Who Has Been Your Target Market?
If you’ve been in business a number of years, it’s time to think about who you have considered to be your target market. This is actually not an easy question. If your business is in a service industry, construction company, or even if you’re a CPA, you may have considered your customers to be anyone who needed those services. That’s not the data I want you to consider.
When you look at your sales history, do you see a discernible pattern of those who buy from you? Within that group, take it one step further. Do you see a discernible pattern within those who buy your biggest ticket item? Who purchased more frequently? They may not be the same people.
Knowing what’s been going on will help you keep your finger on the pulse of your marketing. Each group should be handled differently, catered to based on their buying behavior. People like to be treated according to their preferences, and you can do a good job of courting them when you know what group they belong to. Then the questions become “How do you stay in touch with them?” and “How do you continue to sell to them?”
Don’t Be Afraid To Enlarge Your Net
Based on your soul searching and research, you may realize there are others who might benefit from your products and services.
How does your company provide additional benefits to another group?
Targeting can be based on just about anything, providing a trend shows increased interest from another group with similar qualities. The list is endless.
It may be helpful to write down every single trait of your current customer, and then in another column, list the traits of the customer you believe you can serve. This will give you a good idea of how they may or may not connect, and how you might reach them by tweaking your sales message or even the time frames you try to engage with them through email or social media. Think about what they read or listen to.
Trade publications are not dead. Neither is radio. All TV advertising is not a waste of money. There are always loud voices saying ‘go this way, not that,’ but marketing is about understanding the target audience – and matching the media and the message to the market.
If you can accommodate another demographic, you should consider doing so. One sure way to unplug a dam is to route water another direction.
Are you wondering if targeting another customer base is a financially smart decision? Have you already decided you can reach more people through additional offers? What concerns you about casting a larger net? Tell us about it below.
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