“To build a solid foundation for your business, you must first identify your typical customer and tailor your marketing pitch accordingly.” -Mandy Porta
Although your products might appeal to a large group of people, it doesn’t make sense to market to everyone. Creating a target market profile and positioning statement is a process that helps business owners to identify and communicate with the prospects that offer the greatest chance of sales success.
A target market profile is a concise description of the type of prospect you want to sell to. A positioning statement is a brief summary of the way you want prospects to perceive your product or service. As your business grows you should continue to evaluate and possibly change your target market. Your target market is absolutely dynamic.
Targeting a specific market does not mean that you are excluding people who do not fit your criteria. Rather, target marketing allows you to focus your marketing dollars and brand message on a specific market that is more likely to buy from you than other markets. This is a much more affordable, efficient, and effective way to reach potential clients and generate business.
The decision to purchase your product may involve business, financial or technical personnel as well as senior executives if the purchase represents a significant capital investment. Define the target market for your products or services as precisely as possible. A target market profile identifies the characteristics of the prospects most likely to purchase from you. Use characteristics such as age, gender, location, income level or education to build the profile.
Research the interests and preferences of your target market to find out what they feel is most important about a product like yours. Approach customers for feedback, asking them about important features and benefits. Defining your target market is the hard part. Once you know who you are targeting, it is much easier to figure out which media you can use to reach them and what marketing messages will resonate with them.
With a clearly defined target audience, it is much easier to determine where and how to market your company. Click here to read more articles about marketing, branding, and more!