Your target market is the foundation of your business. It is a specific group to that you must direct your market research efforts on and know their needs and wants. Why choose a target market? You need to decide exactly who your audience is before you sell your services. Deciding on your target market lays a critical foundation for your business.
A good first step is to ask yourself what you enjoy doing. In my case, I enjoy doing lots of things. For example, I like to play tennis. In addition, I am interested in the skills needed in entrepreneurship, in order to be self-sufficient. And finally, I enjoy investing in the stock market. All these things have associated target markets. For example, since I enjoy tennis, I could try to target tennis players. Or, I could target people who are also interested in being self-sufficient. And finally, I could target stock market investors.
Your target market has a big problem. They think about it all the time, it keeps them awake at night. Your TM wants the problem solved. The impact and cost of the problem is big enough that they will act to solve it (some people have problems they are quite happy to live with!).
Your target market has a history of paying to have this problem solved. You want to focus on a target market where there is a proven track record of problems and people paying to solve them. A good sign is if your competitors are selling similar services to the target market.
Identify the sub-groups: Within the main group, a number of sub-groups could exist and it is imperative for the marketing efforts to be aligned to suit such sub targets, examples are high percentage of skiers, pop music enthusiasts, farmers and so on.
Deciding on your target market lays a significant foundation for your business. When it is clear who your target audience is, getting a clear understanding of them will make it a lot easier for you to market. You will be able to know where to focus your selling and marketing efforts and also your research efforts.
The knowledge economy operates on the complexities of connections. All individuals, communities, systems, and other business assets are massively interconnected in an evolving economic ecosystem. In the connected economy, each network actor (individual, team, or organization) is embedded in a larger economic web that affects each participant and, in return, is influenced by that participant. In such a connected system we can no longer focus on the performance of individual actors -- we must manage connected assets.
Matching between target group and marketing team: How familiar is one's team with reference to the target group, in respect of marketing this or that product/service, and how past experiences can throw light on the need for specific steps within the thrust.
You may also use the media to research your target market.
Operating Pulse: Each target group has a natural frequency, what is it or what is the range, so that the marketing team's efforts will gel with that of the group.
Extraneous Influences: Outside influencing agents can exist, and it would be worth everything to know who they are, and what is their level of expertise or skills, such that suitable marketing strategies can be realigned.
Brand marketing is the method and the means by which you propel your business into the public consciousness. While the world of business has changed by leaps and bounds, the basic principles of brand marketing have remained the same. Fortunately for you, brand marketing is nothing more than a formula.
There are times where you will find yourself revisiting your brand to make sure it's reflecting the mission and goals of your company. Brand revision and recreation can either add life to your business or destory it - by managing the process you can ensure success.
A good first step is to ask yourself what you enjoy doing. In my case, I enjoy doing lots of things. For example, I like to play tennis. In addition, I am interested in the skills needed in entrepreneurship, in order to be self-sufficient. And finally, I enjoy investing in the stock market. All these things have associated target markets. For example, since I enjoy tennis, I could try to target tennis players. Or, I could target people who are also interested in being self-sufficient. And finally, I could target stock market investors.
Your target market has a big problem. They think about it all the time, it keeps them awake at night. Your TM wants the problem solved. The impact and cost of the problem is big enough that they will act to solve it (some people have problems they are quite happy to live with!).
Your target market has a history of paying to have this problem solved. You want to focus on a target market where there is a proven track record of problems and people paying to solve them. A good sign is if your competitors are selling similar services to the target market.
Identify the sub-groups: Within the main group, a number of sub-groups could exist and it is imperative for the marketing efforts to be aligned to suit such sub targets, examples are high percentage of skiers, pop music enthusiasts, farmers and so on.
Deciding on your target market lays a significant foundation for your business. When it is clear who your target audience is, getting a clear understanding of them will make it a lot easier for you to market. You will be able to know where to focus your selling and marketing efforts and also your research efforts.
The knowledge economy operates on the complexities of connections. All individuals, communities, systems, and other business assets are massively interconnected in an evolving economic ecosystem. In the connected economy, each network actor (individual, team, or organization) is embedded in a larger economic web that affects each participant and, in return, is influenced by that participant. In such a connected system we can no longer focus on the performance of individual actors -- we must manage connected assets.
Matching between target group and marketing team: How familiar is one's team with reference to the target group, in respect of marketing this or that product/service, and how past experiences can throw light on the need for specific steps within the thrust.
You may also use the media to research your target market.
Operating Pulse: Each target group has a natural frequency, what is it or what is the range, so that the marketing team's efforts will gel with that of the group.
Extraneous Influences: Outside influencing agents can exist, and it would be worth everything to know who they are, and what is their level of expertise or skills, such that suitable marketing strategies can be realigned.
Brand marketing is the method and the means by which you propel your business into the public consciousness. While the world of business has changed by leaps and bounds, the basic principles of brand marketing have remained the same. Fortunately for you, brand marketing is nothing more than a formula.
There are times where you will find yourself revisiting your brand to make sure it's reflecting the mission and goals of your company. Brand revision and recreation can either add life to your business or destory it - by managing the process you can ensure success.
About the Author:
Peter Werth is an expert in branding his AllXClub distributorship, to discover more of his techniques to stand out beyond the crowd, please visit his homepage where you will find information on the AllXClub Scam (Reviewed).
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