Business

MOMpreneur®, Where Two Passions Meet... Business Articles Regardless of the size of your company, your courage, your finesse and your situation will determine how effectively you implement the ideas you garner here.  You know your business best; you know where your business needs help and where the opportunities are.  You also know how quickly you want to grow.   We're here to make sure that between the information and the contextural situations we provide that you have a number of parameters and perspectives to help you make the appropriate decision at the right time.  The future is, indeed, bright for Mompreneurs!

What you really need to know about your target market

Q: Your business question:

“What are the most important things to know about my customers
so that I can use my advertising budget more wisely by only sending
to the market which will be interested in my promotions?”
~ Sharon H., Halifax, NS

A: Our answer:

It’s easy to focus on only a few elements that describe your target market but you would be surprised how much more effective you can be when you know them intimately. The easiest place to start in identifying your market is with demographics, geographics and psychographics.

Demographics will vary depending on whether your market is mostly consumers or businesses. For consumers, you will look at characteristics such as sex, age and household income. For businesses, you will look more at industry, position within the company, revenues and how long the business has been running.

Geographic considerations might be that your market resides in a certain neighbourhood or district, certain cities or even certain countries.

Psychographics look more at the beliefs and values of your target market. Perhaps they are early adaptors or emulators. Maybe they are more religious, worldly or penny pinchers vs big spenders.        

Unfortunately, if you don’t describe your market in much more detail than just demographics, geographics, and psychographics,

 

it becomes very difficult to figure out how to market to them or what to say in your marketing material. Here are some more useful questions to answer for your target market:

1  What are the timing triggers that cause someone to buy your product or service? Usually there are multiple reasons. I might buy a dress because of a special occasion or because you created the timing by having a sale. I might need your cleaning service because it’s spring or I’m moving or I’m not happy with my last cleaner. The closer you market to a timing trigger with a relevant message, the more effective the marketing.

2  What are the key motivators in deciding to purchase your product or service? Prospects are always looking for certain features, advantages or benefits when it comes to a product or service. For instance, I might be looking for a consultant who specializes in my industry or a racy car. The key here is to use the words a prospect would use, not your own industry lingo. The more a prospect feels like you “get them”, the quicker the decision-making process.

3  What makes you different? Believe me; you won’t survive in today’s economy if you can’t find a REAL way to stand out from your competitors. When I say “real”, I don’t mean saying you’re savvy instead of experienced or using yellow on your business card instead of blue. I mean something substantially different. This might mean you have a unique process, a different product or an off the wall guarantee. Whatever it is, being REALLY different makes it easier for me to figure out why to choose you over your competitor.

4  What are the unique characteristics of your target audience? A great exercise to figure this out is to pretend you are explaining to a new sales rep whom they should be targeting. Every time you come up with a characteristic, imagine the salesperson answers, “that seems rather large; where inside that group would you recommend I start first?” Here is an example for a sign shop:

a. Our target audience is every business in the ABC area. Sales rep: That seems rather large; where inside that group would you recommend I start first?

b.   Well defined businesses that have a street front store. Sales rep: That STILL seems rather large; where inside that group would you recommend I start first?

c. Look for ones that have multiple uses for our product. Sales rep: That STILL seems rather large; where inside that group would you recommend I start first?

d.   Look for ones that have multiple vehicles with signs; maybe they are adding and changing vehicles regularly. They may also need lots of little signs or decals and change these regularly as well.

When the characteristics are drilled down to a manageable area for a sales rep, you are definitely on the right track!

You might be asking yourself, “How do I find all of this out about my target market?” A great first step is to ask your existing client base. Look at your most profitable clients and ask them these questions. You will probably find out some things that are important to them and that they value about you and your company that will come as a complete surprise.

Remember, you can never know enough about your target market and, just like your children, they change as the years pass. Keep getting re-acquainted to keep your products, services and marketing fresh and appealing!

---

Pull Quote:

...you can never know enough about your target market and, just like your children, they change as the years pass.

 Return to Business Articles


Don't have our magazine yet?
The MOMpreneur® magazine is a Canadian magazine for women who are balancing the role of motherhood with being an entrepreneur. We create an environment of sharing, support and encouragement to our members through our magazine, our seminars and webinars, and our online forums. Purchase our 6 issues per year to get connected with this exciting women's network!

Click here to order your MOMpreneur® Magazine NOW.