How To Target Your Most Profitable Market
Starting your marketing efforts without first identifying your target market is like trying to hit a target with a bow and arrow blindfolded. A very small percentage of the arrows will hit the target.
Marketing Tip #1: Are you trying to be all things to all people?
Target marketing is one of the keys to a successful sales marketing program.
Every product or service will be desirable to a definable group of people. To have greater success in less time with your marketing efforts, spend time identifying your target market.
The Three Best Ways To Target Market
The first is geographic. People who live in a certain area. If you need to see people in person, you must choose a market that's within driving distance.
The second is demographic. Demographics are the basic qualities and characteristics of your target market. They include age, gender, culture, employment, industry, income level, marital status, etc.
The third is psychographics. These are made up of the emotional and behavioral qualities of your target market. They include the emotion, reasoning, psychology, logic and thought processes behind your target markets decision to buy your product.
Marketing Tip: #2 Gather information on your target market
Take time to do the research to find your target market. Go through the list of your past clients. List the characteristics of the clients who've purchased from you. What do they have in common? Take a survey of your past and current clients. Ask them questions like:
Why did you buy my product or service? Why did you buy at that specific time? Why did you buy right away or take your time? What do you like best about my product or service? What do you like least? Would you refer others to me? If not, why not? What specific benefits do you see in my product or service?
I think you get the idea. Take your time with this marketing tip. Get as much information as you can to develop a profile of your target market. You want to know not only who buys from you (demographic) but, more important, why (psychographics).
Marketing tip #3: Get specific and target your market
Now that you've found your target market, dominate it. When I sold real estate we called this "farming". I visited my target market frequently knocking on doors to introduce myself as the expert in the area. I would send out a monthly newsletter. Delivered suckers, refrigerator magnets, pens, anything with my name on it. Some people hand out pumpkins at Halloween. There are many creative things you can do. Is it a lot of work? Of course, however it pays back huge dividends.
By utilizing these tips you concentrate your marketing efforts on prospects that will most likely do business with you. You'll also increase your closing ratio, income and stop wasting time on low profitability prospects.
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ABOUT THE AUTHOR
Jim Klein provides salespeople with effective strategies to increase their business while working less, guaranteed. Get free sales training by subscribing to our free newsletter "The Sales Advisor".