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Sales Success Step 2 – Your Target Market part 1

In step one we became experts in our field, or at least learned as much as we possibly could about our product or service. By knowing what your product will and will not do and how it will benefit your prospective client, now you can define your perfect client. It doesn’t take a large leap of faith or line of logic to know that if you have the perfect product and the perfect client and that client has a need, making the sale is so much easier.

But if this was easy then everyone would do it, right? Well not necessarily right. It is easy, it just takes some time and effort. This investment of your time and effort will pay huge dividends. 

Why do you think that 20% of the people make 80% of the sales and of those 20%, only 20% make most of the money? That’s right, planning and preparation. So, let’s figure out how to find your ideal client and increase you chances of success.

We all have heard the basics target market groups, but let us add the corporate target market groupings. And yes, you need to spend the time answering the questions to answer who fits in these categories. Does this mean that people who don’t fit into these categories won’t buy? No. But the truly successful sales professional will always work on the most probable and profitable sale.

One more thing, will your target remain static? Hardly! As your business changes and grows and your products change and grow along the lines of a product life cycle: introduction, growth, maturity, or decline. Your prime target market changes as well. So yes, this is an ever-evolving process.                                                                           

Think of all the questions that will help figure out Who and Where your prospective customers are. Who will be buying your product, service, or idea. Here are some starting points for you to think about. There can be more than one answer and category.

Level 1: Age / Stage of Product-Corporation

Which of these age/corporate groupings are most likely to buy your product, service, or idea?

GI Generation 1901-1926

Mature/Silents 1927-1945

Baby Boomer 1946-1964

Generation X 1965-1980

Generation Y/Millennium 1981-2000

Generation Z/Boomlets after 2001

Introduction

Growth

Maturity

Decline

Level 2: Location/Locations

Let’s find out where they are. No sense taking an ad out in the middle of the Super Bowl to reach tens of millions of peoples when you own a neighbourhood corner store.

Are we dealing locally in the neighbourhood, the city, province/state, nationally, which continents, or globally?

Level 3: Gender

Next, what gender or sex type are the people who are most likely to buy your product, service, or idea.

Gay, Lesbian, Male, Female, or other designations all buy is unique ways.

Level 4:  Income/Budget

No sense targeting people if they can’t afford your product, service, or idea.

$18,000 – $23,050 poverty income

$23,050 – $32,500 low medium income

$32,500 - $60,000 medium income

$60,000 – $100,000 medium high income

$100,000 – $250,000 upper medium high income

$250,000 – above high income

Small Business: 50 or less employees or, less than $5.6 millions of dollars in revenue

Medium Business: 50 – 249 employees or, income from $ 5.6 to $ 22.8 millions of dollars in revenue

Large Business: 250 employees or more, or income more than $22.8 millions of dollars

Level 5: Education – Sophistication of Business

The adage of focusing your marketing message so that it can be understood by a 12-year-old, does not cut it anymore. You want to pinpoint your message to your audience, an audience that we are trying to pinpoint.

Anyone

High School

College/University

Masters

Ph.D.

Agriculture, Forestry, Fishing and Hunting

Mining and Oil and Gas Extraction

Utilities

Construction

Manufacturing

Wholesale Trade

Retail Trade

Transportation and Warehousing

Information and Cultural Industries

Finance and Insurance

Real Estate and Rental and Leasing

Professional, Scientific and Technical Services

Management of Companies and Enterprises

Administrative and Support, Waste Management and Remediation Services

Educational Services

Health Care and Social Assistance

Arts, Entertainment and Recreation

Accommodation and Food Services

Other Services (except Public Administration)

Public Administration

Great start, part 2 is coming up soon. Dig deep and be thorough when mining these areas; the more specific we are, the greater chance of success. 


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