Introduction…I’ve heard business owners say, “everyone will want my new product or service.” Everyone is not a target market. Everyone is like carpet bombing. If you have the budget of Coca Cola, it might work. Otherwise we can be much more effective with a target.
Who is your target market? Here are several questions to ask yourself:
- Who is financially able to purchase my product or service
- Who has a burning desire to purchase my product or service
- Who can I attract affordably
- Who do I want to do business with (not all customers are good fits)
- What are the other interests of my target
- Where can I find my target
- How can I find my target within my budget
- When is the best time to reach my target
What’s your target market area?
We all have a tendency to want to cover a larger area, thinking that we now have more prospects. Maybe. But, if we can’t reach them it’s not very useful. One company I worked with got stars in their eyes and went international way before they coud support it. That decision hurt the company.
One of the most successful roofing companies in the Dallas area focuses on just two cities. There are 34 cities in the DFW area. But in the first 7 months of 2017, this roofing company did over 650 roofs by targeting two cities. They earned an estimated $5 million gross profit. But, they dominated those cities and were everywhere. This company became the company to call.
Next week…We will discuss this topic “How To Use Targeting Marketing” in our next newsletter. We will discuss two examples of finding our target market and what comes next.
In Conclusion...Target marketing is much more effective and affordable than carpet bombing marketing. Unless you have the budge of Coca Cola, we do much better knowing who are target is and how to attract them to business.