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Entries in marketing segmentation (2)

Sunday
13Sep2009

Marketing Segmentation: How to Identify Your Target Market

The whole foundation for your business begins with marketing segmentation and truly understanding your target market. If you don't understand your target market, then all your marketing efforts will be wasted. You might know you should do it, but so many entrepreneurs skim over this step. Learn why marketing segmentation is so important, how to identify your target market and what to do with this information.
 

Marketing Segmentation is Your Foundation for Success

The key to a successful business is talking to the right audience -- the people who are interested in what you have to say, and what you have to sell. In other words, you have to reach your target market.

Let's start with a definition of a market. A market is a segment of the population that shares a common need or desire, and is motivated to buy something that satisfies that need.
 

A target market is a subset of a market. More specifically, a target market is a group of people most likely to buy from you.

What Your Target Market Can Tell You 

Understanding your target market is marketing segmentation at work. It allows you to:


1. Sharpen your marketing efforts -- The more you specialize, the more your target market will see the value of your services because you speak directly to them.

2. Differentiate yourself -- The best way to differentiate yourself is to market your business with a distinct group of people in mind.
 


3. Cater your services to their needs -- By understanding your customer, you will be better able to serve them, and in doing so, generate more sales.

4. Shorten your sales cycle and increase profits -- The beauty of target marketing is that it provides a focus to all of your marketing activities, making your business more efficient.

 
Marketing Segmentation -- How to Identify Your Target Market 

Here are five steps to help you identify your target market:

1. Identify their demographics. What is their gender, age, income level, background, profession, etc. It really helps if you can personally relate to your target market, so you can connect with them in a genuine way.

2. What are their concerns, worries, fears, problems, challenges and painful circumstances?  The goal of any business is to provide a solution that fulfills a need. In order to provide a tailored solution, you have to first understand their needs and concerns.

3. What are the reasons they are having these worries or concerns? Go one layer deeper and get inside their hearts and minds. This will give you the insights you need to fully relate to your target market.

4. What are their dreams, aspirations, wishes, goals, wants, likes and needs? What are the things that motivate them most deeply? What would they like their lives to look like? Wants are even more powerful than needs when it comes to buying decisions.

5. What is stopping them or holding them back from achieving their dreams and goals? What self-limiting beliefs are holding them back from accomplishing their dreams and desires? What situation or person (perhaps themselves) is stopping them from realizing their goals?

You might not have all the answers but do your best. That's why its so important to pick a target market you can relate to. And what you don't know, find out.
 

Target Market Research

 
1. Personal Information
  • Speak with members of your target market, including existing customers. Look at the requests people make, the questions they ask, and their complaints.

 
2. Public Information

  • Visit online groups, blogs and forums that are geared to your target market. People tend to tell total strangers things that they wouldn't otherwise say.

What do you do with Information about your Target Market? 


1. Hang out where they are online -- There are so many different social networking sites and every industry seems to have sites that cater to them specifically. Search Google until you find where your target market is socializing, then join that site and get to know people. Do NOT start spamming or pushing your services.
 
2. Talk their language --  Part of marketing segmentation is understanding what your target market is searching for online. What keywords or keyword phrases are they searching for? What keywords are used by people most likely to buy, vs. just looking for free information? Your goal is to find the keywords used by people willing to buy a product or service online and for which there is an acceptable level of competition. Keywords are at the heart of SEO (Search Engine Optimization). Don't be afraid of SEO. Here is some free SEO help for beginners.

3. Create content geared to your target market -- Reach your Target Market online with INFORMATION, not sales pitches. You need to provide content that is valuable to your target market.

4. Understand what sets you apart from your competition and communicate it clearly to your target market -- In other words, identify your Unique Selling Proposition or USP. Your USP is a sentence or phrase that explains what distinguishes you from your competitors. It is the answer you give when someone asks "Why should I buy from you?"

Learn How to Attract Your Target Market

Don't waste your time with non-targeted marketing. It is a waste of your time and money. Get a copy of my free report, "Ten Steps to Identify and Attract Your Ideal Niche".

Wednesday
02Sep2009

The Difference Between Marketing and Sales and How to Be Successful at Both

Do you know the difference between marketing and sales?

Do you know the one key to being successful at both?

If not, then read on...

There are many definitions of marketing, but the one I like best is by Ann Sieg, author of Attraction Marketer's Manifesto, The 7 Great Lies of Network Marketing and The Renegade Network Marketer.

Ann Sieg says marketing is is what you do to attract qualified prospects, and sales is what you do to close the deal and build relationships with people.

In other words, the definition of marketing is everything you do to reach and persuade prospects to give you a chance to sell them. Sales is what you do to close the sale and get a signed agreement or contract.

If you think about it, the sales person would have no one to sell to if it weren't for the marketer.

If you are doing business online, it is the same idea.

The marketer's job is to drive people (or traffic) to the website. Once there, you want them to take an action -- maybe fill out a form requesting more information, subscribe to your mailing list, or buy a product. 

The sales person is the one who forms a relationship with the prospects and closes the deal. You might have their contact information such as a phone number so you can personally call them and follow up. You might have their physical mailing address so you can send them a personal card. Or you might just have their email address, in which case you want to send them compelling and information-packed emails.

Of course, if it is your own business, you are probably wearing both hats -- you are both the salesperson and the marketer.

So what is the key to being good at both marketing and sales?

Good marketers and sales people have one thing in common: they both begin by putting their prospects first. In fact, they take it one step further and really get into the hearts and minds of their customers.

For any marketing or sales message to be compelling, it must go beyond the rational, logical thinking and strike the right emotional chord.

Typically, far too much emphasis is put on the product, and far too little on the person doing the buying. What are their hot buttons, their core emotional desires?
 

 Keep two important principles in mind:

  1. People buy with their emotions and justify with logic.
  2. People rarely buy because of features. They mostly buy because of benefits. 

So before you start rattling off a bunch of facts or features, ask yourself, "so what?" Put yourself in their shoes. What does it mean to them specifically and how will it benefit them?


How will this knowledge benefit you? It won't unless you learn from it and apply it. Learn how to identify and attract your ideal niche. Get your free copy of my report, "Ten Steps to finding and Attracting Your Ideal Niche".

To your success!