vehicles prior to purchasing them. Through their website, www.mbusa.com, customers can fully customize the car’s color, interior and exterior features to their liking. All these technological advances and features and the way Mercedes Benz markets their products have allowed his company to become one of the most successful and renowned car manufactures in history.
Mercedes Benz has positioned itself as one of the top brands in their market, compared to other “fancy” car manufactures such as BMW, Jaguar, or Lincoln. Mercedes offers some of the best product attributes and prices that more than match the quality of their cars. They have been very successful at satisfying their target market’s needs and wants by providing them with the best technology and innovation that only that market can afford. Their marketing mix is unique and has proven to be one of the most sustainable ones in their market segment. Although only about 9% of the world’s population owns a Mercedes Benz, they have one of the highest market shares in the car industry.