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How to target your most profitable market
If you already solve a specific problem, then targeting
your market as much as possible should be the obvious next step. However,
this is where many marketers fail, for they are trying to be "all
things to all people" and attempt to market their product to everyone.
Instead, try to discover the demographics and psychographics of your niche
-- your specific (or greatest) market. Then market to that audience more
than any other and as often as possible.
Demographics are the basic qualities and characteristics of your market.
They include age, gender, culture, employment, industry, income level,
marital status, location, and so on. Does your product cater uniquely
to women? Is it more appealing to a specific industry? Does your product
complement another type of product? Is your market mostly made up of French
Canadians?
In other words, who buys from you specifically? If you were to say “everyone,”
then you are falling in the trap mentioned earlier. Avoid it as much as
you can. Try to be as specific as possible. But if you do cater to a diverse
market, find out who buys from you the most or the most often.
On the other hand, psychographics are made up of the emotional and behavioral
qualities of your market. They include the emotions, reasoning, history,
psychology, and thought processes behind people's decision to buy your
product. For example, they include interests, hobbies, associations to
which they belong, previous purchases, other related products your market
has consumed, and length of time they remained with a particular company.
Intelligence Gathering
In other words, demographics include the segment of the population that
needs your product, while psychographics are those within your demographics
that want your product. If you don’t know this, you can easily conduct
a survey as part of a marketing research campaign among your current clients,
potential clients and clients of other similar products or companies.
Don’t underestimate your greatest source for marketing research --
clients!
For example, here’s a list of questions you should ask them:
- Why did your clients buy your product? If not, why not?
- Why did they buy from you or your competitor specifically?
- Why did they not buy from you or the competition?
- Why did they buy from you at that specific point in time?
- Why did they buy right away (on impulse) or took their time?
- If they shopped around, why did they? Where did they go?
- What do they like the most and the least about the product?
- Would they refer you to others? Why? If not, why not?
- What specific benefits do they see in your product?
- What specific benefits do they see in your competitor’s product?
And so on.
These are immensely important questions that can help you, guide you,
or even cause you to change your approach altogether. Don’t discount
the power of doing marketing research, especially within your own backyard.
You want to know not only who buys from you but, more important, why they
do. In other words, think psychographics and not just demographics.
Target Your Market
To illustrate the difference between demographics and psychographics,
hair transplant doctors cater mainly to men who have experienced hair
loss and are able to afford such an operation — i.e., men and bald
men specifically are potential patients because they may need of more
hair. Psychographics, on the other hand, go a little further. In this
example, they are comprised of men who not only need but also want more
hair -- since not all of them do. (It’s a matter of priorities, just
as the type of clothing one chooses to wear).
Therefore, in order to target this market as precisely as possible and
thus generate better leads, doctors must take the psychographic element
into account, such as their patients’ lifestyle, their interests,
the type of industry in which they work (since certain industries are
image-related), as well as their previous buying habits (such as men who
have already invested in other forms of hair replacement solutions) --
the more information the better.
Nevertheless, arm yourself with as much of this type of information beforehand
and your chances of achieving greater success with your product will be
virtually guaranteed. While you can’t be everything to everyone,
you shouldn’t be targeting everyone for everything.
About the author
Michel Fortin is a direct response copywriter and consultant dedicated
to turning sales messages into powerful magnets. Get a free copy of
his book, "The 10 Commandments of Power Positioning," when
you subscribe to his free monthly ezine, "The Profit Pill."
See http://SuccessDoctor.com/
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