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A Target Market the Key to Selling More Part II
Written by: Cheryl A. ClausenArticle Overview: In part one I showed you exactly where to look to identify your target market. I told you what to look for and how to look both externally and internally to find a target market that’s right for you. Let’s continue with the other important considerations when choosing a target market.
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A Target Market the Key to Selling More Part II
In part one I showed you exactly where to look to identify your target market. I told you what to look for and how to look both externally and internally to find a target market that’s right for you. Let’s continue with the other important considerations when choosing a target market.
What’s the big outcome or the ultimate result the people in your target market want? Does that match the big outcome you want to help others get? If it does you have a great prospecting opportunity. If it doesn’t you’ll have to find a way to tie what they want in to what you have to offer. It can be done and it can be done very effectively.
How many people are in your target market? Now that you’ve identified a target market you need to check to make sure it’s large enough so if you were able to capture even a small percentage of the market you’d be able to meet your financial goals. However, it’s better to be a big fish in a small pond than it is to get lost among too many competitors so don’t eliminate smaller more specific target markets.
When you’re thinking about a target market realize there must be a way to obtain their full contact information. When they belong to certain groups or associations this is easy because when you join too you’ll get the groups roster or directory. If groups aren’t an option then you must have a way to collect that information yourself.
Can the prospects in your target market be further segmented? This can make it even easier for you to dominate your target market. Let’s look at an example. Let’s say your target market is convenience stores. You would benefit from refining that target market to convenience stores in Atlanta, Georgia. And then you’d further refine your target market to individually owned convenience stores in the Atlanta, Georgia area with at least 10 employees and $5 million in annual revenue. Your list would be much smaller, but your ideal qualified prospects would be much easier to find and focus on. Because your focus is now much narrower you can identify say 25 individual business owners you want to direct all your prospecting efforts toward. And that will provide a much higher return on your efforts than trying to attract all convenience stores as most are owned by large corporations that you won’t be able to easily reach and obtain as clients.
Defining Your Target Market
Ask the Right Questions to Qualify Your Business Niche
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5 Factors to Consider when Choosing the Right Target Market
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Article Tags: 5 million, atlanta georgia area, big fish, convenience stores, financial goals, full contact, must be a way, prospects, small pond, target market, target markets
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About the Author: Cheryl A. Clausen RSS for Cheryl's articles - Visit Cheryl's website  Get "The Blueprint for Increased Sales" eBook and audio free here... http://increasesalescoach.com/blueprint-increased-sales.html Increase Sales Coach Cheryl A. Clausen helps business owners, entrepreneurs, and soho's in service industries get highly qualified prospects contacting you - giving you an unfair advantage. Click here to visit Cheryl's website   Increase Sales |
Related Forum Posts
Re: How should i promote a new website?
- ignore this message IF it's already been stated. I haven't had a chance to read all the replies and i have to jet from the office...
I suggest marketing where ever your Target Market congregates. If it's a forum of concerned parents - go there. Strike up a deal with the forum owner (JV) and have him promote it to the list of members (Integration Marketing).
If you want to go with Forums then i would partner with a parent who is a frequent poster/moderator on a particular Target Market Forum and have him/her add your link to their signature.
That was just a thought but it's not as intense once you get buy in from the Forum owner or high ranked poster/moderator.
Hope that sparks some new ideas.
Re: Ideas For Business
- Hello Lucy,
you may consider this list for Ideas for Business: (Top 23 list)
Rank Company
1 Google
2 Genentech
3 Wegmans Food Markets
4 Container Store
5 Whole Foods Market
6 Network Appliance
7 S.C. Johnson & Son
8 Boston Consulting Grp.
9 Methodist Hospital Sys.
10 W.L. Gore & Associates
11 Cisco Systems
12 David Weekley Homes
13 Nugget Market
14 Qualcomm
15 American Century Invest.
16 Starbucks Coffee
17 Quicken Loans
18 Station Casinos
19 Alston & Bird
20 QuikTrip
21 Griffin Hospital
22 Valero Energy
23 Vision Service Plan
Re: Do Women Play the Stock Market?
- I also play Stock Market.....
Patent information
- I'm also interested in Part 2. Thanks.
Starting a New Business
- Congratulations on the first step of deciding to create your own business.
First, you have to ascertain if you are going to be selling your products or services to people or to businesses.
People purchase products and services for three basic reasons:
•To satisfy basic needs
•To solve problems
•To make themselves feel good.
You have to determine which of these three categories your product or service is the solution to. Businesses, unlike individuals, buy products and services for three reasons as well:
•To increase revenues
•To maintain the status quo
•To decrease expenses.
Knowing the reasons why people/businesses buy, you should have a picture emerging of who you think your "Target Market" (or ideal customer) is. Once you have zeroed in on your solution, you are ready to create your Marketing Strategy.
If you look at any company that has grown rapidly over the past few years, (i.e. WestJet and Starbucks), it should demonstrate to you the importance of Marketing. In simple terms these companies have:
•Clearly defined what makes them different;
•Who their ideal customer is;
•How to reach them;
•Why customers should buy from them;
•And most importantly why customers should come back again.
It is strong Marketing Awareness that singles out the best companies.
I can not stress enough how important it is to create a "living" Marketing Plan before you even start.
I hope this helps a little in the creation of your plan. All the very best of luck.
Remember: "A Goal without a Plan is just a Wish"
Miles of Smiles,
Marketing Maven
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