Who Is Your Market?
Last week I was talking with a new client named Jennifer, who was bemoaning the fact that she does “all kinds of marketing” but just doesn’t seem to get much response.
When I asked Jennifer who she markets to, she answered, “Everyone.”
Jennifer figured that if she tried to reach “everyone”, then she’d probably score with someone. However, it wasn’t working as she’d planned.
Narrow It Down
After some discussion Jennifer decided to narrow down her marketing to her “target market,” the people who actually need, want, and can afford her services. In order to do this, she first had to identify who these people are.
She began by answering the following questions.
- Who is your target market? (What is their age, financial status, geographic location, gender, and what they need from you?)
- Is this market getting larger or smaller?
- Do customers in this market spend money on products and services like yours? Do they spend enough money to make it worthwhile to sell to them?
- What important trends are happening in the market?
- Who are your main competitors?
- What kind of media (print, radio, television, internet, etc.) do your potential buyers pay attention to?
- What Web sites do they visit?
- What trade associations do they belong to?
- Who are the key opinion makers? Can you influence them?
- What are people in your market talking about right now?
Once Jennifer answered these questions she realized that she actually had a much smaller group of people on which to focus her marketing attention and dollars. She now also knows what they read, listen to and watch, and has a much better idea of how to connect with them. Jennifer has realized that she doesn’t want to reach “everyone,” she just wants to reach a select few who need or want her services and have the finances to afford them.
So, how much do you know about your target market? What is the best way to reach them? Are you focusing on “everyone”, or do you know who will benefit most from what you have to offer? Who is your target market?