Are You Hitting Your Target?

A well-defined target market is the first element to an effective marketing strategy.  It's more effective to focus your efforts on potential customers who are MORE LIKELY to buy your product rather than wasting time and money courting an undefined world of prospects who MIGHT become customers.

 

How well do you know your target customers?  

 

WHO are they? (Demographics)
WHERE do they live? (Geographics)
WHY do they make the choices they do? (Psychographics)
HOW do they buy? (Behaviors)

Because the consumer marketplace has become so differentiated, a business can no longer rely on generalities, but instead must focus on specifics. Resist the temptation to be too general in hopes of getting a larger piece of the pie. Today's marketing-savvy consumers do not like to be clumped with others. Your marketing efforts will be more effective when defining and understanding the personae of your customers.

• Are they interior decorators looking for versatility and variety? Or do they focus on a particular style?
• Are they first time home buyers needing a resource of information related to style, what type of lighting to use for each room, decorating services?

By understanding the 4 components of your target market (Who, Where, Why and How), you can fine tune your product mix and customer service policies, along with creating a more effective advertising and marketing plan.

HOW to profile your customers?

• Surveys – email, phone, in-store.  Ask - what they like, what they are looking for, what do they need, why do they shop, and what would make their decision-making easier for them?

• Social Media – Most social sites provide a free demographic breakdown of your followers in the admin area. If you aren't using social media, this may be a good reason to start!

• Email Database – Depending on how and where your database is set up, you can gather specific info on your customers.  Outside sources such as TowerData.com can provide data using your email database.

• Zip Codes – The U.S. Census Bureau provides free information by zip code.

• Payment Processor – can provide you with valuable info related to what your customers are buying, when and the average purchase amount.

We've all heard the phrase “knowledge is power”, well in the case of developing a marketing plan that is both effective and streamlined, it is.  Get to know your customers. Define who is most likely to buy from you and why – be specific and you will have a better chancing of hitting your TARGET!