Wednesday, 25 November 2015

How To Find Your Target Market.


I am going to use stadium (Football pitch) to illustrate my point. Have you ever been to any stadium to watch a live football match? At the stadium,there are three kinds of fans or supporters.

1. Home team
2. Visiting or away Team
3. People (Sports lovers).

Within the home team fans we have: Fanatics,Rabid and fair weather fans. The point i am trying to make here is, in that stadium we can, by observation, identify some of those fans. They wear the team colors, they cheer the team up when the team does something good. Now, If we are selling a product related to the home team these people are our (target market) customers. They are most likely to buy our product. Create Groups Each group of customers will be composed of people having common characteristics of some kind. Spend time to study the groups because not every group is your target customer. Study their ages, education, household income,
occupation, their favorite TV shows, children and so on.

What do they want or expect from your business? Where do they buy now? Why? Reduce each group to a basic customer type. What's The competition Up to? are your competitors successful in the marketplace? If so, Why? You must know what works in your market. Keep track of their adverts ,then find out What adverts and promotions do they run over and over? How do these promotions relate to your
customers groups. You need to "steal" market share from your competitors. Sort The Market,
Your primary market should be people you can reach easiest and cheapest with the greatest
expectation of ROI (Return on Investment). Don't waste your time and energy on those who "might" buy from you if conditions are exactly right.

Identify your best market and go after it. Secondary markets can be courted later. Look At Your top Markets ,Take the top markets and do an in depth analysis of each. What are the common characteristics we talked about above? Who do they think is the top business guru in your field? The more you know about each, the easier a plan to reach them will be.

What Methods really Works
"How did you hear about us?", works wonders in finding out what specific message brought the customer in. Studies show if people hear about your business five or more times they perceive you to be a creditable business. Find our what advertising is working for you and build on it.

Test, Test, Test
Any successful marketer will tell you that testing is a necessary evil of business. Make an offer, record the results. Make an offer, compare the results to the first offer. Code in all your adverts. A Code key is something to let you know where the customer saw your advert. Put small code numbers in the corner of newspaper advert. For example code for an ad in today's newspaper might be 355UBC. Which means March 5th, Ucdon Business Concept. Make sure you are using the right channel, Contact a few of your good customers and ask if they saw your ad. If they didn't maybe you're advertising in the wrong place. Make Sure You Can Do What You Can Do . Know How many customers you must see to make a sale? Face to face, on the phone or by e-mail. Another question is, Can you deliver customer service to that number of people? If i sell 30 books in a day on my website that means I have to process 30 orders a day. That's pretty easy. Can be an hour work. If I sell 500 or 5000, then what? Do need more employees to answer the email and process all the orders. Now Are you ready ,is your business good? Choose a Market Carefully. It's not how many markets you can identify and open, it's how many you can profitably market to and service while you make money. Markets are always going to be evolving. With the web, who knows where we're going and how fast and what it will cost. Keep on top of what's happening in your marketplace. Think Positive.

Hope Uchemadu
Speaker,Live & Small Business Coach.

No comments:

Post a Comment