Leading Your Company in Prospect Identification
At the heart of successful marketing and sales campaigns lies a well-defined target market. What is a target market? Essentially, it is a group of individuals or organizations most likely to purchase or use a company's product or services. A focus on this group offers the highest likelihood of success.
You can't hit a target you can't see. In marketing, this means we must understand our market, who they are and where they are before we can reach them. A shot-gun approach can be both costly and ineffective. Instead, take a laser focus on what is known to ensure that dollars spent generate a return.
Prospecting is a Process
Market research can be costly; however, understand that the best resource you have is your knowledge of your current customers and their needs. Spending time on your business and the prospecting process can be tremendously valuable. Here are some guiding steps:
1. Review your current customer base.
Who are your current customers? Why do they buy from you? What characteristics do they have in common? Which ones bring in the most revenue? Other prospects like them would likely buy from you.
2. Check out your competition.
Who are your competitors targeting? Who are their current customers? Do they match yours, or are they different?
3. Analyze your products and services.
• Write out a list of your products and services.
• List the benefits of each product and service.
• Make a list of prospects that would need these services then consider why.
4. Choose specific demographics to consider for your targets.
Pick the ones you feel matter most based on your product and service analysis.
• Age
• Location
• Gender
• Income
• Education level
• Marital or family status
• Occupation
• Ethnic background
5. Consider the psychographics of your targets.
How will these fit into your prospect's lifestyle? How will they use the purchased product or service? What media does your target use for information?
• Personality
• Attitudes
• Values
• Interests and Hobbies
• Lifestyles
• Behavior
6. Evaluate your decisions.
• Are there enough people or companies that fit your criteria?
• Will your audience benefit from your products and services? Will they recognize the need for them?
• Do you understand what drives your targets to make a decision?
• Can your targets afford your products or services?
• Can you reach them with the message you are conveying now?
• What are your niche markets? (You can have several)
Efforts taken to identify your defined market can offer great, long-lasting benefits. It can focus dollars and work to prompt a positive impact. Review your ideal target markets at least annually, as they often change slowly over time and can easily be missed. Happy hunting!
Do you need assistance with market research, developing an effective marketing plan, or simply need to discuss the prospecting process? The team at Business Builders Marketing is happy to help! Give us a call at 309-827-7977 or contact us online.