BRIEFS

In marketing, know your target

Dennis Zink

A target market is a group of potential customers toward which a business has decided to aim its marketing efforts and ultimately its merchandise. Doing a good job of refining a target market also is the first element of any marketing strategy.

Product, price, promotion and place are the four elements of a marketing strategy that determine the success of a product or service. It has been proven that having a clear definition of a target market can help a business analyze the needs of its potential customers.

Bullseye marketing aims to hit the center of your target market. As in darts, the bullseye represents the center and is worth the most points. It is the best you can do, a direct hit.

How do you find your best customers?

Look at your current customers first. Chances are excellent that the customers you already have will help you to better define your customer bullseye persona. Look at your top 10 or 20 customers and carefully list their attributes and common characteristics. Then ask if you have a good understanding of who you are, what you do that’s special and what your products or services offer. List your value proposition for those customers. What other options do they have to choose from? Why do they return? Perhaps you can form a focus group to determine who your best customers are and why.

Remember, "If you want to sell Sally what Sally buys, you have to see Sally through Sally’s eyes."

There’s riches in niches. The key is to focus. Focus on the demographic, psychographic and geographic attributes of your customers. Know who they are, what they like, and where they live. Identify your niche and play to your strengths. Do what you do well; be the best.

Limit what you offer so you are a master of one, not a master of none. Going small can help you make it big. 

Create your brand. A strong brand identifies and differentiates what you do from everyone else. Do not skimp here. Hire the best graphic designer you can afford and develop your brand. This includes your name, logo and taglines. Are you able to own the intellectual property for your brand and seek to position your company on top of all competitors to dominate the market?

Become known as the expert in your niche. As the expert, you have to let people know that you are the go-to person, The One. How do you promote your business? Be creative. Write articles, books, eBooks; speak to groups or organizations about your niche topic; become known as a thought leader in your industry; speak at trade shows; create podcasts and YouTube videos; blog; and create strategic partnerships. Use social media to target your bullseye prospects. What promise or guarantee are you making to your customers that enables you to charge a premium?

Online strategy. Understand and participate in the social media channels that make the most sense for your business niche. The internet is still a constantly changing wild west. You need professionals in the field who will help you with your website, define keywords, perform search engine optimization, use analytics, and do content and email marketing.

Decide whether you need to use Facebook, Twitter, LinkedIn, Instagram, Pinterest or any combination of these or other social media platforms. According to Barbara Langdon, president of Market Momentum, an expert in email and social media and a SCORE mentor, “At its most basic, each of these social platforms provides an avenue. We call them channels in the trade, but they provide an avenue to a group of people with certain demographics. Pick the ones that best help you connect with the people you're trying to reach.”

Additional things to know. Know your competitors, what they do versus what you do. Define the size of your market and specifically the size of your bullseye. Know your current market share and establish achievable goals within a finite timeframe. 

How does your pricing structure compare with the field? Are your margins stable, increasing or decreasing? Are there regulations that directly affect your business? Is there anything bad brewing? What keeps you up at night?

Remember, it is better to do one thing well than many things poorly. Focus on your bullseye.

Darts, anyone?

Dennis Zink is a volunteer, certified mentor and chapter chairman of Manasota SCORE and chairman of the Realize Bradenton board. He is the creator and host of Been There, Done That! with Dennis Zink, a nationally syndicated business podcast series. He facilitates a CEO roundtable for the Manatee Chamber of Commerce, created a MeetUp group, Success Strategies for Business Owners and is a business consultant. Email him at centreofinfluence@gmail.com.