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Sales Success Tip-Know Your Target Market

Sales Success Tip-Know Your Target Market
Free Download - Sales Tips-The Most Important Factor in Your Sales Success By Greg Beverly
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I was speaking with a potential client the other day and asked THAT question…”Who is your target market?” As a provider of telecommunications equipment, his response was, “Anyone who has a phone!” While that may seem like a good answer, the reality is that it is completely unfocused and undoubtedly wastes thousands of dollars in marketing costs and tens of thousands of dollars in opportunity costs. After all, would you rather spend your valuable time with a prospect who buys 70% of the time, or one who buys 15% of the time?

The reality is that no matter what business you are in, no matter what product you sell, you can take a look back at your customers and very quickly determine the characteristics of those most likely to purchase your product or service. Why is this important? Let’s say you do sell telecommunications equipment like my prospect. When you examine your sales history, you find out that 80% of your customers have between 10 and 20 million dollars in sales, have more than 15 employees and are sole proprietorships. So you now know with indisputable proof that for whatever reason, a sole proprietor with $12 million dollars in sales and 20 employees is much more likely to buy from you than a partnership with $5 million in sales and 10 employees. How important can that be when planning your lead generation and conversion tactics?

Let’s briefly discuss defining some prime market segments, specific geographic markets, sizes and trends, characteristics of people and 12 very important reasons to profile your target customers.

1 – You will know how to communicate your message with a minimum of confusion when you know who your customers really are and deliberately set out to attract them.

2 – You will be better able to decide how to market your product or services to best reach prospects most likely to buy.

3 – You will know what additional services that your prospective customers or clients will want and expect from you.

4 – You will know what your target customers are willing to pay.

5 – You will know what your target customers will expect in terms of quality.

6 – You will know where large groups of target customers are located so you can market to them directly and cost effectively.

7 – You will know who else is after your target customers.

8 – Your customer will help you define your true market.

9 – You will be able to identify where it’s not only possible to possible to survive, but to prosper.

10 – When human needs aren’t being met, you’ll find a widening gap in the market and the key to opportunity.

11 – You will learn simple techniques that will help you gain insight into consumer behavior.

12 – It will be very important because you’ll be able to conceptualize your overall market.

Does this mean that we sell ONLY to our target market? Of course not! And does it mean that you give up on those outside your market? Again, a resounding NO! What it does give you is a place to start. When you aren’t sure WHY people outside your customer base aren’t buying, the first thing to do is to target prospects that have the same characteristics of your current customers.

The second, later thing to do is to find out WHY those outside your base are not buying and see if you can change that. It may be as obvious as no one under 30 buying your wrinkle reducing cream, but most likely it will be much more complicated. Once you are able to determine the reason for a particular group ignoring your sales message, you can address that issue.





Sales Success TipKnow Your Target Market - To learn more about this author, visit Greg Beverly's Website.

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Leanne Hoagland-Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website

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Greg Beverly
(Visit Greg's Website)
Greg Beverly has more than 21 years experience helping hundreds of entrepreneurs and thousands of sales professionals reach their true potential. He has a passion for helping others set and achieve goals allowing them to live the life of their dreams. He understands that a business is but a vehicle to achieve those dreams. In addition to expertise in marketing and sales, he is also a CPA and helps business owners get control of their financial situation.


Greg Beverly is a Gold author on EvanCarmichael.com
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