Target the Right Market For Your Business

Target the Right Market For Your Business

Regardless ?f wh?t ??? m?? h??? b??n taught, wh?t ??? m?? th?nk ?r wh?t ??? m?? assume, ???r? company h?? a target market, ???r? company.

I consistently hear a common statement fr?m business owners wh?n I present th?m w?th th? q???t??n "Wh? ?? ???r target market?" ?r "Wh? ?? ???r ideal customer?" Th? ?n?w?r th?? invariably give m? ?? "Everyone". Everyone?

Y?? ??nn?t possibly appeal t? everyone ?nd trying t? d? ?? ??n b? a h?g? ?nd costly mistake. Y?? m?? h??? a comprehensive range ?f products ?r services th?t m?? well appeal t? different types ?f audiences.

Collectively th??? different target markets m?? m?k? up a decent percentage ?f th? population, b?t th?? ?? n?t th? same. Y?? ??nn?t b? ?ll things t? everyone ?nd market ???r entire range t? everyone. At l???t I'd hope ??? ?r? n?t doing th??, ?nd ?f ??? ?r? ??? need t? ?t?? doing th?? immediately.

Throwing Mud I? Throwing Money

Marketing ???r business ?n th?? way ?? l?k? constantly throwing mud ?t a wall ?nd waiting patiently t? see wh?t sticks ?nd wh?t doesn't. At ??m? point ?n time ??m? ?f th? mud w?ll m??t ??rt??nl? stick, b?t ?n ?wf?l lot ?f mud w?ll hit th? ground t??, ?nd th?? ?? b?d news f?r ???.

Th? reason th?t th?? ?? b?d news f?r ???r business ?? b?????? th? mud th?t ??? ?r? throwing, including th? mud th?t hits th? ground, ?? ???r money. Th?? ?? money th?t ???ld h??? b??n used t? keep ?n a member ?f staff th?t ??? m?? h??? h?d t? g?t rid ?f, ?r perhaps money th?t ??? ??n ??? t? pay yourself th?t hard earned bonus th?t ???'ve b??n promising yourself. It m?? th?t ??? need a n?w company vehicle, item ?f machinery ?r equipment. Worse still, th?? ???ld b? someone's wages th?t ???'ve h?d t? delay paying due t? a shortage ?f cash flow.

If ???'re one ?f th? fortunate ones wh?'s business ?? doing quite well ?t present, th?nk h?w much better ??? ???ld b? doing b? spending ???r marketing budget wisely, ?nd ?n a more focused ?nd targeted way. If ??? ?r? currently n?t researching ?r focusing ?n ???r target audience, l?t m? give ??? another analogy. Doing th?? ?? a bit l?k? going ?n holiday without having a d?f?n?t? destination ?n mind, ?r a route ?l?nn?d, hotel booked ?r flights paid f?r. It ?? utter madness.

Y??'ll n?t b? surprised t? see th?t th?? falls ?n t? th? bracket ?f th? 'failure t? prepare' type ?f ???r???h, ?nd ??? now know wh?t th? result ?f th?t ??. Th? ?th?r aspect ?f th?? ?? th?t ?t really ?? n?t th?t difficult t? d? ??th?r, ?nd ?? having a ?l?n ?nd being focused ?? n?t ?nl? essential, b?t something th?t ??? ?r? more th?n capable ?f doing. Th?r? ?? n? excuse f?r n?t doing th??.

Ways In Wh??h Y?? C?n Target Th? R?ght Market

Th?r? ?r? different ways ?n wh??h ??? ??n b?g?n t? target ???r market, ?nd ?t b?g?n? b? focussing ???r efforts more closely ?n those individuals wh? ??? believe ?r? more l?k?l? t? want t? ??? ???r products ?r services. Perhaps th? m??t effective ?l??? t? ?t?rt targeting ???r prospects ?? b? th??r demographics - ?? b? th?? I mean th??r age, sex, income, education, home ownership status ?nd location t? name a few.

I ?m ?l?? n?t suggesting th?t ??? target ?ll ?f th? above. Y?? need t? focus ?n one ?r two ?f th??? ?nd give ?t ???r ?ll. Once ??? h??? targeted one ?r two areas ??? ??n th?n m??? ?n t? target another couple ?f th?t's appropriate, b?t d? n?t try ?nd d? ?t ?ll ?t once ?? ??? m?? find yourself getting nowhere f??t.

Whilst th?? m?? sound l?k? th? type ?f strategy th?t '?th?r' businesses ?r 'b?gg?r' businesses d?, ?r perhaps something th?t ?? t?? much tr??bl? th?n ?t ?? worth, th?nk again. I know ?f many small ?nd medium sized businesses wh? now ??? th?? ???r???h ?nd ?? ?t ?? m??t d?f?n?t?l? something th?t ??? ??n b? using.

It d??? n?t take ?? long ?? ??? m?? th?nk ?t d??? t? formulate ?n affective ?nd targeted strategy, ?nd th? cost savings gained fr?m a lack ?f wasted marketing budget ??n b? ??t back ?nt? ???r business t??. Th?? means th?t ?t's a win-win situation f?r ??? ?nd worth th? small amount ?f effort involved.