One of the best ways to stretch your marketing dollar further is to understand your market. As a savvy business owner you know your products and your services, and can likely speak all day on those topics without preparation. Knowing how to speak to the market that is most likely to purchase your products and services is a lot easier said than done.
No marketing strategy can be successful without having a clearly defined audience. Before you spend a dime on marketing you must first target your efforts. Since you best know your products, you are really the best suited to figure out your market. The biggest hurdle in doing this is to eliminate people that while they may be able to use your products, are less likely to purchase them.
How to Find Your Target Market
To do this you must decide who is most likely to complete the purchase of your product. While interest is good, it’s the conversion from interested individual to customer that is the focus. Is it gender specific? Are there age groups you can target? Does a specific financial situation make them less or more likely to convert? Do they have a common interest or viewpoint? Answering these questions and being as specific about your target market as possible will increase your marketing dollars from money spent to revenues gained.
How to Reach Target Market
Now that you have a clearly defined demographic to market towards, you must determine the best course to reach new individuals that fit the profile you have created. There is no single way to do this and be weary of marketing companies that suggest a single approach unless they are experienced in your industry and market. Keep in mind that while it’s great to have a presence established in multiple places, the places and avenues used online are always shifting.
For instance, Twitter may be a great tool to use today, but your target may not use Twitter as often as Pinterest. Making sure to understand where your ideal candidate is and at the right point in their buying cycle will ensure your success. If this is a challenge to you, then you can take your profile to a marketing company to help you with this, but your profile will likely take the guess work out for them.
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