Soapbox Time- target markets
Many businesses today focus intently on developing business plans, acquiring start-up monies, creating product, hiring staff and minding their bottom line intently – as they should. However, one of the pitfalls for businesses small and large is using standard, cookie-cutter promotion and advertising tactics that often yield nothing more than a debit in the bank account.
Business owners and entrepreneurs should recognize that just “running an ad” may not yield the results they desire, and in many markets won’t be the best use of hard earned (or borrowed) money. Even if you produce, sell or distribute a “universal” product, blanket marketing and advertising can cost a pretty penny. The key to choosing the right promotion strategy for your business is defining your target audience.
Often marketers ask customers the question “Who needs your product?” And the answer is typically “women” or “men”. That is not a target audience. I swear if I hear one more MLM energy company representative say “Everyone needs what I’ve got…” I might just scream. Okay, so that’s a little dramatic, but really now can we just think before we open our mouths?
Clearly defined targets include demographic, geographic and even psychographic indicators. These are the basics people.
Take the time to consider these questions to help you create a profile that can define your target clearly:
• Who wants this product/service? (age, gender, race)
• Where do these people live? (work, recreation, education)
• What motivates this person to buy? (income levels, cost, discounts)
• What type of life does this person lead? (busy, tech savvy, children)
• What benefit does this product/service offer this person?
One of my dear friends and clients actually breaks this down really well in a new book that will be coming out soon. Sarah Zink gets it. And she’s even got a workbook (I helped with the design) that can help those challenged in targeting. It’s the best $7.50 you can spend if you struggle with this topic.
Using the answers to these questions above and others like them creates a profile that shows you a target, outlines the type of message they need and even where they should hear or see it. Now you can choose the right tool to communicate with your desired customer. Perhaps it is an ad in the local paper, or perhaps it’s a promotion at a local event, or a direct mail postcard and promotion to certain zip codes. Whatever tactic you choose, you’ll be making an informed, targeted choice about where to spend your time and resources to communicate with the person most likely to become your customer.
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Vibrant Resource: Sarah Zink Business Training can whip anybody into target marketing shape. Seriously.
Vibrant Challenge: See if you can write down in one sentence who your primary target market is. Okay…I’ll give you two sentences.
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