Narrowing Your Target Market for Huge Success
Posted by Meredith Liepelt on June 19, 2008 in Business Start Up Advice, Marketing [ 0 Comments ]
Oh no, you say. Not another article about how I need to refine my target market, right?
What would you say if I told you that I know of a commercial real estate broker who specializes in finding locations for dental practices? Does that sound too specific? Not to him! His business is absolutely booming and he can’t stop his phone from ringing!
Do you know why he is so busy? It’s because his target market is very narrow. He knows their specific needs. He can talk their talk. He knows how to serve them. So his phone never stops ringing and his bank account is growing rapidly.
You can do the same with your business.
Think of it this way: If you are marketing to everyone, then you are actually marketing to no one because your message will be so muffled that no one can hear it.
By narrowing your target market, you will be seen as the expert in your target market’s eyes. Experts get more media attention, more clients and can charge more. You will know where and where not to spend your marketing dollars. Understanding your target market’s problems will allow you to craft solutions and marketing messages in a way that make them say, “This is for me,” making sales much easier for you.
You can start to narrow your target market by figuring out who is most likely to buy your product versus anyone who can buy your product. Using the example above, the broker can sell any commercial property, but he is more likely to have success by focusing on dental practices. Once you start marketing specifically to your target market, others will continue to find you and buy from you, but your target market will always be your bread and butter.
© 2008 Meredith Liepelt, Rich Life Marketing
Meredith Liepelt, President of Rich Life Marketing, publishes Smart Marketing, a free bi-weekly ezine featuring marketing tips, insider secrets and thought provoking articles designed to help the busy female entrepreneur become known as an expert in her field, build trust with clients and prospects and generate more income than ever before. Claim your free subscription today at www.richlifemarketing.com.