So can you please everyone, every time? No. But finding the right market and honing it well, you can ensure that you have point blanked your target market good enough but never forget to probe well before planning and shooting any campaign. And with the current state of the economy, having a well-defined market is more important than ever. No one can afford to target everyone.
Now targeting a specific market does not mean you have to exclude people not fitting your criteria from buying from you. Rather targeting allows marketing dollar and brand message on a specific market that is likely to buy from you than other markets. Thus finding a more efficient, affordable and effective way to reach potential clients and generate business.
So why not discuss 10 questions that should be probed well before shooting any campaign:
Probe No. 1. Which part of market would be willing to pay for my Products or Service?
So first understand what problems do your product or service tries to solve and then use that information to help determine who would be willing to pay for your products or services. You can use Google keyword tool to see how people are searching for words related to your business idea.
Probe No. 2. Who are the ones that bought from me?
If you’re planning to refine your target marketing and pricing strategy, analyze who has already from you. Most of the valuable insights about the product or service are gained after releasing the product in a test phase and let potential customers speak with their wallets.
Probe No. 3. By any way am I overestimating my reach?
Stop assuming and reach out to groups of potential customers to get a more realistic picture of your audience and narrow your marketing efforts. Conduct surveys, do interviews in stores or organize small focus groups.
Probe No. 4. What is my network thinking?
Probing your network thinking can result to be a little tougher and expensive feedback from potential customers through surveys, focus groups and other means. Check out social networks to get free feedback from your network of social relationships to give you opinions and advice.
Probe No. 5. Are we drawing assumptions based on personal experience and knowledge?
Do not assume anything specific about your target market based on your personal experience and knowledge, take some time out and probe well.
Probe No. 6. What is my Revenue Model?
Your revenue model will help you find out the target market. Especially in online business it is always easy to bloat up your customer size, in such times stick to your revenue model.
Probe No. 7. What is my Selling Strategy?
Your retailing strategy will help determine your target market. Ask questions like will you have a store, a website or both? Will you be marketing in your home country or globally?
Probe No. 8. How the Competitors are fairing?
Competitors marketing strategy can help you determine your own target market. Do not copy but differentiate your communication strategy so that the customers would have something new to look for.
Probe No. 9. How to look for customers?
Do proper market research and study customers demographic, geographic and purchasing patterns. From brick to mortar to an online store you should know your customer’s behavior and expectation.
Probe No. 10. Any further room to expand your target market?
Do not confine, explore further avenues to redefining your target market. Use the power of mobile marketing to the full potential.
Armed with better specific information, you would be well equipped to make smarter decisions about your marketing campaigns and targeting your target market.
Sources:
www.esalesdata.com
www.raventools.com
Linda Mentzer is a published author and senior marketing manager for an information management company that has helped sell thousands of software products on a global scale. With over 11 years of experience in electronic marketing techniques, Linda has authored articles for several leading business journals, worldwide.