Mass Marketing vs Target Marketing…
Have you ever seriously asked yourself what is target marketing?
You’ll want to carefully read every word of because this is one of the most valuable posts you’ll ever read for your business success…
Today we’ll briefly cover key factors (ins and outs) of leveraging your target marketing to generate serious income for yourself!
Discover how to get the most long-term benefit out of marketing and so you can maximize your traffic (ie, SEO and PPC).
Understanding your target market can seriously help you refine and improve conversions while optimising business marketing results.
And actually start being very effective and way more profitable…
In fact, simple target marketing tweaks can significantly boost optin rates, plus send your conversions and sales skyrocketing!
Why Businesses Struggle To Use Target Marketing?
Do you know why it is natural for a small business owner or marketer to struggle with defining their target market?
Because they have the mindset that anyone and everyone needs their merchandise (widget or service)…
Sadly this approach is what has caused so many would-be success stories from every happening.
In your opinion what is target marketing?
It is where you first identify who exactly is your ideal customer or you’re preferred customer?
Sounds like bit of a trick question…
The reason why you need to understand the slight variation or difference is because if you don’t know…how can you create the right content and value to attract them.
It also means the difference between knowing customers inside and out, what they struggle with and what they think about…
Also why they buy and where they attend events, etc…
You might find if you had a magic wand and you could whip you your perfect prospect into a buying frenzy…how would you do this?
Firstly you’d need to know, what would the perfect prospect and ideal customer look like:
- What kind of work experience would they have?
- Age – how old would they be?
- Why would they be interested in what you have to offer?
- What problems does your product or service help them with?
- What do they want or hope to achieve in life?
- What experience can you bring to the table so you can connect and engage in building rapport?
Hardly anyone really stops to thinks about defining their target market and what is target marketing (more about this later)…
In most industries the product dictates your prospect.
Here are some quick examples of target markets:
1. If you sell medical equipment, you are not going to approach a hot dog vendor right? It just wouldn’t make sense, would it?
2. If you sell pet grooming services, you’re only going to target pet owners right?
3. If you sell social media services, you’re not going to target people without computers, does this make sense?
You see, the no 1 biggest marketing problem with almost all small business is the foolish thinking they can sell to anyone and everyone.
You might find 90% to 95% of small business owners simply hope or pray…everyone and anyone will magically buy whatever they offer.
And that is exactly why their marketing attracts anyone and everyone…
Yet speaks to NO ONE…
Back to the Magic Wand and What is Target Marketing…
If you are defining a target market for your business, think about what type of person would you actually want to sell?
Some of you might still be working on your first signup and may incorrectly answer, anyone and everyone!
Well, you are just hoping and at best guessing…
ARE you seriously a business person wanting to model the highest level of success or are you satisfied with less than mediocre results?
Would you much rather just take all the people already interested in buying from you and help them to succeed?
From the list of target markets below, can you identify who would be your best fit in context to perfect prospect and ideal customer:
- Baby boomers concerned about retirement
- Dads with daughter(s) scared about paying for their wedding(s)
- Adults concerned on covering costs of their elderly parents
- Retirees bored or wishing they had saved more money
- Personal trainers wanting to expand their income
- Stay at home mom wanting to create financial stability and make a real difference for their family
- Musicians or actors wanting paid work while in between gigs…
We’ve briefly touched on why you need to create a target market in which you can connect, engage and establish rapport…
So far you understand it is NOT in your best interest to market to anyone and everyone…
And you know a well-defined target market is the first element to a marketing strategy.
What if you identify a target market you don’t fully know?
Well, the short answer is you better be willing to immerse yourself in their world…learn every aspect you can about your target market.
What magazines do they read?
What shows do they watch?
Where do they hang out?
What associations, clubs, forums do they hang out and go to?
Also, understand this entire post is all about marketing from advertising to social media marketing and email marketing.
Segmentation, Targeting and Positioning…
You need to get specific and kill promotional style marketing messages and start focusing on customer-centric solutions.
Why? Because in order to be cost effective and efficient in your business, you need to reach your target market…
You need to identify their biggest problems and address these concerns with information that’s helpful to your ideal customers.
Yes, you need to go even further…
It’s all about right message to right market at the right time.
You don’t want to be marketing to anyone and everyone, if they do not fit your target market, right?
If you’re going to be paying for advertising anyway…why not prospect and if you are going to market anyway, why not target.
So who is your perfect prospect and ideal customer?
What is their profile or avatar?
Your perfect target market?
Do you know why target marketing is key to your business success?
Understanding what it means to establish a well-defined target market is the first element to a successful marketing strategy.
We have covered some basic target marketing in this post, if you need help with your target marketing or if you have any questions.
As business owners, we work endless amounts of hours, struggling to grow our business to the next level to generate a higher level of income with sometimes no success at all…
Are you ready to finally enjoy what you are really worth?
Now with your initial homework done, we move on to looking over your business as a whole.
In context to target marketing and scaling up, you need to understand two very important metrics as a business owner.
You need to know your net profit as a whole.
These two metrics are even more critical.
We’ll also cover a couple of business examples of where businesses make exponential improvements.
Yes…massive return on investment (ROI) for each customer.
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