Know your target market

Damayanthi · 10-05-2009, 04:31 PM

Business is about making someone's life better by solving their problems.

Knowing your target market is the first step in attracting continuous stream of highly interested prospects to you.. effectively, confidently while having lot of fun.

Before going on to market your product or services, get to know your audience. The best way to do it is by answering a series of questions.

For e.g.
1.What is the problem that my product/service will help to solve?
2.What kind of people most likely to have this problem?
3.Where do they live?
4.What age group do they belong to?
5.Are they male/female/single/married/family?
6.What kind of education background do they have?
7.What income group do they belong to?
8.etc.... the list goes on..

When you answer these questions you will have a picture of your ideal client. Now you are in a position to tailor your marketing message that will interest your target market.

It doesn't matter who you are attracting (nutrition products, real estate, legal services, financial products, pet food, cosmetics... list goes on) if you know this first step you are well ahead of the game.

Appreciate your thoughts on this please.

Jose · 10-06-2009, 01:39 AM

That's a good list, Damayanthi!
I wonder if you can keep a cold stance when planning your marketing: finding what the market wants and then start your campaign. I mean, can you have a lot of fun just from marketing, aside from your personal likeness of the subject of your marketing?

jschop · 10-06-2009, 03:03 PM

Knowing your target market is something that, in my opinion, many marketers simply ignore. Once you have a ‘character profile’ of the customer, you’re then in a position to adapt your marketing to their particular needs/interests/preferences.
It’s a vital ‘process’ that shouldn’t be ignored as it affects so much of your marketing activity further down the line.

erniefidanza · 10-06-2009, 10:18 PM

That's a good list of pointers when knowing your target market.. It is very important and shouldn't be ignored by marketers otherwise they might fail in their business.

Ronald Kang · 10-07-2009, 06:40 AM

I think it's better to find your target market first. Find a group of people who have the same problems, after you find what is their solution, create/choose product then offer them your solution. More specific target is better

achivement84 · 10-08-2009, 09:19 AM

I agree you that knowing your market is essential in order to have better opportunities . I think it`s the key factor to success in IM.

As knowing who it is that buys what you’re selling and then talk ONLY to those people, give you great chance to focus your business and to eliminate wasting time with non-interested parties.

I may share with you with another tips as follow:-

1. Ask.
Ask your current customers and those you consider to be potential customers. Mind reading is not a valid strategy. Asking these people a few well phrased questions can save you hours of market research. They are experts, so why not get the information straight from the horse’s mouth? No one can give you better advice about what your customers want and what they will respond to, than they can. Consider using a survey to gather answers. You can do this with a paper survey, a telephone survey, an online survey or in person with customers. While most people don’t mind and even enjoy giving their opinion, be sensitive to make sure you are not bothering them or intruding on their time. Always ask if they have time to speak with you when you are conducting a telephone or an in person survey, and give them an idea of how much time you are asking for and then stick to that commitment.
2. Read.
Read everything you can that pertains to your customer base, your marketplace and your competition. This can include newspapers, magazines, online articles, websites, research reports, and trade journals. Remember to look into publications that your customer base reads or uses even if they do not directly relate to what you are selling, it is useful to understand what other things are being marketed to this segment and how, and to help get inside their head and their life. A company that has one of the most successful marketing campaigns is Harley Davidson. Why? Because so many of their employees are also customers, so they have been able to leverage that customer knowledge to market their company better.
3. Shake hands.
Join local civic organizations, trade associations and/or your local chamber of commerce. Meet and greet and touch skins with your customer base. Participate in activities where you can you be eye-to-eye with them. Relationship building through a one-on-one basis can give you a wealth of knowledge about your market. Choose your associations wisely. Your time is limited so choose the ones that will put you in situations where you can have the most useful personal exchanges with as many of your target market as possible. Remember to think like your target market. Where would they want to go? What do they want out the events when they go to them? What would they want out of an exchange from you? Make sure you are a good giver of value to others, and you will naturally find you become the recipient of value yourself.
4. Keep your eye on the competition.
Knowing how your customers view your competitor’s products and services is one of the best ways to find out what they want or don’t want. This can help you determine what seems to be meeting your clients’ expectations and what is missing the mark. You can read product reviews and customer comments or use focus groups, mystery shopping and surveys to get this information. This is some of the best data you can capture, so sometimes you will have to be more creative and subtle about how you capture it. This can be as simple as changing your reaction when you find out that others are using your competitors product. Your first instinct may be to launch into your sales pitch about how you are superior on the following 7 points. But instead by being a listener instead of a talker, you can capture some good information. So, try saying something more like, “Oh really? I have heard ABC is a good company. I would be curious what you like the best about them? What convinced you that they were the right vendor for your needs? What else do you like about them?” This type of open ended questioning delivered in a laid back, non confrontational manner, can really get people talking. In fact, you’ll be surprised how much you’ll learn. Stay true to your intent and just listen and ask questions and resist the urge to sell. You’ll be able to soon enough once you take your market research hat off and put your CEO hat back on.

