12 Great Reasons to Know Your Target Market
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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 basically know who your customers really are and deliberately set out to attract them.
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