It’s exhausting to try and be all things to all people. That’s exactly what many small business owners are doing by not defining their target market clearly enough. Not being targeted and focused on a group of prospects creates confusion and indecision about where you put your marketing energies.
Defining your target market, the profile of the prospect within it and their likes and dislikes allows better tailoring of your marketing message. This saves you a lot of money in your marketing budget and makes your job simpler as far as crafting a message that they want to hear.
A starting point may be an individual industry, sector, company size or combination of all three. By drilling down even further to describe the individual job function within an industry, you become even more laser focused on your target. It would be so much easier to go after say, purchasing managers within the packaging industry, than the “packaging industry”.
Going down to this next level of abstraction allows you to purchase tailor-made lists or create your own via research and phone calls (to get the names of your prospects).
This approach to marketing is so much more cost and time effective than the shotgun approach that is normally applied by businesses. Whenever working out your target market always take into consideration the following:
Industry – This may be mining, construction, hospitality, retail, manufacturing etc. This could be further refined to perhaps light metal assembly and engineering. Another facet of target marketing is to do some research on the industry to find out whether it is growing, declining or stagnant.
Geography – This is to do with location and may be restricted to an area that is as small as a suburb or as large as a state. Are your going to market to your local area or the entire country?
Job function – Your ideal prospects may present as a job function. Purchasing managers, CEOs, financial officers, directors.
Demographics – Consists of gender, income, job type, age, ethnicity.
Psychographics – This relates to subcultures or groups, such as, sports fans, motorcycle riders, Star Trek fans, runners etc. The data you collect will be regarding their likes and dislikes, their common language and issues.
Although this may all seem very involved, don’t underestimate just how much time and money going through this exercise will save you!