Wish that can help all of us.

B.Regards

awesometbn · 10-11-2009, 01:53 PM

Quote:

Originally Posted by Damayanthi

Before going on to market your product or services, get to know your audience. The best way to do it is by answering a series of questions.

I discussed a similar approach to creating a marketing plan in another discussion thread.

$50 To The Person Who Suggests The Most Impactful Marketing Plan

This approach (question and answer) was adapted from my MBA program. And it works!

jennifermL · 10-11-2009, 06:44 PM

See everything. Overlook a great deal. Improve a little.

Pope John XXXIII

we must know who we are lloking for to make a good market...have a nice day to all...

jrmnlitt · 10-17-2009, 09:47 PM

Knowing who your market is the one thing that will determine if fail or win in your business. If theres no market or they aren't buyers then you are done before you start.

Jose · 12-07-2009, 11:32 PM

Quote:

Originally Posted by jennifermL

See everything. Overlook a great deal. Improve a little.

Pope John XXXIII

we must know who we are lloking for to make a good market...have a nice day to all...

Jennifer,

Great quote from a great man!

God bless,
Jose

10-05-2009, 04:31 PM	#1
Damayanthi Warrior Member Join Date: Sep 2009 Location: Auckland, New Zealand Posts: 4 Thanks: 0 Thanked 2 Times in 1 Post Social Networking Contact Info	Know your target market Business is about making someone's life better by solving their problems. Knowing your target market is the first step in attracting continuous stream of highly interested prospects to you.. effectively, confidently while having lot of fun. Before going on to market your product or services, get to know your audience. The best way to do it is by answering a series of questions. For e.g. 1.What is the problem that my product/service will help to solve? 2.What kind of people most likely to have this problem? 3.Where do they live? 4.What age group do they belong to? 5.Are they male/female/single/married/family? 6.What kind of education background do they have? 7.What income group do they belong to? 8.etc.... the list goes on.. When you answer these questions you will have a picture of your ideal client. Now you are in a position to tailor your marketing message that will interest your target market. It doesn't matter who you are attracting (nutrition products, real estate, legal services, financial products, pet food, cosmetics... list goes on) if you know this first step you are well ahead of the game. Appreciate your thoughts on this please.
	Integrating Online Marketing with Home Business

10-06-2009, 01:39 AM	#2
Jose Active Warrior Join Date: Oct 2007 Location: Hermosillo, Mexico Posts: 55 Thanks: 6 Thanked 2 Times in 2 Posts Social Networking	Re: Know your target market That's a good list, Damayanthi! I wonder if you can keep a cold stance when planning your marketing: finding what the market wants and then start your campaign. I mean, can you have a lot of fun just from marketing, aside from your personal likeness of the subject of your marketing?
	Jose Perez Grab your copy of THE BEST list building report, it's FREE! Come, visit my blog! You'll find in there useful information about listbuilding and blogging*.

10-06-2009, 03:03 PM	#3
jschop HyperActive Warrior War Room Member Join Date: Sep 2008 Posts: 245 Thanks: 321 Thanked 138 Times in 50 Posts	Re: Know your target market Knowing your target market is something that, in my opinion, many marketers simply ignore. Once you have a ‘character profile’ of the customer, you’re then in a position to adapt your marketing to their particular needs/interests/preferences. It’s a vital ‘process’ that shouldn’t be ignored as it affects so much of your marketing activity further down the line.

10-06-2009, 10:18 PM	#4
erniefidanza Warrior Member Join Date: Oct 2009 Posts: 1 Thanks: 0 Thanked 0 Times in 0 Posts	Re: Know your target market That's a good list of pointers when knowing your target market.. It is very important and shouldn't be ignored by marketers otherwise they might fail in their business.

