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Understanding Target Markets in Sport and Event Marketing for Optimal Returns

In today's competitive landscape, selecting the right target market is pivotal for maximizing marketing investments. This guide explores the significance of target marketing in sports and event marketing, along with essential marketing terms such as mass marketing, market segmentation, and niche marketing. By understanding specific customer needs, preferences, and the advantages and disadvantages of different marketing approaches, businesses can tailor their strategies to drive sales. Gain insights into demographic, geographic, psychographic, and behavioral market segmentation for effective audience engagement.

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Understanding Target Markets in Sport and Event Marketing for Optimal Returns

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  1. SEM1 3.01A - Market Planning PE – Select target market appropriate for product/business to obtain the best return on marketing investment PI – Describe the nature of target marketing in sport/event marketing

  2. Marketing Terms • Market – includes the group of all potential customers who share common needs • Ex: People that play video games • Target market – group of very specific customers that a company desires to have as consumers • Ex: BOYS that play video games • Mass marketing – single marketing plan to reach all consumers (Everybody!) • Ex: bottled water

  3. Marketing Terms • Marketing segments – groups of unique individuals that share common characteristics • Market segmentation – dividing the entire market into smaller groups that share common characteristics to create a target market People Who Play Video Games Yellow: All video games Blue: Sports Games Red: Role Playing Games Green: Military Games

  4. Niche Marketing • Niche Marketing is marketing directed towards a small underserved group • “the forgotten” • Can have great results • Examples: Fisker Karma Hybrid Supercar Lefties Only The Specialty Shop for Left-Handed Golfers and baseball players.

  5. The importance of target markets • Provides them with a group of potential or existing customers in which to communicate • Match the good or service with customer needs • Who is buying? • What do they buy? • Why do they buy? • Importance: • the more you know the better your product can satisfy those specific needs

  6. The importance of target markets • Develop a specific marketing mix • Differences in customer wants and needs • Increased sales and profits from each targeted market • Make sure the customers you are targeting have the willingness (want) and ability (disposable income) to purchase

  7. Describe advantages & disadvantages of using Market Segments • Advantages • Distinctive/Identifiable • Accessible/Actionable • Easy to get to • Measurable/Definable • Substantial • Large enough to make a difference • Stable • Will be around long enough for marketing to work • Disadvantages • Wrong market • Can’t reach them • No real data • Bad forecasts or information • Fads

  8. Describe advantages & disadvantages of Mass Marketing • Advantages • Less confusion • To implement • To customers • Less promotional cost • Less work • Disadvantages • Single message may not reach enough customers • May not keep pace with new trends • Lost sales opportunities • Harder and more costly to gain a new customer than to retain an old one

  9. Trends to smaller market segments 1950’s - Mass Marketing 1960’s Market Segments 1970’s Niche Marketing 1980’s Mass Customization 1990’s Micro-Marketing 2000’s E-Marketing

  10. Demographic Market Segmentation • Age • Generation • Baby-boomers (‘46 – ’64) • X (‘65 – ’76) • Y (‘77 – ’93) • Z (‘94 – ’04) techies • Gender • Family size • Family life cycle • Income • Disposable & Discretionary • Occupation • Education • Ethnicity • Nationality • Religion • Social Class

  11. Geographic Market Segmentation • Region: by continent, country, state, city, neighborhood or street • Size of metropolitan area: segmented according to size of population • Population density: often classified as urban, suburban or rural • Climate: according to weather patterns common to certain geographic regions

  12. Psychographic Market Segmentation • Activities • Interests • Opinions • Attitudes • Values • Lifestyles • What a person likes to do

  13. Behavioral Market Segmentation • Behavior towards a product • Benefits sought by the customer • Usage Rate – how often do they purchase? • Brand Loyalty – they expect something • User status – potential, first-time or regular • Readiness to buy – urgency • Occasions like holidays, birthdays & events that stimulate purchases

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