Who is your Target Market? The answer is not “anyone with a pulse and a checkbook”! Having success at attracting new customers requires some careful thought and appropriate answer to this question.
Big companies figured this out long ago and we entrepreneurs need to adapt this learning. Think back to the last small appliance or power tool you purchased. As you unpack your new item, out falls the “registration card”. The implied purpose is to register the warranty (which, by law, you get anyway…). The card starts out with name, address, phone number, product, model, number, serial number, date & place of purchase, etc. We’re OK so far. Then, notice what comes next. Questions about number of household members, education level attained, household income, hobbies & interests. What does that have to do with this purchase? The answer: EVERYTHING. Over the years, customers have willing provided information that effectively “built” the profile of the attributes of the purchasers of each product. This is valuable information and can assist greatly with marketing efforts.
Now to the “who”. Look at your current mix of customers. Are they male or female? (It’s never 50/50) What age ranges? What other common denominators do you notice about your customers?
Next, where can you find them in the highest concentration? What publications do they read? What types of events do they attend (sport, social, cultural)? What TV shows, movies do they watch? What music do they like? What clubs, groups, organizations do they belong to?
Some of this information can be gathered by surveys and just getting to know your customers. Then, begin to assemble the common denominators that will help you make informed marketing decisions. In the next two installments, I’ll discuss the other two essential components of a successful marketing campaign.