5 Keys for Defining Your Target Market
Before you jump into Facebook Timeline, check your branding message. Is it tight enough to attract your most profitable and likely buyer?
I’ve got good news and bad news.
The bad news is: more often than not, our branding message is being ignored. This occurs because a target market has not been clearly defined. With the desire to reach as many customers as possible, companies sometimes identify their target market as ‘all God’s children’ and thereby create a branding message that is too general. Remember people will pay more for an expert or a product specific to their needs.
The good news is: people out there are still purchasing products. Because of the economy clients have become highly selective and are looking for benefits, solutions and results specific to their situation. The very elements that are making sales more difficult are also creating the “perfect storm” for skilled and knowledgeable sales professionals to sail into.
Your Target Market
The ability to define your target market significantly impacts your sales success. I have five keys to help you target the types of individuals and businesses where you’ll have a high likelihood of sales success. This saves you time and makes the most of your efforts and marketing dollars. You will begin this process by answering the questions below.
Key #1 What is the demographic of your target market?
Selling B2B? – Who are their customers? Is your offering industry specific?
Selling B2C? – What age group, income, marital/child status?
Information regarding the demographics of the target market will be your guide for selecting brand colors, page layout, music, style of message and other design elements. For example, when selling to the 20-35 crowd strong colors, busy, interactive pages and music in a strong current style. Selling to boomers requires cleaner pages with fewer distractions, more subdued colors and they don’t necessarily need as many details before making a decision. For more information about demographic influence-rs read The Buying Brain by Dr. A.K. Pradeep.
Key #2 What problem are your clients looking to solve? If they are not using your product/service what challenges are they facing? Put yourself in your clients shoes. List the pain, inconvenience or other discomfort are they experiencing without your product. Whose current situation could be greatly improved by using your product/service? Who has the biggest ‘ouch’, or desire for your product. What is driving them to your product? Use this information as you craft your branding message. If they are a first time home buyer your statement might be, “We help first time home buyers who are struggling with the mortgage maze.”
Key #3 Which clients would be especially receptive to your offering? Who out there knows they need your product or service. Are they economically stretched and need to re-finance their home?; In need of more income and want quality training to get into the job market?; Have a new baby on the way and looking for nursery furniture? By recognizing individuals who know they have a need, you are better equipped to find and attract them.
Key #4 Which clients can afford your product? Trillions of advertising dollars are wasted each year as great marketing campaigns are wasted on clients who are simply not in the correct economic demographic.
Key #5 Why you or your product? List all of the benefits, solutions and results your product or service provides and use these in your brand message. It is important to differentiate between features and benefits. A feature is a distinctive attribute or aspect of your product such as size, color, potency, options available, etc. On the other hand, benefits are the advantages a client gains from the use of your product such as relief from pain, convenience, less stress, cleaner home, etc. For example, you may have a pool service company. The benefit you provide is a clean, carefree pool. At Pici & Pici we specialize in sales training and performance management. However when creating our brand message we focused on the results we provide such as increased closing ratios, enhanced team productivity and improving the bottom line.
Defining your target market will serve as your measuring stick for creating a compelling brand and evaluating any marketing materials and strategies.
Dawn & Joe Pici are sales strategists, master trainers and co-authors of the book Sell Naked on the Phone. They have developed a results driven sales methodology that can be utilized in any industry, with any product or service. Contact – firstname.lastname@example.org; email@example.com or call 407-947-2590.