© 2009 TAB Boards International, Inc. All rights reserved. Identify and Understand Your Target Market

© 2009 TAB Boards International, Inc. All rights reserved.

Identify and Understand

Your Target Market


Introduction

Designed to help you:

Define, identify and locate your core customer

Manage your marketing function more effectively


Who Are You? Internal understand of your:

Strengths and weaknesses Positioning in the marketplace

What are the features of your product or service?

Examples: One stop shopping Safety Private coaching


Who Are You?

What are the benefits of your feature or service? Try to keep it at one or two benefits

Examples:

One stop shopping = Time and gas saving

Safety = Protect your family from harm

Private coaching = focus on your individual needs/wants


Who Are You?

What emotional need, pain or challenge would a customer have that you can alleviate through the benefits of your product or service?

How do your benefits differentiate from the competition? Who are they?

Why do clients continue to work with you?


Who are you?

Focus on owning a word in your prospect’s minds. Be sure no one else owns the word or focus.

Volvo = the safest car

Be sure you have adequate funding to complete your program.


Research The following slides have questions

that must be answered to produce sales in your market.

Use questionnaires or phone conversations with your customers to gain insight.

May have to hire a research firm.


Identify Your Customer

Use research to determine:

B to C Demographics: age, gender, geography, etc.

B to B Firmographics: industry, revenue, employee size, geography, etc.

What is a day in the daily life like?

Where can you reach them?


Identifying Your Customer

Psychographics – how does your customer think?

What do they read, drive, eat?

What are their favorite activities?

What other companies do they support?

When and how often does your customer buy?


Identifying Your Customer

Baby Boomers (1946-1964+/-) 81 million The “US” generation

Gen-X (1965-1979+/-) 46 million The “I” generation

Gen-Y , Millennials, echo boomers, baby busters (1980-1995+/-) 75 million The “All” generation


Who Is or Could Be Your Target?

Do you know who your core customer is today?

Open your mind and ask yourself who else could use your product or service?

Redefine the definition of your core customer.


Customers with Extreme Needs

Who can your product/service target focus?

Examples:

Elderly

Families

Business owners

Pet owners


Challenging Customers Can you focus on opportunities that

others shy away from?

Examples:

Garbage removal

Toxic waste removal

Customers whom others do not want to deal with


Customers Who ControlSpending Decisions

Who are the actual buyers of your product? Which customers control the buying decisions?

Example:

Architects

General contractors


Customers with Varying Levels of Category

Experience Focus on new people to your product category.

These are customers who may not have an understanding or negative perception of your product.

Example: Wine tastings and lecture Solar energy educational TAB board presentations


Narrow Your AimPositioning Statement

For (target audiences) Who are dissatisfied with (current

status) That provides (list the problem-solving

capability) Unlike (competition or alternatives) We have (list benefits) Your mission (list mission)


Marketing TacticsMarketing includes an integrated mix of tactics to generate demand from potential and existing customers.

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Target Marketing

What is the most successful tactic to reach your current customer?

How do you know that? Does it fit your budget?

Blogging

Social networks

Non-targeted, broadcast pitches are spam


Target Marketing

Telemarketing

Trade shows

Word of mouth (WOM)

Webinars

Wiki

Direct mail

E-mail


Target Marketing

Think about buyers preferred Media

Web content

Use your buyers words

All releases should contain keyword-rich copy


Guerilla Marketing Unconventional Unexpected Energy and imagination rather than

a big marketing budget


Conclusion

The most effective marketing is generally a mix of different methods and tactics.

No one person can be an up-to-date expert on all the marketing methods and tools.


Conclusion

Your best marketing practices need to be continually improving with “fresh ideas.”

Remember, your competition wants to stand out.


Conclusion

Marketing must continually evolve as you respond to market conditions, increase your budget with growth, test new ideas, and integrate them into your plan.

Do this and you will beat your competition!

Documents

© 2009 TAB Boards International, Inc. All rights reserved. Identify and Understand Your Target Market