During my last two blogs, I talked about the importance of getting to know your target market, and more essentially, understanding what makes them tick. There’s one more important thing to understand about your target market. Where do they “hang out”?
Why is this important? Marketing is really letting people know about your product or service and why it’s beneficial to them. In order to tell them, they have to be able to “hear” you. It was easier in the earlier days of advertising—options were limited. Now you have everything from newspapers (which are dying) to Twitter. And, of course, you have people who are glued to their television close to 24 hours a day.
The simplest way to find out how to access your target market is to ask. You can pick a few of your favorite clients and ask them. Or you can use something like Survey Monkey to do a survey of your email list. Be careful though, you want to learn about a particular segment of your target market – the people who actually buy things.
Based on what you learn you can build a marketing strategy to reach your target market. Depending on the media, you’ll either be telling them about your company (newspapers, magazines, television, etc.) or engaging them in a relationship (internet marketing, some radio, networking, etc.). When you’re having the conversation, don’t forget the research you’ve done on your target market. Remember it’s about them and not about you.
Be aware, too, of the etiquette of the medium you’re using. People who Twitter are quickly bored by people who want to sell them something all the time. Twitter is about sharing information and developing a relationship. Offer to help someone and you’ll get much more traction with that particular medium.
Marketing can be a creative learning experience. The more you move away from your pre-conceived notions, the easier it will be to develop relationships that lead to sales.
Good luck!
I’m in the middle of working on a romance novel—total fodder for my creative side, far away from logical business work. (Don’t think smart women read romance? Check out Smart Bitches, Trashy Books. The writing also gives me a chance to think about developing characters. Why is it they do what they do? And what on earth do they want?
You need to do the same with your target market. We’re all on this earth following some path—whether it’s a heroic journey, or trying to eke out an existence in these turbulent economic times. What does your service or product do that helps people live out their lives day by day? What benefit does it give them?
A book many aspiring writers read is The Writer’s Journey by Christopher Vogler. Vogler talks about the journey a book’s hero must take as well as the world’s he or she travels through. What is her need? The needs of others around her? How does he view the world—safe or unsafe? Does his view change over time? What makes his view change?
These are the kinds of questions you need to ask about your target market. You need to get a clear picture of him or her—well beyond the typical demographic information of age, education, income, etc. Pretend you’re writing a novel. What is driving your target market and where are they going? Create a picture of your target—maybe drawing and creating a collage of their world. Where do you and your company fit in that world.
Use your imagination and have fun! Let me know what your target market looks like!
I was really impressed a few weeks ago when a woman business owner clearly and completely defined her target market without having any notes in front of her. Her company sold business to business and she knew everything from how much revenue her target company made, to the age of the person who would actually make the buying decision.
This knowledge gives this entrepreneurial woman power.
There are two main reasons that defining your target market completely is important. The first is that you know who you are marketing and selling your service and product to. You can learn what is valuable to the people who are your potential customers. (Remember that even if you are selling business to business, you’re still selling to people.) All of this knowledge tells you where to market your company, how to talk to them and why they will choose you over someone else.
The second reason is to support something that women are inherently good at doing—building relationships. As part of my Holistic Business Management principles, I encourage women to leverage their natural strengths when building a business. When you meet someone for the first time, you’re curious. You’ll talk to mutual friends about the person—particularly if you’re pursuing a romantic relationship! You’ll pay close attention to what the person says about themselves, how they act, and what they like.
All of this information helps you build the relationship. When you show interest in another person, they naturally respond. Think about it. Don’t you feel good when a significant other remembers that you prefer yellow roses to red ones? Why are your customers any different?
So define your target market—who they are and what they value. You’ll find your sales increase dramatically.
The Wise Woman’s Guide to Writing a Business Plan contains in-depth information about what you need to know about your target market.
