When marketing any product or service we need to start by defining our target. There is two types of marketing, Scatter Gun where you run marketing strategies that get you exposure to a wide range of people or business. Some may be interested in your product or service but the majority don’t. Sniper Gun where you specifically target people and business who you have a higher chance of needing your product or service.
To get the most out of your marketing budget the sniper approach has proved to be much more effective. In order to run a sniper approach marketing activity first of all we need to define our target market. There is a number of ways you can define your target market but the more specific you can be the more selective you can be about the marketing strategies you use therefore giving much higher chance of getting a great return on your investment.
When defining your target market there are many options and different criteria you can take into account. Here are some examples:
1) Is your business geographically restricted or do you want to build a customer base is a certain geographic area? If so define the area you are looking to market to.
2) Is your product or service gender specific? If so you can start to research and decide which strategy will attract the gender you are looking to do business with.
3) Is your product or service aimed at a business or individuals with a certain net worth or level of cash to spend?
4) Are there certain industries that your product or services sell better to?
5) Does your target market use a certain type of media to find the products and services they wish to purchase? For example the younger generation may use online media more than some older generations.
6) Do you have different unique selling propositions to different target markets?
When you start to define in detail who it is you want to do business you can then start to look at what strategies would get you in front of your target market in the highest proportion. Your marketing should then become more efficient giving you a better return on your investment.
When looking at your target a good place to start is to look internally at your current customers, is there a trend? Do you sell more to a certain type of person or business sector? A lot of businesses believe they have a wide diverse range of clients. Although this can be true breaking down your client base to find out who buys the most from you and more importantly who makes you the most profit can start to guide you to your best target markets.
Once you have decided on your target market you need to make sure what you are promoting is attracting them, what do you need to tell the target market about your business? Different target markets will want to know different points about your business. For example what an accountant may feel is important about you may be different to what a manufacturing business feels is important about your product or service. Be specific and if you can find out from your current customers what they feel is the most important part of your product or service.
Once you have decided on your target and strategies don’t forget to test and measure the results, giving you the visibility on what strategies are giving you the best return on your investment.