10-07-2009, 06:40 AM	#5
Ronald Kang HyperActive Warrior War Room Member Join Date: Jun 2007 Posts: 208 Thanks: 7 Thanked 2 Times in 2 Posts Social Networking	Re: Know your target market I think it's better to find your target market first. Find a group of people who have the same problems, after you find what is their solution, create/choose product then offer them your solution. More specific target is better
	Check This! Do you want to learn more about unbelievable and hidden tips in affiliate marketing? Go to Affiliate Master Tips and see how the masters create an avalanche income in just a very short time!

10-08-2009, 09:19 AM	#6
achivement84 Banned War Room Member Join Date: Sep 2009 Posts: 224 Thanks: 16 Thanked 19 Times in 17 Posts	Re: Know your target market I agree you that knowing your market is essential in order to have better opportunities . I think it`s the key factor to success in IM. As knowing who it is that buys what you’re selling and then talk ONLY to those people, give you great chance to focus your business and to eliminate wasting time with non-interested parties. I may share with you with another tips as follow:- 1. Ask. Ask your current customers and those you consider to be potential customers. Mind reading is not a valid strategy. Asking these people a few well phrased questions can save you hours of market research. They are experts, so why not get the information straight from the horse’s mouth? No one can give you better advice about what your customers want and what they will respond to, than they can. Consider using a survey to gather answers. You can do this with a paper survey, a telephone survey, an online survey or in person with customers. While most people don’t mind and even enjoy giving their opinion, be sensitive to make sure you are not bothering them or intruding on their time. Always ask if they have time to speak with you when you are conducting a telephone or an in person survey, and give them an idea of how much time you are asking for and then stick to that commitment. 2. Read. Read everything you can that pertains to your customer base, your marketplace and your competition. This can include newspapers, magazines, online articles, websites, research reports, and trade journals. Remember to look into publications that your customer base reads or uses even if they do not directly relate to what you are selling, it is useful to understand what other things are being marketed to this segment and how, and to help get inside their head and their life. A company that has one of the most successful marketing campaigns is Harley Davidson. Why? Because so many of their employees are also customers, so they have been able to leverage that customer knowledge to market their company better. 3. Shake hands. Join local civic organizations, trade associations and/or your local chamber of commerce. Meet and greet and touch skins with your customer base. Participate in activities where you can you be eye-to-eye with them. Relationship building through a one-on-one basis can give you a wealth of knowledge about your market. Choose your associations wisely. Your time is limited so choose the ones that will put you in situations where you can have the most useful personal exchanges with as many of your target market as possible. Remember to think like your target market. Where would they want to go? What do they want out the events when they go to them? What would they want out of an exchange from you? Make sure you are a good giver of value to others, and you will naturally find you become the recipient of value yourself. 4. Keep your eye on the competition. Knowing how your customers view your competitor’s products and services is one of the best ways to find out what they want or don’t want. This can help you determine what seems to be meeting your clients’ expectations and what is missing the mark. You can read product reviews and customer comments or use focus groups, mystery shopping and surveys to get this information. This is some of the best data you can capture, so sometimes you will have to be more creative and subtle about how you capture it. This can be as simple as changing your reaction when you find out that others are using your competitors product. Your first instinct may be to launch into your sales pitch about how you are superior on the following 7 points. But instead by being a listener instead of a talker, you can capture some good information. So, try saying something more like, “Oh really? I have heard ABC is a good company. I would be curious what you like the best about them? What convinced you that they were the right vendor for your needs? What else do you like about them?” This type of open ended questioning delivered in a laid back, non confrontational manner, can really get people talking. In fact, you’ll be surprised how much you’ll learn. Stay true to your intent and just listen and ask questions and resist the urge to sell. You’ll be able to soon enough once you take your market research hat off and put your CEO hat back on. Wish that can help all of us. B.Regards

10-11-2009, 06:44 PM	#8
jennifermL Active Warrior Join Date: Sep 2009 Posts: 44 Thanks: 0 Thanked 9 Times in 5 Posts	Re: Know your target market See everything. Overlook a great deal. Improve a little. Pope John XXXIII we must know who we are lloking for to make a good market...have a nice day to all...
	Watch and learn ALL Watches Watches are Here MY Watches

10-17-2009, 09:47 PM	#9
jrmnlitt HyperActive Warrior War Room Member Join Date: May 2009 Posts: 115 Blog Entries: 1 Thanks: 20 Thanked 8 Times in 7 Posts	Re: Know your target market Knowing who your market is the one thing that will determine if fail or win in your business. If theres no market or they aren't buyers then you are done before you start.