Posted by PB31 Woman on November 7, 2009 at 2:04pm
Imagine being the quarterback of an NFL team and calling the plays with a blindfold on. If you are wearing a blindfold, you are unable to see your target and it will be impossible to throw a pass to hit it. The Target Marketing concept is identifying your customers. Here are a few tips that you can utilized when you begin this process that will help you reach your goal.• Who are your customers?• What are their needs?• How to reach your Targeted Market?In order for you to select the customers that are best for your business, let’s examine them a little closer.Who are your Customers?There are two types of customers that your business can target. These customers are consumers or businesses. Most business owners agree that the individual consumers are difficulty to target because of the diversity, unpredictable, small budgets and buying preferences change with age. Business owners are stable, need variety of services/products and larger budgets.You can choose to target both groups if it makes sense for your business. For example if you own a flower shop or gift basket business. There are customers for you in both markets. It will just require that you customized you marketing plan for each group.What are their needs?There are two ways you can determine the needs of consumers and businesses. You can take the high road and hire a firm to do this for you (expensive) or conduct the research yourself. The internet is a vital tool with conducting your research. Most of the basic information is free and has already been compiled for you.It’s important to research because you will be able to find out what markets your competitors are currently serving, where market opportunities exist, and which markets will be most profitable for your business. Once you have gathered all this information complete a spreadsheet outlining the information. For example, if there are only a few Gift Basket businesses offering same day delivery. There is a need for this service.Here are some questions; you can focus on when you conduct your research. What products/service is your competition offering? What products/services can I offer that my competition is not? How can I improve upon the products/services that my competitors are offering? Ask your current customers what they think about your business.If you choose to conduct a survey by asking your current customers for their opinion include questions which answer the following:• Demographic: age, sex, nationality (if necessary), etc.• Psychographic: lifestyle, hobbies, interests, opinions, etc.• Geographic: place of residence, state, city, neighborhood• Behavioral: use of products or services.• Benefit : perceived benefits from products and servicesIt’s important that you reward your customers for providing their opinion. For example, give them a generous coupon for a discount off of your products or service.How to reach your Targeted Market?Now that you done all this research, it’s time to reach your Target Market. Here are a few ideas for your business to market their products/services to your targeted market.• All outgoing documents or electronic mail should promote your business• Send our press release directed at your targeted market• Spend your time online to promote your business• Buddy Marketing with someone who compliments your products/services but is not the same as yours.• Giveaways that promote your business• Participate in networking groups, conferences and seminars
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