We would all be over the moon if everyone in the world was at your door waiting to buy your products. However, you are likely to have more success with a more focused sales approach. Defining your target market helps you design a marketing campaign that avoids waste and gets your advertisements in front of likely customers, without spending precious resources on those unlikely to be interested.
Know Your Market
Business owners sometimes start out targeting everyone in the hopes that they’ll eventually be interested in their offerings. That wastes precious resources. Even targeting narrower markets, such as stay at home mums or self-employed dads, sometimes can paint too broad a target. Drilling down into specifics gives business owners the tools to tailor marketing campaigns that reach those most likely to buy.
If you’re starting up a tutoring service in advance subjects, for example, consider students most likely to need help. Your math tutoring business might find marketing on local college campuses effective – but concentrating efforts on freshman students that are under pressure to succeed in introductory classes might be an even better target market.
Locate Your Market
Established small businesses should start with their existing customer data. Look at your sales data to see what’s moving well. Survey your customers to get demographic information and ask about how they make purchasing decisions – if you combine this with a customer loyalty program that gives them a reason to participate and incentivizes them to return to your company, so much the better.
If you’re starting your business from scratch, get ready to do some market research. Project who you expect your customer base to be, and figure out how much your market area correlates with that demographic. Check out the competition. Who do they target and serve well? Don’t wade into a costly battle to steal someone else’s customers if you find other segments of your target market not being served.
Don’t Try And Take Over The Big Boys
If you try to reach everyone with the same message, you’re going to waste a lot of money reaching people unlikely to be interested in what you’re offering.
A small business or sole proprietorship usually can’t compete with larger firms casting a wide net with that strategy. Find your niche, however, and you can do very well dominating that sector. Reaching a million people is great, but not if only a handful of them fit your customer profile. A focused plan that reaches a tiny audience can work out well if they’re all already interested in what you’re selling.
Change with the Times
As your business grows, continue to analyse sales data and customer information. Your target market today might not be interested tomorrow, and you might find more customers coming from unexpected places. If your tutoring business notices a growing trend of high school students as customers, that’s a sign your target market should include younger students looking to get ahead as well as college students trying not to fall behind. Let your data guide the expansion of your business as your market grows.
A little bit of time spent on looking why you decided to start the business as clearly there was a gap in the market that you wanted, or if you’re already up and running then look at your customers so far, what products, services sell well! Always look back at what worked and what didn’t in order to stay in the right direction for marketing to your target audience.
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Why not head over to wealthy affiliate and have a little look?Its free to join and absolutely nothing to pay-so what have you to lose.You could be self employed online before you know it.
If you need help on anything or just want to run an idea of how to move forward then I am always here for you to bounce an idea off, I promise to be subjective but helpful!
Have a great weekend!
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