Target MarketingSOAR Creative Group

Garry PolodnaPrincipal

“If you chase two rabbits, both will escape.”

-Confucius

“The world makes way for a man who knows where he is going.”

-Ralph Waldo Emerson

“If you don’t know where you’re going,

you might end up someplace else.”

-Yogi Berra

“If you build it, he will come.”

How To Identify Your Target Market

and then

How To Use Target Marketing

Who Are the

Right Prospects for You?

Who, Where, Why and How

The “Who”: Demographics

• Age

• Gender

• Family Size

• Educational Level

• Occupation

The “Where”: Geographics

• ZIP Codes

• Population

• Housing Costs

• Density

The “Why”: Psychographics

• Personality and lifestyle

The “How”: Behaviors

• Regard Your Product

• Information Sources

Market Research will help you understand more about the needs, tastes and spending habits of different groups of potential customers.

Allowing you to understand what aspects of your offer appeal to each group, and

Allowing you to adapt your product to more closely match their requirements.

Six Steps to Defining Your Target Market

1. Understand the problems that you solve.

Six Steps to Defining Your Target Market

2. Paint a picture of the customer.

Someone who

Has Drinks With Dinner

Versus someone whoDrinks Their Dinner

A Large Family

Versus A BIG Family

Want to know what your “customer” looks like?

Start collecting data.

At the bare minimum, these are the things you should know about your target customers:

What is there gender?

How old are they?

What are their interests or hobbies?

Where do they live?

How do they make a living?

How much money do they make?

Do they own their own homes or

do they rent?

Six Steps to Defining Your Target Market

3. Who will gain from the value in your offer?

Ask yourself:

• To who will these problems be most troublesome?

• Who will have the most to lose by not dealing with these issues?

Six Steps to Defining Your Target Market

4. Think about your market.

Six Steps to Defining Your Target Market

5. Look internally at your company.

Do you have particular areas of expertise?

Do you have unique knowledge of a specific geographical area or are you better at getting along with certain type of people?

Six Steps to Defining Your Target Market

6. What else is available?

The question you must have an answer to is:

Why am I uniquely placed to solve the problem?

If you are unable to answer the question, you either have the wrong target market or the wrong offering.

How to Use Target Marketing

1. Identify the Best Channels to Use to Communicate with These People.

“How Does Your Target Audience

Get Information?”

2. Beating Your Competition in Niche Markets

3. Build a Loyal Customer Base.

4. Give Them Something and

a Reason to Return.

5. Measure Campaign Results to Determine if you Actually Did Reach the Right People!

What if you Market to Businesses?

Not only research and profile the businesses you are targeting, but also …

Uncover the key characteristics of the purchasers within these businesses.

• What type of businesses do we target?

• Who are the decision-makers in each?

• Who are the gatekeepers to a purchasing decision?

Profile Your Target Businesses

Which businesses are the best fit for our product or service?

Criteria could include:

• NAICS codes

• Company size

• Geography

Who inside the company typically approves purchases of your product or service?

• Purchasing Manager

• CEO? CFO?

• Personnel clerk

• Somebody else?

(Gatekeeper)

Who are the Decision-Makers?

To get at whom you target within a company, answer these questions:

• Which department(s) or job titles will actually use the product (or service) you provide?

• Which peoples’ job performance are directly affected by using your product?

• Is there a committee that must approve purchases of your product

or service?

Whether You Are a B2B or B2C, Develop a Target Profile

In 30 words or less-“Stay-at-home parent who feels stressed for

time and wants to save themselves time and hassles.”

“CEO’s of companies with sales between $1M and $10M and employee counts between 10-100.”

“Physical therapists who work at independent facilties.”

Questions?

Thanks!Garry Polodna

SOAR Creative Group

Marketing, Communications and

Public Relations Support

for Small Business and Franchise Owners

www.soarcreativegroup.com

www.ownyourmarket.biz

@SOARCreative