Business and individual customers have different perspectives, unique preferences, and agreeable tastes about the products they choose to buy. You, as a business owner, need to tailor your marketing efforts toward each individual person or business based on what that specific party wants and need. This specific marketing method generates a process that will determine if potential customers will buy your preferred service. Click here to learn about lead generation companies pertaining to B2B contacts.
Focus on the Customers Who Will Likely to Buy Your Product
Many novice marketing directors make the mistake of targeting every single business in their list of leads. Their primary goal is to maximize profits. Although there is nothing wrong with generating a large number of sales by chasing all the leads in your digital Rolodex; however, this is a huge mistake because of the amount of time required to complete this task is not worth the herculean efforts. There are too many companies in the industry to chase because the number is so large and the amount of money you will spend pursuing those leads would cost way more than the contracts are worth.
A company will not respond to your requests if your product or service is not required. Marketing your product to any and everyone in the marketing universe equals to a low return on investments. The amount of time and money you put into chasing every lead will diminish and there is no reliable return on the investment. This is one reason startups fail when chasing every lead, and just hoping things pan out for the best.
So, the main focus should be on pinpointing certain individuals or businesses that will use your specific product. Useless targeting to uncooperative businesses will create contempt for your company if you are constantly begging. Let the potential customer breathe by giving them enough room to choose comfortably. They will contact your company if they really want to use your service or buy a product. You can “sell” and influence their behaviour by presenting the product or service in the best possible fashion; however; do so and move on!
Target only people and businesses that will respond. One tactic of discovering this is to implement marketing methods to individuals or businesses that make the initiative to contact you first. It shows they have an interest.
Let’ take a look at a few examples.
A luxury vehicle dealership will not make efforts to market to people who fit a used car driver’s profiles. That profile could consist of minimum wage earners who might not be the primary focus of marketing efforts. However, this does not mean companies should exclude this specific group of people altogether because they might buy a luxury vehicle one day. However, the likelihood is very low. So, the best action is moving the goalpost in your favor and focus your marketing efforts towards individuals in a certain income bracket. You can evaluate factors such as lifestyle choices, income, and educational levels.
How to obtain this information?
Two words: Market research.
Implement market research surveys on a wide scale to a selected group of individuals chosen based on their age, sex, income levels and more.
There are existing marketing charts and buying graphs showing how habits change over time according to customers according to certain factors such as age and income. You can search for similar reports online and draw inspiration from the findings. From there, you are equipped with important tools to measure the prominent findings from the study with the information generated from your own survey market research. The next step is implementing the proper changes in your business model related to marketing policies.
Basically, put your focus on the people who will likely buy your product!
Define Who Are Your Customers?
One way of targeting markets is defining customers. Sometimes businesses don’t choose their customers, the customers choose them. You might notice that certain people that fit a particular profile are constantly seeking your services. In this case, make a note of any pattern of identifiable characteristics or personality traits and study their buying habits. Keep in mind that these people represent a larger conglomerate who are interested in your products. So, if you recognize a certain buying pattern, follow that trend and continue running with specific targeted marketing strategies for that particular group.
For this reason, evaluate the demographics that are likely candidates to actually buy. For example, a startup business owner of a cleaning company says he wants to get a contract for $10,000 in a commercial building-although he is the only employee. He might have a better chance of targeting private clients, which accounts for the majority of this industry’s revenue, instead of commercial companies. Apparently, he failed to do the proper research and implement the correct methods. The amount of money generated from completing several small individual contracts might equal or even exceed one large commercial contract.
Monitor the Competition
Studying competitors’ business models can provide invaluable feedback on current trends. It usually shows that established businesses are doing something right and you should follow suit. Do everything possible to understand their sales approach and modify yours to be congruent with theirs. Hire a consultant associated with the business for professional advice. Never allow an unrealistic expectation to seep into your mind. If your competitors are doing better, then find out what they are doing and utilize every tool at your disposal to recreate their successful business model for your own benefit. Sit back and let the revenue come.
Study the Characteristics of the Target Market
Here are some characteristics you should look for related to your targeted market:
- Education
- Relationship status
- Income
- Beliefs
- Religion
- Sex
- Ethnic background
Evaluate any other factors that you can think about related to this category. All information will provide insight into a customer’s spending habits. For example, take a look at their ages. 95% of millennials have admitted to being more impulsive with their buying habits than their peers, usually buying items just to fit in with the crowd. Take a look at their educational level. Those with college degrees will most likely think twice about buying a product. They look at every angle to determine if a product is trusted and useful in their daily lives. They want value.
