A Target Market the Key to Selling More Part II
A Target Market the Key to Selling More Part II
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.
A Target Market the Key to Selling More Part II - To learn more about this author, visit Cheryl A. Clausen's Website.
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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.
A Target Market the Key to Selling More Part II - To learn more about this author, visit Cheryl A. Clausen's Website.
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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John AlexanderJohn has taught keyword research and SEO skills to small groups of business owners and Webmasters from over 80 different countries world wide since 2002. John is also the Director of Search Engine Academy ; Co-director of Training at Search Engine Workshops offering live, SEO Workshops with his partner SEO educator Robin Nobles, author of the very first comprehensive online search engine marketing courses at SEO Training Online and the SEO Workshop Resource Center. I look forward to hearing from you! - Visit John Alexander's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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