Precision targeting lets a company reach consumers at the very moment when they are most likely to be in need a product or service. “While precision targeting is valuable to many industries, it is especially useful for startups and young companies”, writes iQuanti’s Aditya Saxena, in Financial Express Online. “With precision targeting, startups and young companies can acquire customers at a significantly lower cost per acquisition”.
Precision targeting is the application of customer insights and data to the process of building tailor-made customer segments. The more the brand understand their customers, the more effectively they can address their needs.
Precision targeting doesn’t replace a company’s primary selling strategy; it augments the main plan. Firms that specialize in precision targeting spend considerable resources in developing and maintaining robust data handling software. Such sophisticated software makes it possible to target the right consumer at the right time.
Using data, a firm can identify the kinds of products a consumer is likely to need. Such a firm that understands precision targeting, segments consumers based on life events. It can then precisely target consumers with advertisements for products. Precision targeting helps bring down the cost of acquisition by ensuring that the marketing dollars are spent where the mouth is i.e. to reach the prospects who are most likely to buy. Thus, it’s important to include precision targeting in a company’s marketing arsenal to ensure that the company can keep scaling profitably.