4 Things Your Prospects Must Have to Become Your Customer

June 23, 20160 Comments

TargetIt is important to remember that the CORE of marketing is your target market – the people.

If you’re concentrating your efforts on your product or service only, you are going to completely miss the mark. The term target market is used because that specific market is the “bull’s eye” at which you aim all your marketing efforts and marketing budget.

A target market is a group of people with common characteristics that set them apart as a group. The more statistics you have about your target market, the more precisely you can develop your marketing strategy; therefore you will be able to execute consistently and profitably over time instead of quick hits here and there.

Your existing and potential customers should have four essential characteristics:

1.    They have a particular need. People have all kinds of needs including basic survival needs (food, shelter and health), rational needs (dependability, durability and economy) and emotional needs (love, sex appeal, status, security, acceptance and power).  Do you truly understand the needs of your target market?  Keep in mind that everyone may need your service but not everyone will want to fulfill their needs with your solution.  When you define the need, also target those who you can persuade to fulfill their needs with you.

2.    They have enough money to buy what you sell. Just because someone wants to buy what you are selling does not mean they have enough money to do so.  I get a lot of people telling me they love my service offerings and they really need my help but when I ask them about their budget for training and education they say, “I don’t have a budget.”  This tells me they most likely cannot afford to buy what I am selling.

Do not get me wrong, it is great to do pro-bono work and give back to your community, but just make sure that you have targeted a market that can provide you the profits in order to sustain your business.

3.    They have decision-making power. Spend your time wisely. Find the person who has the actual authority to say “yes” or “no” to buying your solution.  Enough said.

4.    They have easy access to your solution. Accessibility is important. For example, if you wish to sell decorative baskets to people in your neighborhood, you must either take your baskets directly to your customers or have a location where they can come to you.

If you primarily sell online or have services, just make sure your target understands how they can access your solution by telling them exactly where to go and what to expect.

In order to determine the characteristics above, you must do your research and document your findings.  Your documentation based on your research form the foundation of finalizing the best target market for your business.

This is target marketing 101 but sometimes we forget that the basics are the glue that will hold your business together and help you stay in business.

Your Transmogrifyer,

Sherese Duncan

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Effició is an entrepreneurship education company. Our education is for executives (CEO, CFO, COO, and Founders of small to medium sized businesses) who are ready to participate in advanced educational experiences including executive level learning, masterminding and execution of visionary business initiatives.

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