One good shot is worth more than many bad ones — especially in business.
Unfortunately, many entrepreneurs treat marketing like a shotgun. They spray shots far and wide, hoping to connect, but miss the target market. If you ask them who their potential customers are, they will answer ““Anyone who needs…” or “Anyone who wants” their product.
Successful entrepreneurs use a sniper rifle instead, preserving their ammo and locking on their target market before firing. If you ask them who their potential customer is, they will give you enough detail to visualize them in vivid detail.
If your response to the question “Who is your target market” includes the word “Anyone”? then perhaps you could spend a bit more time defining that target. Why? Here are 3 great reasons why you should clearly define your target market.
A defined market helps you decide where to spend your marketing dollars
How many of us has an unlimited marketing budget? Right. None. Let’s say you own a remodeling business and your target market is “anyone with a home” and are promoting your business in the local newspaper. Consider narrowing that target to “communities built 20 years ago” and focusing your marketing dollars on community publications so that the right people see your advertisements.
A defined market helps to determine promotions
Let’s say you’re a plumber and you’d like to promote a 25% off coupon. If your target is “anyone who has indoor plumbing” then you will most likely be spraying your message around like air freshener. Instead, try targeting areas with homes that are 15 years old or older because older homes are more likely to need repairing than new ones.
A defined market helps you decide what avenues to pursue
If you are opening up a new appliance store and starting a new marketing campaign and would like to sell your products to “anyone with a home ” you might have a hard time deciding where to start. If you narrow it to “builders, remodelers and interior designers” then your marketing consultant is going to point you straight to local permit reports and industry associations to make the contacts and get the necessary information to make your business a success.
It can be tough defining your target market. The truth is, many target markets really are “anyone who needs”. However, for a more effective marketing campaign, divide that huge target market into smaller, bite-sized pieces and start a marketing strategy for each one so that the return on your investment is a much bigger one.