How To Identify Your Perfect Target Market Workbookdn9lu4lqda9r4.cloudfront.net/e-learning-marketing-system/... · 2011-04-22 · • Start by identifying your target customer’s

How To Identify Your Perfect Target Market

Workbook

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Know Your Target Customers

Know Your Target Customer

• To build a successful and profitable business, you must…know and understand your target customermap out their thought process

• This presentation starts that process

• We’ll begin by focusing on four major components that are specifically designed to help you find your target customers



• You must have a clear picture in your mind of what your target customer looks like from a physical standpoint

• This information helps you pinpoint them once you begin marketing to them

• Your target customer is the customer who shares your passion

• They want what you offer… instead of just need what you offer


• Your target customer will…result in fewer returns and complaintsbuy from you today, as well as tomorrowdemand you create additional products and servicestell their friends and family about youspend more money with you over their lifetimeprovide your business with tons of referralsoffer you unsolicited testimonialspost their praise on social networking sites


The 80 / 20 Rule

• Obviously knowing and understanding exactly who your target customer is plays a vital role in building a successful business

• The 80/20 rule says that small actions lead to big results

• Approximately 20% of your customers account for approximately 80% of your business’ total revenue

• That 20% are your target customers

The 80 / 20 Rule

• What if you could alter that ratio from 20% to 40%

• Your revenues would double

• If you could attract 100% of your target customers, your revenue would explode by a factor of sixteen

• They don’t require any of your additional time, effort or energy

• This is how you make more money while working fewer hours


The 80 / 20 Rule

• How do you attract target customers?

• You must have the proper fundamentals in place

• Start by identifying your target customer’s physical makeup

• Then identify what they want… and innovate your business so you offer your customers the most value

• Do this, and you will explode your revenue and profits

The 80 / 20 Rule

• To get 16 times better results than what you’re getting now, you don’t have to do anything different

• Just do MORE of what you’re already doing that’s working

• Find out why your current 20% of target customers are buying from you… and start attracting more of them by creating and developing compelling marketing

• We’re going to reveal to you the marketing secrets used by the pros


Target Customers Profile

• First, develop your target customer’s physical profile

• We have to define their physical characteristics in detail

• Identify everyone who NEEDS what you sell

• We’ll help you develop this vital information by providing you with our proprietary target customer profile form


• Then we’ll focus on developing their emotional profile

• The emotional profile begins to define their hot button situations

• The emotional profile determines wants… NOT needs

• Once developed, it forms a crystal clear picture of your perfect targeted customer



• What exactly does “physical profile” refer to?

• It’s the statistical elements that apply to your current customersgenderageeducation levelmarital statusincome levelemployment statushome ownership


• Does your business sell to…consumers or other businessesmostly men or mostly womena certain age group or age rangesingle, married, divorced or widowed customersa certain income level



• If you sell primarily to other businesses, do you know…the annual revenuenumber of employeeswhere the business is locatednumber of branchesthe organizational structurethe product or service they sell

• This in-depth physical profile is a great indicator of the type of company culture you’ll be dealing with and selling to


• You MUST identify the influencer or the decision maker

• They will each have vastly different “wants”

• The influencer WANTS to look good to the decision maker

• You’ll need to teach them how your product or service creates unprecedented value to their company, how that value benefits the company and how to position this to the decision maker so they see that value and benefits as well



• You have to teach the influencer how to sell your product or service to the decision maker on your behalf

• The decision maker will WANT to know if and how your product or service will help their business either solve a problem they have… or make them more money

• They aren’t interested in the features… only the benefits they will experience as a result of their purchase


• Here are examples of physical profiles for various businesses

• Child care facility (business to consumer)male and female21 to 45 years oldsingle or married1 to 3 childrenemployed outside the hometotal annual household income

between $20k - $250k

• We’re only defining the physical traits of all potential prospects who NEEDwhat you sell



• Business consultant (business to business)start-up businessesbusiness experiencing financial difficultiesestablished business wanting to increase their growth ratebusiness hit a financial plateauLLC, a sole proprietorship or a major corporationsingle location or multiple branchesowner, CFO, COO or CEOsolo-professional zero to 50 employeesannual revenue zero to $50 millionstart-up to 100 year corporation


• Your physical profile helps craft the right marketing message

• The emotional hot buttons differ based on their physical profile

• The physical profile indicates the message placement

• Properly identifying the target customer’s physical profile removes the guesswork from your marketing

• That saves your hard-earned marketing dollars when you position your marketing message in front of them


Review

• The purpose of this presentation was to develop the foundation required for you to build a highly successful business

• That foundation requires that you know and understand who represents your target customer

• Customers buy what they want… NOT what they need

• They buy based on emotion… NOT on logic

• They buy based on value… NOT on price

Your Assignment

• Define the general physical profile for your target customer

• List the traits that define the universe that applies to your business

• Focus first on those who NEED what you sell

• Review the various examples in your workbook if you need help


Your Assignment


Your Assignment

Use The Following Process

• Begin by researching 6 current customers

• First, consider their age ranges, and select the youngest, mid-range and oldest male & female customers you currently serve

• You don’t need to physically interview them, just record the information you know about them

• You’re just looking to establish the basic ranges

• Approximate their income level



• Once you record this information using the age ranges for both your male and female clients, repeat this process as it applies to their ages and marital status

• Again, choose current customers that represent the youngest, mid-range & oldest single, married & divorced customers you presently service

• This should get you started developing a fairly accurate range of information

• You’re going to revise this general list later

Use The Forms


Use The Forms


Use The Forms



• Remember, define the available universe of human beings or businesses that NEED what you sell?

• Use your current clients as a starting point

• Begin with your current customers… you MUST be presently doing something to attract these types to your business


• Our next presentation will overview the emotional profile for your target customer… and explain why emotions are 90% of the small business success equation

• The emotional profile helps us discover your target customers “hot buttons”

• Hot buttons are the problems, frustrations, fears and concerns your target customers tend to share as a group… and when you discover their hot buttons, they open the door for your business to dominate your market


E-Learning Marketing System

Designed to get YOU results!

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How To Identify Your Perfect Target Market Workbookdn9lu4lqda9r4.cloudfront.net/e-learning-marketing-system/... · 2011-04-22 · • Start by identifying your target customer’s