My Idea Online
  • Privacy Policy
  • Contact Us
Thursday 30 June 2022
  • Login
  • News and Society
  • Automotive
  • Business
    • Business
    • Communications
    • Employment
    • Finance
    • Legal
    • Home Based Business
    • Marketing
    • Online Business
    • Product Reviews
    • Real Estate
    • Self Improvement
  • Home and Family
    • Home and Family
    • Family
    • Home Improvement
    • Kids and Teens
    • Reference and Education
  • Lifes
    • Arts and Entertainment
    • Cancer
    • Entertainment
    • Food and Drink
    • Fashion
    • Health and Fitness
    • Humor
    • Lifestyle
    • Music
    • Recreation and Sports
    • Writing and Speaking
    • Women’s Interests
  • Online
    • Computers & Internet
    • Site Promotion
    • Web Development
  • World Affairs
No Result
View All Result
  • News and Society
  • Automotive
  • Business
    • Business
    • Communications
    • Employment
    • Finance
    • Legal
    • Home Based Business
    • Marketing
    • Online Business
    • Product Reviews
    • Real Estate
    • Self Improvement
  • Home and Family
    • Home and Family
    • Family
    • Home Improvement
    • Kids and Teens
    • Reference and Education
  • Lifes
    • Arts and Entertainment
    • Cancer
    • Entertainment
    • Food and Drink
    • Fashion
    • Health and Fitness
    • Humor
    • Lifestyle
    • Music
    • Recreation and Sports
    • Writing and Speaking
    • Women’s Interests
  • Online
    • Computers & Internet
    • Site Promotion
    • Web Development
  • World Affairs
No Result
View All Result
MyIdeaOnline.com
No Result
View All Result

12 Great Reasons to Know Your Target Market

idea online by idea online
in Business
3 min read
1.9k 146
0
21bd48a6665888129b5b39ee 1920

21bd48a6665888129b5b39ee 1920

1.2k
SHARES
2.6k
VIEWS
Share on FacebookShare on Twitter


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.
2 – You will better able to decide how to market your product or services, if it’s going to be direct mail, newsletter, direct sales, cold calls etc.
3 – You will know what additional services that your potential prospective customers or clients will want and expect from you.
4 – You will know basically 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 directly to them.
7 – You will know who else is after your target customers business.
8 – Your customer will help you define your true market.
9 – It will identify where it’s possible to survive and 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.

Tags: Business
idea online

idea online

The internet makes it easy to start a business but what should you start? Discover the right business for you to start with our definitive list of the best online ideas

Related Posts

55283bdfb82d0bd0fad74b17 1920

Flipping Houses for Gold: How to Find the Perfect Fixer

1 day ago
35fb29ec58393b5c787ae608 1920

Publicity Performance Not Enough?

3 days ago
0d10cac7d67fedb8143cbc 1920

What is OPGI?

1 week ago
d1ea48a8a68b6ae73a5f41f2 1920

Corporate awards 101

1 week ago
5deab97373c52ef0ada6114a 1920

Resume Outline – Add Structure & Flow to Your Resume

1 week ago
0d10cac7d67fedb8143cbc 1920

Make Money Online: Turn Your Passion Into Cash

2 weeks ago
No Result
View All Result

Recent Posts

  • Managing People – Why Is It So Difficult
  • Waterski history goes back farther than most of us would believe!
  • Produce Huge Results for your Business using Joint Ventures
  • Top Ten Buyer Searches For Fine Jewelry on eBay!
  • The Secret To A Good Tan Is In The Bulb
  • Traditional Wedding Anniversary Symbols
  • Birthday gift ideas
  • What is the Difference between ADHD and ADD
  • Who should you use, Mortgage Broker or Banker?
  • The First Steps In Ideal Internet Marketing
  • Diet and Exercise Evolution: Adaptation (part I) — Theory
  • Captial Gains Tax Explained
  • Buy Your Future While It Is Still Inexpensive
  • Flipping Houses for Gold: How to Find the Perfect Fixer
  • Start OF NFL Football Season Causes Mass Exodus Of Customers From Cable To Satellite TV.
  • บริษัท
  • โรงเรียน
  • ก่อสร้าง
  • บริการ
  • กฏหมาย
  • ท่องเที่ยว
  • พนัสนิคม
  • ผู้ผลิตสินค้า
  • อิเลคทรอนิคส์
  • ราชการ
  • ไทย

© 2020 myideaonline.com - property for rent - property for sale.

No Result
View All Result
  • Home
  • Online Idea Content
  • Contact us
  • Privacy Policy

© 2020 myideaonline.com - property for rent - property for sale.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In